Mitigate the risk (reduce the likelihood or impact of risk) Transfer the risk (assign or transfer the risk to a third party via Cyber Liability Insurance) Accept the risk (acknowledge the risk but choose not to resolve, transfer, or mitigate it)
What are the most common means of avoiding risk?
Security measures, enforcement of policies, employee education and awareness, and financial and legal positioning are all common risk reduction mechanisms.
What is the main reason not to take risks?
The advantages of the asset outweigh the disadvantages of the risk.
Why is it better for businesses to reduce or avoid risk?
Risk management can be accomplished through risk reduction or risk avoidance.Risk reduction focuses on reducing the likelihood and severity of a potential loss, while risk avoidance focuses on eliminating any exposure to risk that could result in a loss.
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