Final answer:
Once a security risk is identified, the primary responses are to avoid, accept, transfer, or mitigate it. Mitigation involves actions taken to reduce the impact or likelihood of the risk, ensuring the business can continue with reduced potential harm.
Step-by-step explanation:
When you've identified a security risk, the options typically include avoiding it, accepting it, transferring it, or mitigating it. Mitigation involves reducing the potential impact or likelihood of the risk occurring. For example, if a company identifies that their customer data could be at risk due to outdated security software, they might mitigate this risk by updating the software and educating employees about phishing attacks. Unlike ignoring the risk, which is not a recommended practice, mitigation helps to proactively address the risk while still allowing the business to operate with reduced exposure to potential harm.