A medium-sized healthcare organization has performed a risk analysis and discovered that the potential financial impact of breaches to patient data is very high. The organization has a limited budget and cannot implement all the recommended security controls. The Chief Information Security Officer (CISO) must decide which risks to prioritize. Which risk management strategy should the CISO adopt for those risks that cannot be fully mitigated due to budget constraints?
Avoid the risks by ceasing all operations that involve handling patient data.
Transfer the risks to a cyber insurance company.
Accept the risks and document the decision and the rationale behind it.
Mitigate the risks by implementing all recommended security controls despite the budget.