Risk management options include transfer, which involves shifting the responsibility or cost of a risk to another party, typically through insurance or outsourcing.
* Options for Risk Management:
* Avoid: Eliminate the activity causing the risk.
* Mitigate: Reduce the risk to an acceptable level.
* Transfer: Pass the risk to another party.
* Accept: Acknowledge and tolerate the risk.
* Transfer in Practice:
* Commonly achieved via insurance or contracts with third-party providers.
* Alignment with Scenario:
* "Assign" and "Defer" are not standard risk responses. "Acknowledge" relates to acceptance, which is distinct from transferring risk.
* Risk Management Frameworks: Highlights transferring risk as a key strategy, particularly in business continuity and contractual agreements.
* Third-Party Risk Management: Demonstrates how outsourcing aligns with transferring risk responsibilities.
EC-Council CISO References: