Risk Management Strategies - CompTIA Security+ SY0-701 - 5.2
Summary
TLDRThe script outlines various risk management strategies employed by organizations, including risk transfer through cybersecurity insurance, risk acceptance with policy exemptions or exceptions, risk avoidance, and risk mitigation via investments like next-generation firewalls. It emphasizes the importance of risk reporting, a dynamic document that lists and describes tracked risks, guiding management in making informed business decisions.
Takeaways
- 🔄 **Risk Transfer**: Organizations can transfer risk by moving it under the control of a different party, like purchasing cybersecurity insurance.
- 🛑 **Risk Acceptance**: Companies may choose to accept risks, allowing them to decide how to handle the risk, which is a common approach.
- 🚫 **Policy Exemptions**: Risk acceptance can involve exempting certain policies, such as not patching a device that cannot be updated but is not connected to the network.
- 🛠 **Policy Exceptions**: Organizations may create exceptions to security policies, like delaying patching if it causes critical software to crash.
- 🚫 **Risk Avoidance**: A strategy to completely avoid risk by removing it from the organization, eliminating the need for additional risk management.
- 🛡 **Risk Mitigation**: Investing in solutions like next-generation firewalls to reduce the impact of certain risks, such as those from the internet.
- 📋 **Risk Reporting**: Tracking risks through reports that list all risks, their descriptions, and handling strategies, often referenced by upper management.
- 🔄 **Continuous Updates**: Risk reports are usually constantly updated to include critical and emerging risks for consideration in business decisions.
- 🔑 **Management Involvement**: Upper management, especially those making business decisions, rely on risk reports for information on what to purchase and how to handle risks.
- 📈 **Business Decision Impact**: Risk reports play a crucial role in informing business decisions, particularly on risk management strategies and investments.
- 🗂 **Documented Risks**: The script emphasizes the importance of documenting all risks and their management strategies for organizational awareness and decision-making.
Q & A
What is one strategy an organization might use to deal with risk?
-One strategy is to transfer the risk, which involves moving the risk under the control of a different party, such as through the purchase of cybersecurity insurance.
What does it mean for a company to accept the risk?
-Accepting the risk means the company decides to keep the risk and determine how to handle it, which is a common course of action.
Can you provide an example of when a company might accept the risk by exempting their existing policies?
-An example is when a company has a policy that every device must receive patches, but they have a piece of equipment that the manufacturer does not support patching or updating, leading to an exemption for that device.
What is an exemption in the context of risk management?
-An exemption is an exception to the standard security policy, granted under specific circumstances, such as when a device cannot be patched due to manufacturer restrictions.
How might a company handle a conflict between required patching timeframes and operational issues?
-The company can create an exception to the policy, allowing more time to update their software to work better with the patches, thus resolving the conflict.
What is another risk management strategy besides transferring or accepting the risk?
-Another strategy is to completely avoid the risk by removing the source of the risk from the organization.
Can you give an example of risk mitigation?
-An example of risk mitigation is investing in a next-generation firewall to reduce the issues associated with internet connectivity.
How can an organization track multiple risks?
-An organization can track risks through risk reporting, which lists all the risks being tracked, describes each risk, and outlines how to handle them.
Who typically references the risk report in an organization?
-Upper management, especially those who need to make business decisions on purchases and risk handling, commonly reference the risk report.
What kind of information does a risk report usually contain?
-A risk report usually contains a list of all tracked risks, descriptions of each risk, how to handle them, and often includes critical and emerging risks that should be considered by management.
How frequently is a risk report updated?
-A risk report is usually a document that is constantly updated to reflect the current state of risks and any new developments.
Outlines
🛡️ Risk Management Strategies
This paragraph discusses various strategies an organization might employ to manage risk. It highlights risk transfer, such as purchasing cybersecurity insurance, and risk acceptance, which involves making a conscious decision to handle the risk internally. The text also touches on exemptions to security policies, such as allowing certain devices to remain unpatched under specific conditions. Additionally, it mentions risk avoidance, where the risk is entirely eliminated, and risk mitigation, like investing in a next-generation firewall to reduce internet-related risks. The paragraph concludes with the importance of risk reporting, which serves as a document for tracking and managing risks, and is crucial for upper management in making informed business decisions.
Mindmap
Keywords
💡Risk Transfer
💡Risk Acceptance
💡Policy Exemption
💡Security Policy
💡Risk Avoidance
💡Risk Mitigation
💡Risk Reporting
💡Critical Risks
💡Emerging Risks
💡Business Decisions
💡Next-Generation Firewall
Highlights
Organizations can use various strategies to manage risk.
Risk transfer involves moving risk to a different party, like purchasing cybersecurity insurance.
Accepting risk is a common approach where a company decides how to handle the risk.
Risk acceptance can involve exempting existing policies, such as for devices that cannot be patched.
An exemption may be granted for devices that cannot be updated, as long as they are isolated from the network.
Exceptions to security policies can be created when necessary, such as when patches cause software issues.
Avoiding risk completely removes the need for additional risk management.
Risk mitigation involves taking steps to reduce risk, like investing in next-generation firewalls.
Risk reporting is a method to track and manage risks within an organization.
Risk reports list all tracked risks and provide descriptions and handling strategies.
Upper management often refers to risk reports for making informed business decisions.
Risk reports are updated regularly to include critical and emerging risks.
Management should consider risk reports when making decisions on purchases and risk handling.
Risk management strategies are essential for organizations to protect against potential threats.
The transcript provides insights into effective risk management practices in organizations.
Understanding different risk management strategies can help organizations make better-informed decisions.
Risk management is a continuous process that requires ongoing monitoring and adaptation.
Transcripts
An organization might use a number of different strategies
to deal with risk.
One of these strategies might be to transfer the risk.
That means we move the risk under the control
of a different party.
A very good example of risk transfer
would be the purchase of cybersecurity insurance.
Another alternative might be that the company simply
accepts the risk.
This is usually the most common course of action,
and it allows the company to decide what they would
like to do with that risk.
There may be times when a company accepts the risk,
and they do it by exempting their existing policies.
There may be a case where a particular security policy
cannot be followed, and so an exemption is required.
For example, an organization may have purchased a large piece
of equipment used for manufacturing,
and that equipment uses the Windows operating system.
But the manufacturer of that equipment
says that they do not support patching or updating
the operating system on that device.
That means that the monthly Microsoft updates could not
be applied, but there is a company policy
that says that every device must receive those patches.
In that example, the company management
may approve an exemption just for that device,
provided the device is not connected to the network.
There might also be cases where the risk is accepted
but there is an exception to the security policies
you have in place.
An example of this might be that the organization has decided
that every device must be patched
within three days of the patch being made public.
But during their testing, the company
finds that this month's set of patches
causes a critical software package to crash.
To resolve this conflict between the time frame required
to patch and the patch being operational,
the company can create an exception.
In this example, the company may have an exception
that allows them to wait more than three days so they
can update their software to work better with these patches.
Another risk management strategy would be
to completely avoid the risk.
That means that there would not be a need
to provide any additional risk management
because that particular risk has been completely removed
from the organization.
And in some cases, we may be able to mitigate the risk.
For example, if we're concerned about risk coming
from the internet, we may want to invest
in a next-generation firewall, which
mitigates some of the issues associated
with that connectivity.
An organization may have tens or even
hundreds of risks that need to be tracked.
And one way to track these is through the use
of risk reporting.
This creates a list of all of the risks
the company is tracking and allows
for a description of each of those risks
and how to handle them.
This is a document that's commonly
referenced by upper management, especially
the management that needs to make business decisions on what
to purchase and how to handle these risks.
This is usually a document that is constantly updated,
and it usually contains critical risks and emerging risks,
especially those risks that should be considered
by the management of the company when making additional business
decisions.
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