A software company is planning to add a new feature that allows users to upload files. During a risk assessment, the security team determines that implementing this feature would introduce significant vulnerabilities and require a complete, costly overhaul of their existing infrastructure. After consideration, management decides to cancel the development of this feature entirely. Which risk management strategy does this action represent?
The correct answer is risk avoidance. Risk avoidance is a strategy that involves deciding not to engage in an activity that would introduce a risk. In this scenario, the company chose to cancel the new feature to completely eliminate the associated security risks. This is different from mitigation (reducing the risk's impact), transference (shifting the risk to a third party, like through insurance), or acceptance (formally acknowledging the risk and continuing with the activity).
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What are some examples of avoiding a risk in real-world scenarios?
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How does 'Avoiding' a risk differ from 'Mitigating' it?
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Are there any downsides to the risk avoidance strategy?