What is the process of identifying potential security risks and determining the probability and magnitude of risks called?

The process of identifying potential security risks and determining the probability and magnitude of those risks is referred to as Risk Analysis. This involves a systematic examination of various security threats that could impact an organization's assets, including sensitive healthcare information. Risk Analysis not only looks at what could happen and how likely it is to occur but also evaluates the potential impact of these risks on the organization.

In practice, Risk Analysis helps organizations prioritize their security efforts and allocate resources effectively to mitigate the most significant threats. It is an essential part of a robust compliance program, particularly in the healthcare sector, where safeguarding patient data is critical. By conducting a thorough Risk Analysis, an organization can ensure that it understands its vulnerabilities and can develop strategies to enhance its security posture.

The other terms, while related to risk management, have specific meanings: Risk Assessment typically encompasses both the analysis and the evaluation of risks, Security Evaluation is more focused on assessing the effectiveness of existing security measures, and Threat Identification is primarily about recognizing individual threats rather than analyzing their potential impacts comprehensively. Thus, Risk Analysis is the most accurate term for the process described.