Which cybersecurity concept involves determining the likelihood and impact of a potential security event?

The cybersecurity concept that focuses on determining the likelihood and impact of a potential security event is risk assessment. This process involves evaluating risks to understand how likely a threat is to exploit a vulnerability, as well as the potential consequences if that threat successfully occurs. By combining these two factors—likelihood and impact—organizations can prioritize their security measures and allocate resources effectively to mitigate these risks.

Risk assessments are critical because they inform organizations about the vulnerabilities present in their systems, the threats they face, and the potential consequences of incidents. This enables decision-makers to take proactive steps in managing and reducing risks through various strategies such as implementing security controls, creating incident response plans, and conducting training for employees.

The other options relate to different aspects of cybersecurity. A vulnerability assessment typically identifies weaknesses in systems but does not evaluate risk in terms of potential impact and likelihood. Threat modeling focuses on identifying and prioritizing potential threats to a system, rather than assessing the overall risk associated with them. Incident response pertains to how an organization reacts to a detected security event, rather than analyzing the likelihood and impact of potential events beforehand.