A risk mitigation plan might include what? You need the risk mitigation plan. But what are the key elements this plan should have? You might miss something! This article will tell you more.
Again, What Is A Risk Mitigation Plan?
What does the word ‘mitigate’ mean? Other words for mitigating are ‘lessen’, ‘reduce’, or ‘minimize’. The definition goes: “to make it less severe, serious, or painful.”
What idea does this give us? This tells us how your plan goes.
A risk mitigation plan will not excuse you from the risks. Moreover, risks are inevitable. The business itself is a risk. However, we must face them. But, how?
This is why you need a risk mitigation plan. This plan will help the impact of the risks less severe. How can you quickly recover from a risk? Will your business continue running in the face of an attack, a cyber attack for instance?
A Risk Mitigation Plan Might Include What?
You Need A Master Team
Your company must select the key persons for this project. First, a team must have a leader. He will be the Risk Management Manager.
Additionally, this person must be someone who knows the company well. He should be knowledgeable about how the systems and networks operate. Moreover, he must be quick to identify threats and vulnerabilities.
Second, team up with the technology people. A collaboration of these departments shall provide an organized plan. On the other hand, most of the attacks today are digital. These IT people can help a lot!
Identify The Risks And Vulnerabilities
As a team, brainstorm ideas. What are the existing risks to your network and systems? Can you think of possible threats? How well is the company handling them? What if an attack takes place, what are the preparations on hand?
Prioritize
Now you have identified the risks. Now, prioritize these according to the level of vulnerability. First, weigh the potential impacts. Next, is their likelihood of occurring.
Among these, which threat should be given top priority? Remember, areas with the lowest level of acceptable risk should be the prime concern.
Document It
Assign a member or members of the team for documentation. Documentation must include everything the team has agreed on.
Moreover, include the key persons in the document. Whenever this attack happens, who is our contact person? This key person should be skilled in his task.
On the other hand, our goal is to keep the business running in the face of an attack. Thus, lessen the impact.
Improve And Improve
Encourage regular team meetings. Focus on weak points and find ways to strengthen them.
Another thing, track the level of risks from time to time. So that you will maintain productivity in the process. As a result, you can focus on areas with the highest need.
Also, try testing the plans. Let the key persons play their role in a ‘what if’ situation. This will better prepare them for an actual event.
Communicate And Educate
Each person in the company should be aware of the team’s objective. Because they too can make their move.
Encourage cyber attack awareness. Also, let them know of safety web practices. Thus, the whole company works as a team. You not only mitigate the risks but also grow together as one company.
