What type of analysis is crucial for determining both the likelihood and impact of risks?

The correct answer is risk assessment, which is a fundamental process in risk management. This type of analysis involves identifying potential risks, evaluating the likelihood of these risks occurring, and estimating the potential impact they would have on an organization's assets and operations. By performing a thorough risk assessment, organizations can prioritize their risk mitigation efforts effectively, focusing resources on the most significant threats.

Risk assessments combine qualitative and quantitative methods to analyze various factors that contribute to overall risk. This dual focus on both likelihood and impact allows organizations to develop a clearer understanding of their risk landscape and make informed decisions about risk management strategies. This analysis is fundamental to ensuring that appropriate measures are in place to protect against risks that could have severe implications on business continuity and security.

Other options represent important aspects of security and risk management but do not encompass the full scope of risk analysis. Impact analysis assesses the consequences of a particular risk event, but it does not evaluate the probability of that event occurring. Vulnerability assessments identify weaknesses in systems but do not analyze the risk posed by those vulnerabilities. Incident reviews analyze past security events to improve future responses but do not assess risk likelihood and impact.