Risk Management for Cyber Security Managers - Risk Transference

The video discusses the third method of responding to risk: transferring it. When an organization cannot mitigate or avoid a risk due to cost, it can transfer the risk to another entity, such as an insurance company. An example given is a data center at risk of flooding, where the organization opts to pay for insurance rather than relocating the center. This way, if flooding occurs, the insurance covers the costs. The video concludes by introducing the next topic, risk acceptance.

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