Risk management in modern organizations requires automated data-driven technology. Businesses must identify and prioritize risks, though definitions vary, making it hard to understand exposure. Risk mitigation helps minimize harm, often through controls and contingency plans. Common strategies include risk acceptance, avoidance, transfer, sharing, buffering, strategizing, testing, quantification, reduction and digitization. To manage cybersecurity and operational risks centrally, businesses must integrate strategies into their organizational culture, moving away from risky manual processes.
Rampant ransomware attacks have hit the healthcare industry, with incidents increasing by more than 600%, costing an average of $10 million per breach. This has