Identify and briefly describe the five methods used to mitigate risk.
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Identify and briefly describe the five methods used to mitigate risk.
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- Provide an overview of the five methods used to mitigate risk.Provide a short description of each of the five methods used to mitigate risk.- There are many types of cybersecurity liability policies covering a host of eventualities. What insurance you should buy depends on your business model and your company board's risk appetite. For this discussion, pick one of the five cybersecurity laws, regulations, or policies you wrote about in the Module 5 assignment, and discuss what types of insurance you would recommend in case your company fails at compliance for that requirement. Discuss the risk-reward trade offs, and explain why you think your insurance recommendation is worth the cost.
- Describe the concept of risk management, along with the steps involved in finding, assessing, and managing risks.Create a timeline that will detail how the week of pen testing will be conducted, the frequency of reporting, and the form of documentation of results that will be submitted. This should include a 1-page explanation of daily, weekly, and monthly security steps that the company should implement along with an explanation of how they will be implemented and what they will achieveThe Committee on the Stability, Objectivity, and Implementation of ERM (COSO ERM) 2017 risk management system for analyzing an organization's potential and actual dangers and rewards
- Task: 1. Choose an industry or type of workplace e.g. manufacturing, hairdressing salon 2. Make a list of hazards that may be present in that workplace e.g. slippery floors from spilt water, oil etc; uneven floors from changing floor level (the teacher could list these on the board). 3. Choose 3 or 5 hazards and list them on your Worksheet. WORKSHEET Assess the Risk Work out how likely it is that the hazard will hurt someone and how badly they could be hurt Describe the risks Spot the Hazard A Hazard is anything that could hurt you or someone else Make the Changes Eliminate, substitute, isolate, add safeguards, use safest way, use protective equipment Suggest ways to control the risks List the hazards 4. Read the Information Sheet and the relevant information. INFORMATION SHEET STEP 1: INFORMATION TO CARRY OUT A BASIC RISK ASSESSMENT WHAT INFORMATION DO YOU HAVE HAZARD? ON EACH Gather information about each hazard identified. FOLLOW THE FOUR STEPS WHO WILL BE EXPOSED STEP 2: LIKELIHOOD…What is meant by risk exposure?Discuss the security implicationsFrom the perspective of your department and management level, discuss the implications of a security breach in the company's infrastructure (all forms - human, technology etc.) 1. Suggest TWO reasons why such breaches could occur and state how they can be avoided. Based on the above requirements above, critique the below discussion: A security breach is a form of fraud that occurs when there is unauthorized access to a device, facility, data, network, or program (Ghimiray, 2023). These breaches can be devastating to a company and can have many implications such as its financial assets being lost or stolen, and the company's reputation being tarnished. Companies like MGMT eCash Inc., which engage in online markets like cryptocurrencies are very susceptible to security breaches. Two reasons why security breaches may occur are:- · Digital currencies like crypto are accessed through a private key, giving the user access to their digital…