Risk Mitigation in Security

What is Risk Mitigation?

Risk mitigation is the process of preparing a business for any potential attacks on the system. Also, it ensures that the effects of the attack are minimized on the system. It is an integral part of the entire risk management setup. The techniques adopted for the risk management system may vary from one organization to another. Still, the ultimate goal is to ensure that the data center/system data is safe from outside attacks, such as malware attacks, ransomware, bot attacks, and others. (Biro et al. (2017). An effective risk mitigation plan lists all the possible threats to the system and then suggests measures as per priority in that list.

Advantages of Risk Mitigation

The entire risk mitigation process is beneficial to a company in a variety of ways. Since risk mitigation prepares a list of risks and divides them as per priority, the company can identify the high-risk sections and be developed accordingly. The resource allocation is also as per this list, as the company can prepare the resources as per the probability of the attack, and can invest them accordingly so that the operations can run smoothly without any hindrance.

An important concept in risk mitigation is prioritization. This means risk in one section can be accepted to avoid the effect of another more significant threat in other parts. This ensures that minimal damage is done to the sections and that the company can function at a maximum profit and little losses. (Anes et al. (2018). Effects due to unavoidable risks are reduced in this way.  A risk mitigation plan also involves tracking and monitoring the risk if they cannot be avoided altogether. For example, a company functioning in a disaster-prone area should keep track of all weather activities in the local region, to forecast their work accordingly.

Eliminating or nullifying all the threats means that a company can be prepared for any upcoming threats and is better equipped to deal with any after-effects that may occur due to it. This results in better performance and increases in public goodwill on the brand name of the company. Also, risk mitigation helps the company from unwanted financial impacts by saving them from unforeseen risks and external attacks.

Conclusion:

Once the risk mitigation plan is implemented and is working, it also involves monitoring to evaluate its performance and ensuring that the plan is updated to date. Change in risk priorities also means the plan should be changed accordingly. With the increase in external attacks on company data centers, it is therefore essential for organizations to adopt an effective risk mitigation scheme to avoid these risks.