During a risk assessment it was concluded that the value of an asset was less than the cost of the security control needed to protect it from an identified risk. Because of this, it has been decided not to use the control but still utilize the asset. What type of risk management strategy is being used?
Risk acceptance is the risk management strategy where a risk to an asset is accepted and no action is taken. This usually happens when the cost to mitigate the risk is more than the loss that would occur in the event the risk materializes.
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What is the concept of risk acceptance in risk management?
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How does risk acceptance differ from risk transference?
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What factors should be considered before choosing risk acceptance as a strategy?