About Risk Mitigation
The complete elimination of risk is impossible. Executives and managers must implement the cheapest, suitable systems and procedures, while being sure to apply the appropriate level of controls to reduce risk to acceptable levels.
Risk mitigation involves the prioritization, evaluation, and implementation of appropriate risk reduction controls and procedures documented by and recommended from the ZenithSecure risk assessment process.
Risk Mitigation Options
- Risk mitigation is the organized approach employed by companies and their managers to reduce risk, from inside or outside of their organization, to acceptable levels. Risk mitigation is attained by companies by utilization of the following risk mitigation options:
- Risk Assumption: The company accepts and assumes potential risks and continues operating their IT system or they deploy strategies and methods to bring the risks to down to acceptable levels.
- Risk Avoidance: The company avoids the risks by removing their causes or deleting the processes or methods leading to the risks.
- Risk Limitation: The company limits risks by deploying security solutions that reduce the negative impacts of any threat’s exercising a vulnerability of the company or its systems
- Risk Planning: The company manages risks by creating and following a risk mitigation plan which identifies all risks and then prioritizes, deploys and continuously assesses and maintains the proper security solutions.
- Research and Acknowledgment: The company lower risks of loss by acknowledging the vulnerabilities in their processes or systems and researching security solutions to correct their vulnerabilities.
- Risk Transference: The company transfer risks through employing outside vendors to provide a processes or methods or buying specific insurance policies to pay for any potential losses.
When reviewing and recommending risk mitigation options for clients and their IT systems, ZenithSecure considers the business environment, organizational structure as well as the operational and financial goals of each client. Priority is given to those risks and vulnerabilities which have the potential to cause the greatest harm to the client.
Risk Mitigation Strategy
There is no one strategy which will work for every company. ZenithSecure works with each client to create an individualized strategy.
Our guidance comes from experience and following industry standards to mitigate risks from environmental or unintentional human threats as well as intentional ones;
- When vulnerabilities exist the company must deploy security solutions to reduce the probability of those vulnerabilities being exercised.
- When vulnerabilities can be exercised the company needs to employ multiple solutions correct system designs, and change security controls to reduce these risks or prevent them from occurring.
- Wherever possible companies must increase an attacker’s cost to the point that it will be greater than their potential gain from exercising vulnerabilities in a company.
- When potential losses are too large then companies must employ multiple solutions to correct system design, and change security controls to limit the extent of any vulnerability, which will lower the potential for loss.