Acceptance of Residual Application Risks

C.

The business owner of the application needs to understand and accept the residual application risks.

After assessing and mitigating the risks of a web application, the decision on the acceptance of residual application risks should be made by the business owner. Here's why:

Assessing and mitigating risks is a process of identifying and analyzing potential risks to a system, and taking steps to minimize or eliminate those risks. Once the risks have been identified and analyzed, the next step is to decide what to do about them.

There are several ways to deal with risks, including:

• Avoiding the risk: This means taking steps to eliminate the risk altogether. For example, if a web application has a serious security flaw that cannot be fixed, the application may need to be taken offline.
• Transferring the risk: This means shifting the risk to another party. For example, an organization may purchase insurance to transfer the risk of a data breach to an insurance company.
• Mitigating the risk: This means taking steps to reduce the likelihood or impact of the risk. For example, a web application may be patched to fix a security vulnerability.

Once the risks have been assessed and mitigated, there may still be residual risks that remain. Residual risks are risks that are not completely eliminated but are reduced to an acceptable level.

The decision on whether to accept residual risks should be made by the business owner. This is because the business owner is the person who is ultimately responsible for the web application and its risks. The business owner is in the best position to weigh the risks against the benefits of the application and make an informed decision about whether to accept the residual risks.

The information security officer, the chief information officer, and the chief executive officer may all be involved in the decision-making process, but the ultimate decision should be made by the business owner.