Risk Mitigation

Risk mitigation is the process of applying security controls to reduce the probability and magnitude of a risk through the design, implementation, and management of the security controls. And it is the most common risk management strategy in an organization.

Risk mitigation is a course of action taken to reduce the probability or likelihood of and potential loss from a risk factor to an organization. In addition, it is a risk response planning technique associated with security threats that seeks to minimize the probability of occurrence or impact of a risk to below an acceptable level.

Risk mitigation is a strategy in risk management programs that focuses on reducing the likelihood of a security threat or the impact the threat would have on the assets of an organization. Risk mitigation is one of the main option of the four risk management options, namely risk avoidance, risk transfer, and risk acceptance options. And it involves implementing security controls, policies and technologies to minimize the harm the risk might cause on the organizational assets. Moreover, it is the process of addressing security threats, threat actors and vulnerabilities with the main objective of reducing risk to an acceptable level. And it is the process of prioritizing, allocating resources, evaluating and implementing appropriate risk reduction security controls and strategies as per the recommendations from risk management endeavors.

Risk mitigation is the process of employing security controls to reduce the likelihood and/or consequences of a realized risk. And it focuses on mitigating risks through process reengineering, design, implementation and optimization of security controls.

The four major phases of risk management processes and treatment options incorporates the following:

• Risk identification
• Risk analysis
• Risk evaluation
• Risk mitigation

The four options of risk mitigation strategies are listed below:

• Risk avoidance
• Risk transference
• Risk mitigation
• Risk acceptance