Risk Response Options

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Risk Response Options:

Please see the attached word document and responses to person 1 and person 2 based on their discussion.

Respond to your 2 people:

• Respond to at least two people, constructively commenting on their critical analysis of risks in relation to Hintel, and the risk response approaches that they have chosen and why.
• Provide sensitive and insightful feedback, encouraging further dialogue through open-ended questions.
• Person 1

  Mitigating Risk​Many small businesses have taken a hit as a result of the outbreak. It can even lead to the closure of a small company. In this case study, the company suffers tremendous losses due tothe pandemic’s irresponsibility. The three to five potential risk response options to consider for handling a crisis situation.

  Risk Response Options​The first option is to avoid the risk. As the name implies, ending a particular action or opting not to begin is a risk response option. When a company/business decides to avoid a risk, it reduces the likelihood of the risk causing harm to the business. A recent change to working from home to protect workers from contracting COVID-19 is one instance. Most firms avoid the risk of their employees falling ill (Bhoola et al., 2014).​The second option is to reduce. In ERM terms, it includes taking steps to reduce the probability or effect of a loss. Lowering is a workable option for bringing the hazard within reasonable limits if the danger is somewhat more than the desire and acceptance level. Transfer is the third option. Regarding choices 1 and 2, this option exported or shifted responsibility for the risk to a third party instead of removing or reducing its chance. Purchasing home insurance doesn’t decrease or prevent power outages, but it can provide a financial cushion if damage occurs (Williams, 2019). The fourth option is Accept. There would be other dangers beyond the threshold for which one of the other response options will be unsuccessful because the likelihood and impact are so low that devoting resources to avoid, transfer, or reduce the risk does not make sense.

  Evaluating the Risk Response Options ​When evaluating risk response options, the first factor is senior management engagement and support. The influence of risk factors including such leadership support, company vision, and external expertise. The results suggest that support from top management affects the organizational system’s overall success.​The second factor is Communication. Communication is essential in risk management. It allows for an explanation, making sense of the organization’s success, and members to examine how to enhance the organization and the effects of various risk mitigation techniques.​The third factor is Organizational Structure. The advisory board conducts the organizational structure, which gives the personnel the concept, guidelines, direction, and assistance. They create and teach staff how to share and employ a common language. Individuals collaborate as a team to avoid divisions and to include resistant employees in the process.

  Bad Actors​Potential opportunities for criminal actors to harm enterprises, such as the exploitation of modern teleworking technology. Many businesses have quickly implemented networks involving VPNs and associated IT infrastructure with transitioning their whole workforce to telecommuting.Cybercriminal actors exploit various publicly known flaws in VPNs and other remote working technologies and software to take advantage of this widespread shift to telework.​A group of actors has stolen user credentials using COVID-19-related phishing. These emails use the previously mentionedCOVID-19 methods of social engineering, which are occasionally supplemented with urgent language to increase attraction (Sailio et al., 2020). When the user clicks on the hyperlink, a faked log-in page with a credential entry form displays. Previously, monetary benefits such as government payments and rebates such as tax rebates) have been utilized as a part of the bait in SMS phishing. This economic theme is continued by coronavirus-related phishing, especially due to the economic effect of the outbreak and governments’ job and financial assistance packages.

  Technical Controls​The technical measures that “Hintel” could put in place to limit cybersecurity risks posed by these malicious actors by using firewalls, encryption, intrusion detection systems (IDS), and procedures for identity and verification. Technical controls manage several key functions, including detecting unwanted users from accessing the system and identifying security problems (Harford, 2022). Since technical controls are so important, some people assume them to be the totality of cybersecurity, disregarding other key factors.   References Bhoola, V., Hiremath, S. B., & Mallik, D. (2014). An Assessment of risk response strategies practiced in software projects. Australasian Journal of Information Systems, 18(3). https://doi.org/10.3127/ajis.v18i3.923 Harford, I. (2022). Types of cybersecurity controls and how to place them. SearchSecurity. https://www.techtarget.com/searchsecurity/feature/Types-of-cybersecurity-controls-and-how-to-place-them Sailio, M., Latvala, O.-M., & Szanto, A. (2020). Cyber Threat Actors for the Factory of the Future. Applied Sciences, 10(12), 4334. https://doi.org/10.3390/app10124334 Williams, C. (2019, February 12). 4 risk response strategies you will have to consider after assessing risks – Carol williams. Erminsightsbycarol. https://www.erminsightsbycarol.com/risk-response-strategies/