Risk Management 101 for IT Professionals Essential Concepts - Risk Mitigation and Transference

The video tutorial covers risk mitigation and risk transference strategies. It explains risk mitigation as steps to minimize risk impact, using examples like placing a web server in a DMZ and cybersecurity training. Risk transference involves shifting risk responsibility to third parties, such as insurance or web hosting services. The concept of residual risk is introduced, highlighting that not all risks can be transferred, as some impact remains with the organization.

What is a common method to protect a company's internal network from internet-based attacks?

• Disabling the firewall

• Placing the web server behind the internal LAN

• Allowing direct access to the internal network

• Using a DMZ for the public web server

Why is annual cybersecurity awareness training important for employees?

• To improve their productivity

• To reduce the need for IT support

• To protect against social engineering and phishing attacks

• To increase their technical skills

What does risk transference typically involve?

• Transferring risk responsibility to a third party

• Ignoring the risk

• Eliminating the risk entirely

• Accepting the risk as it is

Which of the following is an example of risk transference?

• Training employees on cybersecurity

• Purchasing flood insurance for a building

• Installing antivirus software

• Conducting regular security audits

What is residual risk?

• Risk that is completely eliminated

• Risk that is transferred to another party

• Risk that is ignored

• Risk that remains after mitigation or transference