In Open FAIR, what does risk mitigation involve?

Risk mitigation in Open FAIR involves taking specific actions aimed at reducing either the likelihood of a risk occurring or the potential impact it could have if it does occur. This approach is fundamental to managing risks effectively, as it acknowledges that while it may be impossible to eliminate all risks completely, organizations can implement strategies and mechanisms designed to decrease the severity and frequency of negative events.

This concept emphasizes the proactive nature of risk management, focusing on the development of controls and measures that can be applied to safeguard against risks rather than merely reacting to incidents after they happen. Effective risk mitigation might include implementing security controls, establishing policies and procedures, and investing in training and awareness programs to influence the risk landscape positively.

In contrast, prioritizing risks based on past incidents may inform decision-making but does not constitute mitigation by itself. Developing new assets to offset risks might be beneficial, but it does not necessarily correlate with direct risk reduction efforts. Lastly, the idea of completely eliminating all types of risk is unrealistic in practice since risks are inherent in many activities and processes; thus, total elimination is neither feasible nor necessary. The focus should instead be on reducing their potential effects through thoughtful risk mitigation strategies.