Which of the following describes the function of risk analysis?

Risk analysis is fundamentally about assessing and prioritizing risks to an organization based on their potential impact and likelihood of occurrence. This process involves evaluating the threats and vulnerabilities that could adversely affect the organization's assets and operations, allowing for informed decision-making regarding which risks need to be addressed first and how resources should be allocated effectively.

By prioritizing risks, organizations can focus their attention on the most critical threats that could lead to significant harm if not managed appropriately. This strategic approach helps ensure that limited cybersecurity resources are utilized efficiently, strengthening the overall security posture.

The other options, while related to cybersecurity, do not capture the essence of risk analysis. For instance, reducing costs associated with cybersecurity is more about financial management than risk assessment. Training employees on protocols is vital for fostering a security-aware culture but does not specifically involve the analysis or prioritization of risks themselves. Creating an incident response plan is an essential part of incident handling and preparation but follows after the identification and prioritization of risks; it does not encompass the risk analysis process itself.

Thus, the function of risk analysis centers on the evaluation and prioritization of risks, making the selection that focuses on this aspect the most accurate representation of what risk analysis entails.