The first step is to identify what needs protection. This includes physical assets like buildings, equipment, and inventory, as well as digital assets like data, networks, and software, and human assets such as employees or VIPs.
Evaluate potential threats that could harm the identified assets. Threats can be natural (e.g., earthquakes, floods), human (e.g., theft, cyberattacks), or environmental (e.g., fires, chemical spills).
Determine the weaknesses or vulnerabilities in the security of the assets. This involves assessing how susceptible each asset is to the identified threats.
Calculate the level of risk by combining the likelihood of a threat occurring with the potential impact it would have on the asset. This helps prioritize security measures.