Traditional information technology (IT) security risk assessment approaches are based on an analysis of events, probabilities and impacts. In practice, security experts often find it difficult to determine IT risks reliably with precision. In this paper, we review the risk determination steps of traditional risk assessment approaches and report on our experience of using such approaches. Our experience is based on performing IT audits and IT business insurance cover assessments within a reinsurance company. The paper concludes with a summary of issues concerning traditional approaches that are related to the identification and evaluation of events, probabilities and impacts. We also conclude that there is a need to develop alternative approaches, and suggest a security requirements-based risk assessment approach without events and probabilities.