What is the first step in applying the FAIR model?

In the FAIR model, the first step is to define the risk scenario. This is essential because the risk scenario provides a foundation upon which the rest of the risk assessment will be built. It helps in establishing a clear context and focus for the analysis, ensuring that all subsequent steps are aligned with the specific risks that need to be addressed. By defining the risk scenario, one can identify which assets, threats, and vulnerabilities will be relevant, leading to a more structured and effective assessment of risks.

This initial step involves articulating the circumstances under which a loss may occur, including outlining the potential events and their impact on the organization. It establishes the parameters for assessing the likelihood and potential consequences, which are critical for subsequent analyses. Having a well-defined risk scenario allows for a targeted approach to understanding and managing risk in a systematic way.