Risk based security: What is acceptable or tolerable?

I was recently asked to speak at a conference about risk based security in an attempt to define what could be an acceptable level. The first thought that came to mind was whether or not, as a society, we are ready to accept any risk at all, when it comes to civil aviation? Maybe we should simply talk about what is tolerable. Both expressions, however, implicitly refer to measuring the value of security and that is quite a challenge for the air transportation industry.

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