Now that you know your assets that need protecting, the weaknesses that can lend your business vulnerable to threats, and the potential threats to your business, then you can do something to address the risk involved. According to HP there are four things you can do about risk: lessen it, avoid it, transfer it, and accept it.
Lessening the risk – In many cases you can lessen the risk by simply addressing weaknesses. For example those that lack knowledge in internet marketing can educate themselves and/or hire personnel or an outside firm that will do the marketing part for them. Another simple example would be to install anti-virus software in your computer.
Avoiding the risk – Avoding the risk is somewhat similar to lessening the risk but in the case of the second example instead of simply installing an anti-virus software you’ll shift to Linux OS or Mac OS to avoid the problem altogether.
Transferring the risk – To transfer the risk does not mean eliminating the risk or even lessening the risk altogether. It simply means that the risk will not be entirely yours to bear. If you are a sole proprietor of a business getting a partner is a kind of risk sharing. However, this also means sharing the rewards! Another way to transfer risk would be to get insurance, whether that be fire insurance for your store or comprehensive travel insurance for your employees.
In the end managing your risks as soon as possible and making sure that you’re always on your toes when it comes to risk will be well worth it when the expected unexpected happens.
Resource: Planning for Disaster: Assessing Risks to Your Business Data
Originally posted on March 31, 2011 @ 8:00 am