What Is Risk Acceptance In Cyber Security?
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Risk acceptance is the decision to accept a level of risk associated with a particular security issue or threat. It involves understanding the risk and its associated impacts, evaluating the cost of mitigating it, and making an informed decision about how to proceed. This could involve actively mitigating the risk or choosing to accept the risk as is. Risk acceptance should be based on identified needs, priorities, and established risk tolerance.
Risk acceptance is a type of risk management strategy in which an organization consciously chooses to accept a certain level of risk in the pursuit of achieving its business objectives. With risk acceptance, the organization acknowledges that there is potential for the risk to materialize and cause harm, but is willing to accept that risk without taking any further action to mitigate it. In the context of cyber security, risk acceptance is often used as a last resort when the costs associated with mitigating a risk outweigh the expected cost of the risk materializing.