Difference between revisions of "Risk Tolerance"

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=== Other International Definitions ===
 
=== Other International Definitions ===
==== ITU-T ====
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==== [[ITU-T]] ====
 
{{definition|Risk tolerance means the degree of exposure to security risk acceptable to policy makers/business owners. <ref>ITU Study Group Q.22/1 Report on Best Practices for a National Approach to Cybersecurity: A Management Framework for Organizing National Cybersecurity Efforts, ITU-D Secretariat, Geneva (2008).</ref>}}<br />
 
{{definition|Risk tolerance means the degree of exposure to security risk acceptable to policy makers/business owners. <ref>ITU Study Group Q.22/1 Report on Best Practices for a National Approach to Cybersecurity: A Management Framework for Organizing National Cybersecurity Efforts, ITU-D Secretariat, Geneva (2008).</ref>}}<br />
  
 
=== National Definitions ===
 
=== National Definitions ===
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==== [[Canada]] ====
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{{definition|The willingness of an organization to accept or reject a given level of residual risk.  <ref>[https://www.publicsafety.gc.ca/cnt/rsrcs/pblctns/ll-hzrds-ssssmnt/index-en.aspx#annex_7 All Hazards Risk Assessment Methodology Guidelines 2012-2013, Public Safety Canada]</ref>}}Note: Risk tolerance may differ across an organization, but must be clearly understood by those making risk-related decisions.<br /><br/>
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====[[Kingdom of Saudi Arabia]]====
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{{definition|Risk tolerance: The acceptable variation relative to performance to the achievement of objectives. <ref>[http://www.sama.gov.sa/en-US/Laws/BankingRules/SAMA%20Cyber%20Security%20Framework.pdf Cyber Security Framework Saudi Arabian Monetary Authority Version 1.0 May 2017 ]</ref>}}<br/><br/>
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==== [[Philippines]] ====
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{{definition|Risk Tolerance:<br/>(a) The level of risk an entity is willing to assume in order to achieve a potential desired result;<br/>(b) The defined impacts to an enterprise‘s information systems that an entity is willing to accept. <ref>[http://www.dnd.gov.ph/miss/PDF/downloadables/Cybersecurity%20Glossary%20(Edited).pdf DND GLOSSARY OF CYBER SECURITY TERMS (v.4)]</ref>}}<br/><br/>
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====[[United States]]====
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=====[[NIST]]=====
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{{definition|The level of [[risk]] an entity is willing to assume in order to achieve a potential desired result. <ref name="NISTIR7298"> [http://nvlpubs.nist.gov/nistpubs/ir/2013/NIST.IR.7298r2.pdf NISTIR 7298 rev 2: Glossary of Key Information Security Terms, May 2013]</ref>}}<br />
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=====[[US-CERT]]=====
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{{definition|Risk Tolerance: Thresholds that reflect the organization’s level of risk aversion by providing levels of acceptable risk in each operational risk category that the organization has established. <ref name="USCERT">[https://www.us-cert.gov/sites/default/files/c3vp/csc-crr-method-description-and-user-guide.pdf Cyber Resilience Review (CRR): Method Description and Self-Assessment User Guide (2016)]</ref>}}<br />
  
 
===Standard Definition===
 
===Standard Definition===
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====[[ISO|ISO Guide 73:2009(en)]] ====
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{{definition|Organization's or stakeholder's readiness to bear the [[risk]] after [[Risk Treatment|risk treatment]] in order to achieve its objectives <ref>[http://www.iso.org/iso/catalogue_detail?csnumber=44651 ISO Guide 73:2009 Risk management -- Vocabulary]</ref>}}
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===Academic Definitions===
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{{Definition|Risk Tolerance refers to a person’s capacity to accept a certain amount of [[risk]]. <ref name="Campbell">[http://www.nsc.org/CambpellInstituteandAwardDocuments/WP-Risk%20Preception.pdf Campbell Institute (2014). Risk perception: Theories, strategies and next steps. ]</ref>. }}
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Note: the concept of risk tolerance is linked to the concept of [[Risk Perception]].
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=== [[Dictionary]]===
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{{definition|Risicobereidheid: De hoeveelheid en het soort risico dat een organisatie bereid is. <ref>[https://www.cybersecurityalliantie.nl/ecp_images/2021/12/Cybersecurity-Woordenboek-2021_ZonderSpreads.pdf Cybersecurity Woordenboek 2021]</ref>}}<br/><br/>
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{{#set:defined by=Dictionary}}
 
==See also==
 
==See also==
 
* [[Risk]]
 
* [[Risk]]
 
* [[Risk Transfer]]
 
* [[Risk Transfer]]
 
* [[Risk Mitigation]]
 
* [[Risk Mitigation]]
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* [[Risk Perception]]
 
* [[Risk Reduction]]
 
* [[Risk Reduction]]
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*[[Subjective Risk]]
  
 
==Notes==
 
==Notes==
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==References==
 
==References==
 
* Test reference. -->
 
* Test reference. -->
 
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[[Category:Human Aspects]]
[[Category:Risk]][[Category:Main]]
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[[Category:Risk]]
{{#set:defined by=ITU-T}}
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{{#set:defined by=ITU-T|defined by=Canada|defined by=Kingdom of Saudi Arabia|defined by=Philippines|defined by=United States|defined by=NIST|defined by=ISO|defined by=US-CERT}}
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{{#set: Showmainpage=Yes}}

Latest revision as of 23:23, 19 February 2022

Definitions

European Definitions

Other International Definitions

ITU-T

Risk tolerance means the degree of exposure to security risk acceptable to policy makers/business owners. [1]


National Definitions

Canada

The willingness of an organization to accept or reject a given level of residual risk. [2]

Note: Risk tolerance may differ across an organization, but must be clearly understood by those making risk-related decisions.

Kingdom of Saudi Arabia

Risk tolerance: The acceptable variation relative to performance to the achievement of objectives. [3]



Philippines

Risk Tolerance:
(a) The level of risk an entity is willing to assume in order to achieve a potential desired result;
(b) The defined impacts to an enterprise‘s information systems that an entity is willing to accept. [4]



United States

NIST
The level of risk an entity is willing to assume in order to achieve a potential desired result. [5]


US-CERT
Risk Tolerance: Thresholds that reflect the organization’s level of risk aversion by providing levels of acceptable risk in each operational risk category that the organization has established. [6]


Standard Definition

ISO Guide 73:2009(en)

Organization's or stakeholder's readiness to bear the risk after risk treatment in order to achieve its objectives [7]

Academic Definitions

Risk Tolerance refers to a person’s capacity to accept a certain amount of risk. [8].

Note: the concept of risk tolerance is linked to the concept of Risk Perception.

Dictionary

Risicobereidheid: De hoeveelheid en het soort risico dat een organisatie bereid is. [9]



See also

Notes