A vulnerability-based risk assessment is a type of risk assessment that focuses on the identification and evaluation of vulnerabilities in an organization's systems, networks, and processes.

A vulnerability is a weakness or gap in an organization's defenses that an attacker could exploit to gain unauthorized access to sensitive information or disrupt critical operations. In a vulnerability-based risk assessment, the first step is to identify and classify the organization's assets based on their value, importance, and vulnerability to risks.

The next step is to identify and evaluate the potential vulnerabilities in these assets, taking into account factors such as the likelihood of the vulnerability being exploited and the potential impact of a successful attack. The results of a vulnerability-based risk assessment can be used to inform decision-making and guide the development of a risk management plan.