Risk response strategies
Risk response or risk treatment is a set of actions that are taken to manage the risk. This is the process of the selection and implementation of measures to optimize risk. The following are the four different ways to respond to a risk:
- Mitigate: Risk mitigation is the management of risk through the implementation of countermeasures and controls. The risk practitioner must always keep in mind that the cost of mitigating a risk should be less than the effective risk. The objective of risk mitigation is not to terminate the risk but to bring it down to an acceptable level. The following are a few examples of risk mitigation:
- Installing anti-malware software to reduce the risk of malware
- Performing regular backups to reduce the risk of data loss
- Updating/patching the systems periodically to reduce the risk of running vulnerable software
- Documenting and testing incident response, business continuity, and contingency plans to ensure the right individuals are...
