What does the term "risk mitigation" mean?

The term "risk mitigation" refers specifically to strategies that are designed to reduce either the impact or the likelihood of identified risks. This approach acknowledges that while it may not be possible to eliminate all risks entirely, organizations can employ various tactics to lessen their potential harmful effects or to decrease the chances of their occurrence.

For example, an organization might implement stronger security protocols and employee training to reduce the likelihood of a data breach, or it may invest in backup systems to minimize the impact of a potential incident. This nuanced understanding of risk management is crucial for effective planning and decision-making in the context of cybersecurity.

In contrast, eliminating all risks is an unrealistic goal, given the dynamic nature of threats, and simply identifying new threats does not address how to manage or mitigate them. Reporting incidents, while important in the risk management framework, does not fall under the definition of risk mitigation itself, which focuses on proactive strategies rather than response measures.