Your organization is about to deploy a new online payment processing system. As part of the risk management team, you are tasked with evaluating the potential risks associated with this system. Which of the following actions is most important to perform FIRST?
Mitigating the risk by implementing an intrusion prevention system (IPS)
Transferring the risk by purchasing an insurance policy for cyber threats
Performing risk identification to list potential threats and associated vulnerabilities
Accepting the risk after determining the cost of a potential data breach