Which component of COSO's framework involves analyzing the likelihood of cyber risks?

The component of COSO's framework that involves analyzing the likelihood of cyber risks is Risk Assessment. This component focuses on identifying and analyzing risks that may impede the achievement of an organization's objectives, including those associated with cybersecurity.

In the context of cyber risks, Risk Assessment involves evaluating the potential impact and likelihood of different threats, assessing vulnerabilities within systems, and determining the appropriate response to mitigate those risks. This proactive approach helps organizations to better understand their overall risk profile and to implement controls and strategies to manage those risks effectively.

While the other components play crucial roles in the overall control environment, they do not directly focus on the analysis of risks. The Control Environment sets the tone for the organization and influences the control activities, but it does not specifically analyze risks. Information and Communication deals with how information is shared within the organization and its relevance to operations. Monitoring focuses on ongoing assessments of the control processes and systems to ensure they are functioning as intended, but it too does not analyze the likelihood of risks directly. Therefore, Risk Assessment is the correct answer as it explicitly tackles the evaluation of risks, including cyber risks.