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The paper deals with the development of the probabilistic approach to the assessment of risk due to lightning. Sources of damage, types of damage and types of loss are defined and, accordingly, the procedure for risk analysis and the way of assessment of different risk components is proposed. The way to evaluate the influence of different protection measures (lightning protection system; shielding of structure, cables and equipment; routing of internal wiring; surge protective device) in reducing such probabilities is considered. The paper has been prepared within the framework of the activity of IEC TC81-WG9/CLC TC81-WG4 directed to prepare the draft IEC 62305-2 Risk Management, in cooperation with the Secretary of IEC/CLC TC81.