What does "likelihood" refer to in the context of risk assessment?

In the context of risk assessment, "likelihood" specifically refers to how frequently an event is likely to occur. This concept is central to risk management because it helps organizations assess the probability of different risks manifesting, which in turn influences decision-making and prioritization of security measures. Understanding likelihood allows an organization to focus its resources on the most probable threats, ensuring that preventive measures and responses are appropriately aligned with potential risk exposure.

While other aspects such as the severity of an event and its potential impact are critical considerations in risk assessment, likelihood specifically addresses the expected occurrence of an event, which directly contributes to a comprehensive evaluation of overall risk.