The last years have seen an increase in Man-at-the-End (MATE) attacks against software applications, both in number and severity. However, software protection, which aims at mitigating MATE attacks, is dominated by fuzzy concepts and security-through-obscurity. This paper presents a rationale for adopting and standardizing the protection of software as a risk management process according to the NIST SP800-39 approach. We examine the relevant constructs, models, and methods needed for formalizing...