Which approach involves assessing the likelihood and impact of potential cloud service risks?

The correct answer involves a comprehensive evaluation process focused on identifying and understanding the various risks associated with cloud services. In a risk assessment, organizations systematically evaluate potential threats to their cloud environments, considering both the likelihood of these threats occurring and the potential impact they would have if they were to materialize. This two-dimensional analysis helps prioritize risks based on their severity and enables informed decision-making regarding mitigation strategies.

The significance of conducting a risk assessment lies in its dual focus; it not only identifies vulnerabilities that could be exploited but also weighs the consequences of risks, allowing organizations to allocate resources effectively towards the most pressing issues. This process is integral to implementing a robust cloud security framework, ensuring that all potential risks are accounted for and strategies are in place to manage them.