4/13/2023 0 Comments Define residualFor any residual risk present, organizations can do the following: Managing residual risk comes down to the organization's willingness to adjust the acceptable level of risk in any given scenario. Residual risk, as stated, is the risk remaining after efforts have been made to reduce the inherent risk. Inherent risk is the risk present in any scenario where no attempts at mitigation have been made and no controls or other measures have been applied to reduce the risk from initial levels to levels more acceptable to the organization. To calculate residual risk, organizations must understand the difference between inherent risk and residual risk. Finally, residual risk is important to calculate for determining the appropriate types of security controls and processes that get priority over time. Or they could opt to transfer the residual risk, for example, by purchasing insurance to offload the risk to an insurance company.Īnother reason residual risk consideration is important is for compliance and regulatory requirements - for example, International Organization for Standardization 27001 stipulates this risk calculation. This means that residual risk is something organizations might need to live with based on choices they've made regarding risk mitigation. Residual risk is important for several reasons. First to consider is that residual risk is the risk "left over" after security controls and process improvements have been applied. Residual risk is the risk that remains after efforts to identify and eliminate some or all types of risk have been made. What is residual risk and why is it important?
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