Skip to main content

Five Ways to Minimize Risk Exposure

August 16, 2016

Risk management is something to be taken very seriously. Few things are more harmful to a company's reputation and bottom line, than a breach of client information. 

security-risk

However, many companies are busy managing their solution over managing risk or using complicated and expensive resources, practices and solutions to identify risks. To more efficiently manage risk, let's go back to basics and take a look at five simple (and often overlooked) ways to minimize risk exposure:

  1. Stop looking for a silver bullet
    Remember that a “control” is not the same thing as a “security product.” Despite what the salesman may say, a shiny new technology solution is not a “silver bullet” to reducing every conceivable risk. Changes to an existing process or the implementation of a simple procedure are often all that is required to reduce risk to an acceptable level.  
     
  2. Don’t forget risk acceptance
    Many times further risk mitigation simply does not make financial sense. When the potential loss resulting from a risk is less than the cost of implementing a risk mitigating control, get senior management to accept the risk and move on to more unacceptable risks. That said, don’t forget to monetize the potential cost of reputational damage or loss of public or regulatory goodwill in your calculations.
     
  3. Use risk to enable business development
    You don’t need to eliminate all risk. Sometimes enterprise, IT and vendor risk management professionals forget that businesses must take some risks to succeed. Launching innovative new products can be risky. Just be sure your organization understands the risks and keeps them at an acceptable level. As long as risk is at or below the organization’s tolerance level, stop, or you'll mitigate your way to a decrease in revenue!
     
  4. Consider risk transference
    Shifting risk elsewhere is a relatively painless, but often forgotten method. Risk can be transferred to a third party through a legal agreement or an insurance policy. Today most commercial property and casualty policies come with a built-in cyber insurance policy or rider. Be sure you are aware of any such coverage and factor that into your risk assessment. Instead of adding new controls, it may be more cost-effective to allow a contract or insurance policy to cover losses.
     
  5. Improve existing controls before deploying new ones
    Enterprise, IT and vendor risk management professionals often start down the road of proposing the implementation of new controls without examining the effectiveness of existing ones. Sometimes existing controls can be upgraded or shored up enough to reduce risk to an acceptable level without undertaking a costly new deployment. 
     

Bring these five basic solutions to the table during a risk assessment to save your company valuable time and resources. What other systems do you have in place to minimize risk exposure?

Related Blogs

April 25, 2018

Five Application Security Best Practices for Serverless Applications

Serverless architecture enables applications to be developed and deployed without management of the underlying host or operating system. Instead of a ...

See Details

June 08, 2018

The Business Trusts the Third Party – Should You?

In this day and age we are faced with some hard facts within information security. One of those facts is that breaches are imminent and we must be pre...

See Details

August 23, 2016

Business Driven Vendor Risk Assessment Template

The pace and level of outsourcing has continued to evolve and now includes any and all business areas and cloud services. Outsourcing decisions often ...

See Details

How Can We Help?

Let us know what you need, and we will have an Optiv professional contact you shortly.


Privacy Policy

Related Insights

September 12, 2017

Third-Party Risk Program Assessment

Learn how to build a solid foundation for your third-party risk program.

See Details

July 05, 2017

Third-Party Risk Management-as-a-Service

Learn how to plan, develop and manage your third-party risk program.

See Details

April 30, 2009

Creating a Solid Information Security Program

A successful security program is not run like a dictatorship but rather like a partnership, one of the team, all fighting for a common cause. In order...

See Details

Stay in the Know

For all the latest cybersecurity and Optiv news, subscribe to our blog and connect with us on Social.

Subscribe

Join our Email List

We take your privacy seriously and promise never to share your email with anyone.

Stay Connected

Find cyber security Events in your area.