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Risk Assessment involves evaluating potential hazards and vulnerabilities in an organization's technology infrastructure, network security, and disaster recovery planning. It encompasses identifying critical assets, analyzing threats, estimating the likelihood and impact of those threats, and determining appropriate countermeasures to mitigate or eliminate the risks. This process helps organizations prioritize their efforts and allocate resources effectively to ensure business continuity in the face of potential disruptions. By proactively assessing risk, organizations can minimize downtime, protect sensitive data, and maintain regulatory compliance.