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What is risk management?

Risk management is a key part of information security strategy. We constantly make unconscious decisions about the risks we face on a daily basis, whether it's braking when someone is driving fast or parking in a safer place. But how does this translate into the realm of information security? To protect our digital assets, we must first identify threats and make decisions that minimize their impact.

How do we understand risk?

Risk, in the context of information security, refers to the possibility of a threat exploiting a vulnerability, causing a negative impact. This impact can manifest itself in financial, operational, reputational, or privacy breaches.

Examples of threats

• Intentional: they are economically, politically or personally motivated.
• Natural: such as disasters affecting data centers.

What options do we have for managing risk?

There are several strategies for managing risk:

1. Avoid risk: This may involve abandoning certain activities, which is often not feasible in the business world.
2. Transfer the risk: Take out insurance to cover the impact in the event of an incident. There are specific insurances for IT risks.
3. Manage the risk: Analyze the threats and the probability of their occurrence, and implement control measures to reduce the impact.

What is the difference between intrinsic risk and residual risk?

Understanding these concepts is vital for effective risk management:

• Intrinsic risk: level of risk that exists without any controls applied. It appears to be exposed, such as leaving a car running in the street.
• Residual risk: Risk that persists after controls are applied. Although risk is never completely eliminated, it is managed to minimize harm.

What are the controllers in information security?

Countermeasures or controls are essential to reduce the negative impact of threats:

• Example of control: GPS detection in vehicles allows them to be recovered in case of theft, minimizing loss.

Risk management is not only about identifying threats, but also about implementing a comprehensive plan that includes risk assessment and implementation of appropriate controls. This enables organizations to maintain operational continuity and protect their most valuable assets. Continue to explore and learn more about these practices to improve your information security skills.