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Risk assessment plays a crucial role in ensuring the security and resilienceof modern computer systems. Existing methods for conducting risk assessmentsoften suffer from tedious and time-consuming processes, making it challengingto maintain a comprehensive overview of potential security issues. In thispaper, we propose a novel approach that leverages attack graphs to enhance theefficiency and effectiveness of risk assessment. Attack graphs visuallyrepresent the various attack paths that adversaries can exploit within asystem, enabling a systematic exploration of potential vulnerabilities. Byextending attack graphs with capabilities to include countermeasures andconsequences, they can be leveraged to constitute the complete risk assessmentprocess. Our method offers a more streamlined and comprehensive analysis ofsystem vulnerabilities, where system changes, or environment changes can easilybe adapted and the issues exposing the highest risk can easily be identified.We demonstrate the effectiveness of our approach through a case study, as wellas the applicability by combining existing risk assessment standards with ourmethod. Our work aims to bridge the gap between risk assessment practices andevolving threat landscapes, offering an improved methodology for managing andmitigating risks in modern computer systems.

Risk Assessment Graphs: Utilizing Attack Graphs for Risk Assessment