Risk is typically calculated as the product of likelihood, impact, and asset value. Likelihood represents the probability of a threat exploiting a vulnerability, impact refers to the potential damage or loss that could result from the threat, and asset value quantifies the importance or worth of the asset to the organization. The formula ( \text{Risk} = \text{Likelihood} \times \text{Impact} \times \text{Asset Value} ) captures the essence of risk in terms of these three factors.
References: The EC-Council's Certified SOC Analyst (CSA) program includes training on risk assessment and management, which involves understanding how to calculate and manage risk based on various factors including likelihood, impact, and asset value. The CSA curriculum is designed to align with industry best practices and standards for security operations centers12.