Risk management in information technology is crucial for businesses. Some organizations have effective risk management systems in place as part of their overall risk management strategy. A generic framework for risk management methodology is essential for assessing and addressing potential risks. Failure to consider threats, vulnerabilities, and consequences can lead to significant losses. Integrating risk management throughout the system development process is key. A cybersecurity risk assessment in 2006 focused on small companies and used real options to prioritize and predict high-level threats.