Risk assessment is a fundamental part of the cybersecurity framework and is used to identify, estimate, and prioritize risks to organizational operations, assets, individuals, other organizations, and the Nation, resulting from the operation and use of information systems. A risk assessment helps in understanding the potential impact of different security threats and the effectiveness of the controls in place, thereby guiding the selection of appropriate controls to reduce risk to an acceptable level.

References: The ISACA Cybersecurity Audit resources emphasize the importance of risk assessment in determining the most suitable controls for an organization’s specific security needs. This aligns with the guidance provided by ISACA, which suggests that risk assessments are crucial for identifying the right controls to mitigate cybersecurity risks123.