The cited works typically use two processes, one to model the state of infectiousness among nodes in the graph and another one for loss occurrences among “infected” nodes; we regard this additional complexity as unnecessary for the present example. Note that (9) implies that by buying service...
Purchasing cyber insurance is an example of a risk transfer. Risk acceptance After avoiding, reducing, or transferring risk, organizations may accept some residual risk when its potential impact is low or insignificant. With the proper guardrails in place, managing the business around some level ...
For example, a risk may seem like a high priority when you first identify it, but analysis may reveal that you can mitigate it quickly or easily. On the other hand, a risk that seems fairly low priority when you first identify it may become priority number one after the analysis. The r...
Building a strong risk mitigation strategy can set up an organization to have a strong response in the face of risk. This ultimately can reduce the negative effects of threats to the business, such as cyberattacks, natural disasters and other vulnerabilities the business operations may face. What...
Risk acceptance and retention Risk avoidance Risk avoidance means not participating in activities that might negatively affect the organization. For example, an organization might decline to make an investment or decide not to start a new product line to avoid the risk of losses. ...
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Selection and application of risk reduction measures and acceptance of residual risks [8,9]. The cybersecurity risk assessment process includes the preparation of risk assessment, asset identification, threat identification, vulnerability identification, damage identification, risk calculation, and other stage...
For example, prior to the pandemic, the smart home domain did not affect organizational cyber-security preparation as much as it does now since the shift to a remote or home environment [9]. Further, while transitioning to the remote environment at an increased rate, the necessary increase in...
Risk tolerance- The degree of acceptable deviation from the risk appetite. For example, the maximum amount of permissible website downtime following a cyberattack. Inherent risk- the total amount of security risks present within an IT ecosystem, in the absence of cybersecurity controls. ...
Transference: Transference involves transferring the risk to another party. For example, you can purchase cyber insurance to transfer the financial risk of a data breach. Acceptance: Acceptance involves making a conscious decision to accept the risk. This strategy may be appropriate for risks that ar...