This report provides a critical analysis of security risks within IT systems, exploring various mitigation approaches. It begins with an introduction to IT security and technology, emphasizing the importance of cybersecurity and the need for a proactive approach involving prevention, detection, and response. The report then delves into IT security models and access controls, discussing mechanisms like Lampson’s Matrix, Discretionary Access Control, Bell-LaPadula, Lattice-Based, Mandatory Access Control, and Role-Based Access Control (RBAC). The third section focuses on IT security threat and risk assessment, outlining methodologies including scope definition, data collection, policies and procedures analysis, vulnerability analysis, threat analysis, and acceptable risks. The report highlights common cybersecurity mistakes, the importance of compliance, and the continuous nature of risk assessment, concluding that while risk assessment doesn't eliminate risks, it is essential for understanding threats and implementing protective measures. The document is contributed by a student and is available on Desklib, a platform offering AI-based study tools.