Which step of risk analysis focuses on identifying information assets that need protection?

The step of risk analysis that focuses on identifying information assets that need protection is system characterization. This step involves taking stock of all the information assets within an organization, including both hardware and software components, as well as the sensitive data they store or process. By clearly defining these assets, organizations can better understand what needs to be protected and prioritize their risk management efforts accordingly.

During this phase, a comprehensive understanding of the environment, including the types of data processed, system interfaces, and the importance of each asset to the organization's operations, is developed. This foundational knowledge is essential for subsequent risk evaluation steps, such as assessing vulnerabilities and determining the potential impacts of threats. Identifying the assets allows organizations to create a more effective security posture and allocate resources more judiciously.

Other steps, such as identifying vulnerabilities, control analysis, and likelihood determination, address different aspects of risk analysis and do not primarily focus on the identification of the information assets themselves.