Risk Tolerance

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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

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. [2]



United States

NIST
The level of risk an entity is willing to assume in order to achieve a potential desired result. [3]


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 [4]

Academic Definitions

Risk Tolerance refers to a person’s capacity to accept a certain amount of risk. [5].

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

See also


Notes

  1. 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).
  2. DND GLOSSARY OF CYBER SECURITY TERMS (v.4)
  3. NISTIR 7298 rev 2: Glossary of Key Information Security Terms, May 2013
  4. ISO Guide 73:2009 Risk management -- Vocabulary
  5. Campbell Institute (2014). Risk perception: Theories, strategies and next steps.