Vulnerability & Risk Management

The National Institute of Standards and Technology (NIST) defines a vulnerability as a weakness in an information system, system security procedures, internal controls, or implementation that could be exploited or triggered by a threat source. (Source) NIST defines a risk as a measure of the extent to which an entity is threatened by a potential circumstance or event, and typically a function of the adverse impacts that would arise if the circumstance or event occurs and the likelihood of occurrence. (Source)