An organization wants to address the risk associated with a potential financial loss from a future cyber attack. Which of the following actions exemplifies the 'Transfer' risk management strategy?
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Developing a comprehensive incident response strategy for potential cyber attacks
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Adjusting security controls to enhance detection of unauthorized access attempts
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Buying a cybersecurity insurance policy to cover costs associated with data breaches
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Conducting regular security awareness training for employees
Risk transfer is characterized by shifting the financial burden of a risk to another entity. Obtaining a cybersecurity insurance policy effectively transfers the financial risk of a cyber attack to the insurance company. Adjusting security controls to enhance detection would be an example of mitigation, which aims at reducing the risk's probability or impact. Developing a response strategy falls under preparedness and mitigation, as it prepares the organization to handle the impact, but does not transfer the risk. Lastly, training employees is a preventive measure and also falls into risk mitigation; it does not transfer the risk.
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What are other common risk management strategies besides transfer?
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What are some examples of methods for mitigating cyber risks?