Final answer:
The term 'risk' in information technology refers to the probability and potential impact of harmful events to computer systems and is related to the precautions taken to mitigate such instances.
Step-by-step explanation:
A risk is generally defined as the probability that an event will occur that can cause harm to a computer system, service, or network. Risks are concerned with the likelihood of potential negative outcomes resulting from external or internal vulnerabilities being exploited by threats, leading to an impact on the system or the organization as a whole. It incorporates both the probability of the event happening and the impact it would have. Economic risks, such as natural disasters or massive unemployment, are examples where individuals have little control, much like in the domain of IT where precautions are taken to mitigate the probability of events like data breaches or systematic attacks on technological infrastructure.