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A TEXT BOOK DEFINITION
A procedure to identify threats and vulnerabilities, analyze them to ascertain the exposures, and highlight ways in which the impact can be eliminated or reduced.
A process to determine what security is appropriate for a system or environment.
THE BOTTOM LINE
The security you implement should be commensurate with the risks applicable. Risk Analysis should enable you to achieve this goal.
It should also help you establish where to invest your security budget for the best return.
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