What process is used to quantify the likelihood and impact of risks in IACS systems?

The process used to quantify the likelihood and impact of risks in Industrial Automation and Control Systems (IACS) is risk analysis. This approach involves identifying potential threats and vulnerabilities within the system, assessing their potential consequences, and determining the probability of these risks materializing.

Risk analysis is essential in cybersecurity as it provides a structured methodology for evaluating risks systematically rather than subjectively. By quantifying both the likelihood of a risk occurring and its potential impact on operations, decision-makers can prioritize their risk management efforts effectively.

The objectives of conducting a risk analysis include establishing a clear understanding of the specific risks facing an IACS, allowing organizations to implement appropriate mitigation strategies based on the level of risk identified. This enables a proactive rather than reactive approach to cybersecurity, ultimately enhancing the resilience of the IACS against potential cyber threats.

In contrast, threat detection is focused on identifying and reporting active threats, incident response pertains to the actions taken after a security incident has occurred, and control assessment evaluates the effectiveness of existing security controls without necessarily quantifying risks.