The primary objective of this work is to introduce a novel approach that modifies the method for analyzing and assessing the risk of water supply network failure. The approach aligns with recommendations from the World Health Organization and the European Union regarding the reliability and safety of water supply to consumers. The presented method for assessing the risk in the water distribution subsystem was based on the vulnerability identifying method (VIM) and involves the determination of the vulnerability index (VI). The VIM vulnerability factors considered encompass the failure rate, chemical stability of water, and issues related to water corrosion properties in water distribution subsystems. The obtained risk assessment includes parameters such as the probability of hazard occurrence, the consequences of these hazards, and vulnerability to them. This concept was evaluated using real operational data from the water distribution subsystem. The estimated risk level, under the given operating conditions, indicates its acceptability.