Grace’s company decided to install the web application firewall and continue doing business. They are still worried about other risks to the information that were not addressed by the firewall and are considering purchasing an insurance policy to cover those risks. What strategy does this use?A. Risk acceptanceB. Risk avoidanceC. Risk mitigationD. Risk transference

Question

19-12-2022
Business

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Grace’s company decided to install the web application firewall and continue doing business. They are still worried about other risks to the information that were not addressed by the firewall and are considering purchasing an insurance policy to cover those risks. What strategy does this use?A. Risk acceptanceB. Risk avoidanceC. Risk mitigationD. Risk transference

Answer :

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tutorconsortium275 tutorconsortium275 · Answer 1 · 2022-12-22T06:48:08-05:00

Grace's company, decided to install a web application firewall and concerned about risks to information not covered by firewall and are considering purchasing insurance policies to cover risks. It uses a risk transference strategy.

What is risk transfer?

Risk transfer is a risk management and control strategy that involves the contractual transfer of raw risk from one party to another. An example is entering into an insurance contract that transfers a certain risk of loss from the policyholder to the insurer.

Why is Risk Strategy Important?

It provides a framework for making decisions. This means that future decisions can be made easier for business authorities if they have the right risk management strategies in place. A risk management strategy requires an organization to set objectives and targets.

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