It is the process of identifying, quantifying, and prioritizing (or ranking) the vulnerabilities in a system.

Vulnerability assessment has many things in common with risk assessment. Assessments are typically performed according to the following steps:

• Cataloging assets and capabilities (resources) in a system
• Assigning quantifiable value (or at least rank order) and importance to those resources
• Identifying the vulnerabilities or potential threats to each resource
• Mitigating or eliminating the most serious vulnerabilities for the most valuable resources

"Classical risk analysis is principally concerned with investigating the risks surrounding physical plant (or some other object), its design and operations. Such analyses tend to focus on causes and the direct consequences for the studied object. Vulnerability analyses, on the other hand, focus both on consequences for the object itself and on primary and secondary consequences for the surrounding environment. It also concerns itself with the possibilities of reducing such consequences and of improving the capacity to manage future incidents." In general, a vulnerability analysis serves to "categorize key assets and drive the risk management process."