If your team is trained on the differences between these terms, when a risk, threat, or vulnerability appears, they’ll be ready to accurately assess and act based on the known impact each can have on your organization. Additionally, when everyone knows the definition of these terms, procedures and reports can be updated more clearly. 

With that, let’s get into the definitions. 

What is a risk?

A risk is the potential for loss, damage, or destruction of an asset as a result of a threat targeting a vulnerability. Risk is a measure of the likelihood and impact of a threat affecting the organization. 

Commonly, you’ll hear the terms “high risk” or “low risk”, meaning there is a high or low likelihood that a threat will attack a vulnerability and impact your organization. You’ll also hear the term “risk tolerance”. This means the level of risk that an organization can accept to meet certain objectives. Does your organization want a low potential for losses at all costs (low risk tolerance), or would they rather work faster, but have a higher potential for loss (high risk tolerance)? 

Example

Consider a company that stores sensitive customer data on its servers. The risk in this scenario is the possibility that a cyber criminal could gain unauthorized access to this data, leading to data theft, financial loss, and reputational damage. This risk is quantified by considering the likelihood of a cyber criminal attacking your server (a threat) and the potential impact it would have on the organization. When quantifying the risk you can identify a low, average, or medium risk.

What is a threat?

A threat is any circumstance or event with the potential to cause harm to an organization’s assets, individuals, or operations. Threats can be intentional, such as cyber attacks, or unintentional, such as human errors. They can also be external, like a cyber criminal, or internal, like an employee. You may hear the term “threat assessment”, meaning your organization is assessing any people or things that could cause harm to your organization by preying on vulnerabilities. 

Example

The most common threat in the cyber security landscape is phishing attacks. In a phishing attack, an attacker sends fraudulent emails that appear to come from a trusted source, attempting to trick recipients into revealing sensitive information, such as login credentials or financial details. The threats here are the phishing attacks themselves and the cyber criminals implementing the phishing attacks. 

What is a vulnerability?

A vulnerability is a weakness or flaw in a system, network, or process that can be exploited by a threat actor to gain unauthorized access or cause harm. Vulnerabilities can result from software bugs, misconfigurations, or inadequate security practices. An organization may assess their vulnerability to calculate the likelihood of a threat succeeding. 

Example

An example of a vulnerability is an outdated software application that has not been patched to fix known security flaws. If an attacker (a threat) ndiscovers and exploits this vulnerability, they could gain access to the system and potentially compromise sensitive data or disrupt operations.

What is the main difference?

The main differences between these terms are the nature and scopes each covers. Risks always exist and represent the likeliness of something, threats can come and go and must be monitored at all times, and vulnerabilities are an internal identifier of weakness. 

However, these terms are all related:

• A threat targets a vulnerability to create a risk. The presence of a vulnerability increases the risk posed by a threat.
• Risk is calculated based on the probability of a threat exploiting a vulnerability and the impact of the resulting incident.

Each term, although connected, should have its own strategies and plans used to decrease its presence. 

• To reduce risks use Risk Management: Identifying and assessing risks, and implementing measures to mitigate or transfer those risks.
• To stop threats use Threat Management: Identifying potential threats and developing strategies to block and respond to those threats.
• To reduce vulnerabilities use Vulnerability Management: Assessing the weak points in an organization, targeting the weakest point first to eventually build a strong organization with minimal vulnerabilities. 

Security Managers should use a balance of these three management strategies to ensure they cover all stages of an attack. 

An example

Are you ready to put your definition knowledge into practice? Let’s try it out. In this scenario, define (or ask your team members to define) the risk, threat, and vulnerability. 

A team member receives a text message from their boss asking them to buy gift cards urgently. The employee responds and sends pictures of $500 worth of Visa Gift Cards. 

Risk: An employee being targeted in an SMS phishing attack, resulting in a lost of $500 

Threat: An SMS phishing attack 

Vulnerability: Employee ability to spot SMS scams 

This is a great exercise to use with your employees for any security stories you hear in the news. Try sharing a story in your communications channel and asking employees to respond with what they believe is the risk, threat, and vulnerability. 

Distinguishing between risk, threat, and vulnerability is critical for effective security management. Risks represent the potential negative outcomes that arise when threats exploit vulnerabilities. Understanding these differences allows organizations to implement targeted strategies for risk assessment, threat detection, and vulnerability remediation. By focusing on these key areas, businesses can enhance their security posture, protect their assets, and ensure a more resilient and secure operating environment. Remember, in cybersecurity, clarity and precision in understanding these concepts can make the difference between a robust defence and a catastrophic breach.