Quantitative Security Risk Assessment (SRA) Method: An empirical case study

Abstract

This paper introduces a novel approach to a more practical Quantitative SRA. The approach formalized in this paper is based on the methods described in various risk assessment frameworks that were described by existing international standards with adjustments combining qualitative and ranking method based on distance-based approach. The successful implementation of this approach in four organizations provides an alternative conventional means of performing a more practical Quantitative SRA, in a manner consistent with current set of standards and practices.