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 risk mitigation and why is it important?

Provide an example of risk mitigation related to cybersecurity.

Discuss the importance of employee training in mitigating risks.

Explain the concept of risk transference and give an example.

What is residual risk and how does it relate to risk transference?