How does 'risk transfer' work in the context of cybersecurity risk management?
- Accepting all risks without taking any action
- Eliminating all identified risks
- Reducing the likelihood of security incidents
- Shifting the financial burden of risk to a third party
Risk transfer in cybersecurity involves shifting the financial burden of identified risks to a third party, often through insurance or outsourcing. While it doesn't eliminate the risks themselves, it helps organizations manage the potential financial impact. Understanding risk transfer mechanisms is important for organizations seeking to optimize their risk management strategies and allocate resources effectively.__________________________________________________
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