Which risk control strategy focuses on planning and preparation to reduce the damage caused by a realized incident or disaster?
The average total cost of a data breach now exceeds $4 million — the highest average cost in nearly two decades. This is in part due to the growing quality and quantity of cyberthreats. Show
It has become imperative for businesses to be aware of all the risks inherent in the evolving cyber landscape — and that’s where risk mitigation comes in. Risk mitigation is at the core of business continuity and helps stakeholders manage the chaos and the variables that impact operations. In other words, you need to understand risk mitigation to devise a holistic cybersecurity plan. What is risk mitigation?Risk mitigation is a systematic step-by-step process to increase opportunities and reduce the negative impact of threats and disasters on business continuity. Threats might include cyberattacks, natural disasters and other causes of physical or virtual damage. Why is it important to mitigate risk?Risk mitigation addresses inevitable threats. The focus is on the aftermath of an incident, with the goal of reducing its impact on the organization. A proactive approach to risk mitigation reduces financial and legal consequences caused by an incident in order to keep the business stable both in the short and long term. A business that understands its risk tolerance and uses it to develop mitigation strategies helps the business efficiently and effectively achieve its goals. Risk mitigation strategies should be unique in their ability to address risks based on how they affect performance, cost, scheduling, etc. Follow the risk mitigation framework to deploy a sound strategy. AcceptanceRisk acceptance involves identifying and analyzing risks and highlighting their consequences to stakeholders. Sometimes, accepting a level of risk is a more desirable option when the cost of other risk mitigation options (avoidance, limitation) outweighs the cost of risk itself. However, keep a close eye on your risk appetite to ensure the exposure is worth it. AvoidanceRisk avoidance is when the cost of risk acceptance is more than mitigation. In such instances, businesses choose to avoid the action that leads to risk exposure. This may require compromising other variables to ensure the risk doesn’t occur. A few examples of risk avoidance are exiting the business, canceling a project, closing the factory, etc. TransferRisk transfer allocates risks and their consequences to different parties like an insurance company or subcontractor. While outsourcing risks might increase costs, it can potentially reduce costs arising from future damages. ControlRisk control is when you take countermeasures to handle the cause of risks and decrease the impact of their consequences. These controls detect the causes of unwanted events prior to the risk occurring. A blend of technology, markets, operation and supply chain brings high risk levels down to acceptable levels. Risk mitigation planningThe Project Management Institute defines the risk mitigation planning process as developing options and actions to enhance opportunities and reduce threats to project objectives. It’s a five-step process to mitigate potential risks and manage them once identified.
Risk mitigation with UnitrendsUnitrends Unified BCDR offers a comprehensive backup and recovery suite that reduces the frequency and severity of security-related incidents. Unitrends offers support for more than 250 versions of operating systems, applications and hypervisors. Recovery options range from granular file recovery and instant recovery of physical and virtual servers to invisible failover into the Unitrends Cloud with our Disaster Recovery-as-a-Service. You also get automated, application-level recovery testing with Recovery Assurance. Customizable, automated tests validate the integrity and recoverability of critical machines and services, and proactively detect recovery issues. Reports are automatically generated, documenting performance against SLA compliance goals and proof of service recoverability. Find out how Unitrends helps you bolster your risk mitigation efforts. What are the 4 Risk Control Strategies?There are four main risk management strategies, or risk treatment options:. Risk acceptance.. Risk transference.. Risk avoidance.. Risk reduction.. What are 3 types of risk controls?There are three major types. They are detective, preventative, and corrective.
What are the 5 Risk Control Strategies?They are: Avoid, Reduce, Share, Transfer and Retain the risks.. Avoiding risks. To avoid risks, organisations must first be aware of the potential for these risks to occur. ... . Reducing Risks. ... . Risk Sharing. ... . Risk Transfer. ... . Retaining the Risk.. Which risk control strategy shifts residual risk to other assets other processes or other organizations?Transference is the control approach that attempts to shift the risk to other assets, other processes, or other organizations.
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