Which term describes the likelihood of a threat occurring and its potential consequences?

The term that accurately describes the likelihood of a threat occurring and its potential consequences is Risk Assessment. This process involves evaluating both the probability of various threats materializing and the impact they would have on an organization's assets, operations, and overall security posture. By understanding risks, organizations can prioritize their resources and implement appropriate measures to mitigate those risks effectively.

Risk assessment typically encompasses several elements, including identifying potential threats and vulnerabilities, analyzing the potential effects of those threats, and determining the appropriate responses. This holistic approach helps organizations create a more secure environment by balancing the potential risk against the resources needed to address those risks.

Other terms like threat modeling focus on identifying and understanding threats, while impact analysis deals specifically with the consequences of incidents rather than their likelihood. Vulnerability assessment, on the other hand, is concerned with identifying weaknesses in a system that could be exploited by threats. These terms are relevant to security but do not encompass both the likelihood and consequences as comprehensively as risk assessment does.