Risk Acceptance (Accept)

 

Risk Acceptance (Accept) refers to accepting the risk that is presented to you or your organization. When assessing risk, there are four strategies used when mitigating the risks that are presented. One of them is acceptance, which is to accept the given risk and deal with the consequences that the risk presents.

What Does This Mean For An SMB?

Your business needs to take proactive measures today to first reduce its chances of being hit by ransomware, phishing, or other cybersecurity attacks. Secondly, validate backups and disaster recovery plans are current and functioning in case you end up hit with ransomware. CyberHoot recommends the following best practices to avoid, prepare for, and prevent damage from these attacks:

• Adopt two-factor authentication on all critical Internet-accessible services
• Adopt a password manager for better personal/work password hygiene
• Require 14+ character Passwords in your Governance Policies
• Follow a 3-2-1 backup method for all critical and sensitive data
• Train employees to spot and avoid email-based phishing attacks
• Check that employees can spot and avoid phishing emails by testing them
• Document and test Business Continuity Disaster Recovery (BCDR) plans
• Perform a risk assessment every two to three years

Start building your robust, defense-in-depth cybersecurity plan at CyberHoot.

Related Terms: Risk Mitigation, Risk Transfer, Risk Avoidance

If you would like more information on these strategies, watch this short video: