In the context of web security, how is "risk management" defined?

Risk management in the context of web security refers to a structured approach that involves identifying potential threats and vulnerabilities, assessing the likelihood and impact of those risks, and prioritizing them so that appropriate strategies can be implemented to mitigate or manage these risks effectively. This includes not only minimizing the impact of security threats but also ensuring that resources are allocated efficiently and effectively to address identified vulnerabilities.

The key components of risk management are crucial: the identification of risks involves understanding what security issues may arise; the assessment process quantifies how serious these risks are and the potential repercussions on the organization; prioritizing risks allows organizations to address the most critical threats first. Finally, coordinated efforts to minimize risk signify implementing various controls, whether technological, administrative, or physical, to reduce the overall risk posture of the organization.

This comprehensive view of risk management highlights its proactive nature in contrasting with more reactive approaches, like simply investigating security breaches after they occur. By focusing on prevention and preparedness, organizations can better secure their web environments against potential threats. The other options presented do not encapsulate the holistic approach necessary for effective risk management in security.