Assess the Similarities and Differences Between Threat, Risk, Hazard, and Peril.

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Week1 Review Questions

1. Assess the similarities and differences between threat, risk, hazard, and peril. Threat, Risk, Hazard and Peril are all siblings of the same beast, if you will. A risk professional could refer to hazards as the contributing factor to a peril. Perils are the cause of the risk, such as a kitchen fire raging out of control. With cooking comes the threat of a fire, the hazard being the fire or source of fuel, the risk being the ever increasing chance of getting burned, making the peril out to be the actual act of being burned, in this case. Most threats can best be defined as anything that could adversely affect a given enterprise or its given assets. While risks are generally categorized into two categories, “Speculative Risk” and “Pure Risk”; Most items at risk can be grouped into three categories; Personal, Property, and Liability. Hazards can be grouped into two categories, “dormant or potential”, at times possibly only posing a theoretical risk of harm; however, once a hazard becomes an "active hazard", it can create an emergency situation. Peril would stem from this hazard and could be defined as exposure to the risk of harm or loss, a source of danger; a possibility of incurring loss or misfortune; "drinking alcohol is a health hazard"

2. Assess how threat, risk, hazard, and peril impact your organization. At my place of employment, WebWinDoe, I feel we are currently facing a myriad of threats. WebWinDoe is a large website design firm, coupled with a large network operations center (NOC) which is truly the heart of the company. Various threats come with having a large networking operations center, and having a largely computer based organization operating in this day and age. The most common threats would originate from the outside world, in the form of various electronic and web-based modes of attack. To counter this ever present threat we employee a team of highly trained programmers and network...
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