What aspect of risk is evaluated by examining likelihood in Open FAIR?

The evaluation of likelihood in the Open FAIR framework specifically focuses on the frequency of threat events that could potentially lead to a risk being realized. This involves assessing how often these threats might occur, which plays a critical role in understanding the overall risk landscape.

When considering risk, understanding how frequently certain adverse events might happen helps organizations gauge the level of risk they face. This perspective is essential for making informed decisions about resource allocation, risk mitigation strategies, and overall risk management. By quantifying the frequency of these events, stakeholders can prioritize which risks to address based on their likelihood, ultimately leading to more effective and targeted risk management practices.

This choice stands out because it directly relates to the probabilistic nature of risk assessment in the Open FAIR framework, as it emphasizes the frequency aspect, which is foundational to accurately estimating and managing risk. Other aspects, such as monetary losses or the size of the organization, are important in the context of risk evaluation, but they do not pertain specifically to the likelihood of events occurring.