From the course: IT and Cybersecurity Risk Management Essential Training

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Quantitative vs. qualitative risk assessments

Quantitative vs. qualitative risk assessments

From the course: IT and Cybersecurity Risk Management Essential Training

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Quantitative vs. qualitative risk assessments

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- [Instructor] There are two major approaches to doing a risk assessment. There's quantitative or qualitative. This topic can spark a lot of heated conversation, so if you haven't already experienced that, be ready. You may be in a position to choose whichever approach makes the most sense. In this lesson I'm going to help you understand which approach to choose based on your situation. First, let's look at the quantitative approach. This approach will be very data-driven, and will use probability estimation, statistical models, and algorithms. Using this approach you'll calculate such values as annualized rate of occurrence and annual loss expectancy. You can use whatever quantitative methods and tools you believe will do the job. A very well-regarded quantitative approach that has a large community around it is the FAIR cyber risk framework. Alternatively, you can take a qualitative approach. Now, this one is favored…

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