What process involves identifying and prioritizing risks to minimize exposure?

The process of identifying and prioritizing risks to minimize exposure is known as risk management. This systematic approach helps organizations assess the potential threats or vulnerabilities that could impact their assets, evaluate the likelihood and potential impact of these risks, and implement strategies to mitigate or control them. Effective risk management allows organizations to make informed decisions about resource allocation and prioritization, ensuring that they focus on the most significant risks that could affect their operations or security posture.

Other processes listed, such as incident response, data classification, and security auditing, play important roles in an organization’s overall security framework but do not specifically focus on the identification and prioritization of risks. Incident response pertains to the actions taken after a security event occurs, data classification involves categorizing data based on its sensitivity or importance, and security auditing is a method of analyzing an organization’s security posture to identify weaknesses or compliance issues. Each of these processes contributes to a comprehensive security strategy but does not encompass the broader and proactive nature of risk management.