Our IT risk management focuses on identifying, quantifying, and prioritizing risks, the goal of risk management is to manage the risks across the organization. Risk management is an ongoing process and consists of multiple phases.
We have several approaches to mitigating IT risk, among which include technical and non-technical approaches. Awareness training, for example, is considered a non-technical approach. Organizations may install firewalls (as a technical approach) at their gateway to limit unauthorized users from accessing their networks. Another example would be enabling Transmission Layer Security (TLS) on transactions, in order to make the transaction go over a secure port, such as port 443. Transferring risk, on the other hand, signifies sharing with another party the adversity of loss or the privilege of gain, from a risk.