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Risk Mitigation: What it is and how to implement it?

Inside Telecom Staff

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Risk Mitigation

One of the major aspects that most businesses tend to put behind their backs is risk management and mitigation. It is a serious matter that cannot be ignored at any cost. Los Angeles IT consulting recommends being proactive about risk management and get started with risk mitigation so that any threat to the business can be dealt with and tackled accordingly.

Defining Risk Mitigation:

Before diving into the details of risk mitigation, it is important to define it. There is always a certain element and degree of uncertainty of something unplanned happening with anything you do in life. At times, these are pleasant surprises which end up in favor of the company. But what if they are not beneficial? Such threats are referred to as risks by the IT Support services Los Angeles.

Risk mitigation is nothing but a management strategy that helps reduce the impact of these risks as much as possible. Risk mitigation is an all rounder approach that is not only concerned with minimizing the consequences of the risk but also reducing the overall chances of an exposure to a risk.

Steps Involved In Risk Mitigation:

Risk mitigation is further divided into a couple of steps by managed IT services Los Angeles. The steps and a brief description are as follows:

1.    Risk Identification:

You can only prepare to be able to deal with risks, if you know the type of risks that the company is exposed to in the first place. The first step along the way deals with risk identification. What are the weaker areas of the company that can be manipulated? How many and what kinds of risks is the company exposed to? What is the description of these possible risks? What will be the source and the impact of these risks? These are some queries that are answered during this first phase.

2.    Risk Evaluation:

Now that you have a list of possible risks, it is time to evaluate them. The risk evaluation is further divided into two main categories. The evaluation on the basis of frequency of occurrence. This refers to the possibility of the occurrence of the risk. Is the risk a one time threat or may be a long term occurring? Answering this question is important so that the company can prepare for the risk accordingly.

The second category of risk evaluation is concerned with the impact of the risk. This deals with the risks being classified as having a high impact or a low impact. The risks with a comparatively bigger impact are then prioritized and the company strategizes to battle them accordingly.

3.    Risk Treatment:

The possible risks can be treated in four different ways depending on their likelihood of occurring and possible impact. These four ways are:

  • Accepting the risk.
  • Avoiding the risk.
  • Transferring the risk
  • Mitigating the risk.

A detailed risk evaluation and analysis than further helps take a decision accordingly. If the risk is not a major concern and has a lesser chance of occurring, it is accepted. If there are some measures that can help the company avoid the risk, those measures are taken. If avoiding and accepting are not possible, the company tries to shift the risk. This is known as risk transferring. And the last but not the least, if none of these strategies seem to work, the company has no choice but to endure the risk and later mitigate its impacts as much as possible.

Plan A Risk Mitigation Strategy:

Risk mitigation is a customized approach. This means that there is no fixed set of rules that can be handed out to help you with risk mitigation. According to the IT support in Los Angeles, each company is different and is exposed to a different set of risks.

Therefore, it is the company’s job to evaluate the possible threats for their business and come up with a risk mitigation strategy that suits their models. But it is important to mention that risk mitigation and planning is an important aspect that cannot be thrown behind the back. It is a blueprint that will help the company stay strong in face of any threat. If your company does not have a risk mitigation strategy already, it is best that you work on it and create one immediately.

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Telecoms

Telstra announces $157 million co-investment fund to extend coverage

Karim Husami

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Telstra announces $157 million co-investment fund to extend coverage

Australian operator Telstra has announced a $157 million co-investment fund to generate additional investment in expanding regional mobile coverage.

This funding is in addition to the $118 million that Telstra plans to invest in the next 12 months to expand regional connectivity.

Telstra CEO Andrew Penn said the co-investment fund would run over the next four years and was aimed at enhancing and extending mobile coverage through stimulating infrastructure co-investment with governments, local councils and businesses in areas that would otherwise be difficult to justify on economic grounds.

“Technology is going to play a major role in meeting both of these aspirations – perhaps the most important role. Telecommunications technology is continuing to advance from 3G to 4G, 4G to 5G, from ADSL to NBN and from copper to fibre, satellite and mobile, and this is helping to bring new solutions to solve old problems,” he said in a statement.

Penn added: “In addition to the newly announcement co-investment fund, Telstra would be investing a further AUD 150 million ($118 million) over the next 12 months to improve its regional networks in a number of important areas.”

Both the $118 million and $157 million allotments are both backed up by a number of projects that has been awarded by the federal government, the telco claimed.

This includes the Regional Connectivity Program — which is set to receive $19.3 million in additional funding by the government in the upcoming Budget for 2021-22 — with Telstra working with the federal government to power $43 million worth of network upgrades.

Penn also claimed it was the only major mobile provider to both win projects and commit funding to improve services.

He said the telco has also participated in the federal government’s Mobile Black Spot Program, with it contributing “more than double the capital investment of the rest of the industry put together to build more than two thirds of the mobile black spot towers in the program,” he claimed.

Among the projects are eight mobile coverage improvements from Telstra, two mobile coverage upgrades from Pivotel, three projects upgrading fixed wireless coverage, two improving satellite broadband connectivity, and one project more than $2.53 million to shift from satellite coverage to fiber to the premise in Halls Creek.

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Telecoms

Three Chinese telcos to be delisted from NYSE

Inside Telecom Staff

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Three major Chinese telcos said late last week that they will be delisted from the New York Stock Exchange (NYSE) after the latter denied their requests for appeal, Reuters reported.

The delisting comes in line with the U.S.’ Communist Chinese military companies (CCMC) under the National Defense Authorization Act of 1999, enacted by the former Trump Administration.

The CCMC designation bars any U.S. investors from purchasing any shares or stakes from companies that the government considers to be linked to the Chinese military.

The three telcos – China Mobile, China Unicom, and China Telecom Corp – had filed an appeal request to the NYSE to review their delisting as soon as U.S. President Joe Biden was sworn in as the 46th president back in January.

The telcos noted in separate statements last week, that they expect the NYSE to notify regulators of their delisting after the appeal was rejected.

According to Reuters, the companies had highlighted that the delisting will become effective ten days after the exchange files a Form 25 to the U.S. Securities and Exchange Commission.

The three telcos join the likes of Huawei and ZTE who have also been delisted – however, budget smartphone maker Xiaomi was able to escape the same fate after a U.S. federal judge rolled back the blacklisting on the company citing insufficient evidence that Xiaomi posed a national security threat.

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Telecoms

NY: Broadband cos paid for 8.5M fake net neutrality comments

Associated Press

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The Office of the New York Attorney General said in a new report that a campaign funded by the broadband industry submitted millions of fake comments supporting the 2017 repeal of net neutrality.

The Federal Communications Commission’s contentious 2017 repeal undid Obama-era rules that barred internet service providers from slowing or blocking websites and apps or charging companies more for faster speeds to consumers. The industry had sued to stop these rules during the Obama administration but lost.

The proceeding generated a record-breaking number of comments — more than 22 million — and nearly 18 million were fake, the attorney general’s office found. It has long been known that the tally included fake comments.

One 19-year-old in California submitted more than 7.7 million pro-net neutrality comments. The attorney general’s office did not identify the origins of another “distinct group” of more than 1.6 million pro-net neutrality comments, many of which used mailing addresses outside the U.S.

A broadband industry group, called Broadband for America, spent $4.2 million generating more than 8.5 million of the fake FCC comments. Half a million fake letters were also sent to Congress.

The goal of the broadband industry campaign, according to internal documents the attorney general’s office received, was to make it seem like there was “widespread grassroots support” for the repeal of net neutrality that could give the FCC chairman at the time, Ajit Pai, “volume and intellectual cover” for the repeal.

The agency is supposed to use the comments it receives, from industry and public-industry groups and the public, to shape how it makes its rules.

The FCC did not immediately answer how or if it has changed its commenting process, but the acting chairwoman, Jessica Rosenworcel, said in a prepared statement that “widespread problems with the record” of the 2017 proceedings “was troubling at the time” and the agency has to learn and improve the commenting process.

The fake comments had high-profile victims. In 2018, two senators, Democrat Jeff Merkley of Oregon and Republican Pat Toomey of Pennsylvania, said their identities were stolen to file fake comments for the net neutrality proceeding. “We were among those whose identities were misused to express viewpoints we do not hold,” they wrote to the FCC’s then-chairman, Pai, asking him to investigate the fake comments.

Many expect the FCC to try to reinstate net neutrality rules once a third Democratic commissioner is appointed. The agency is currently split half Democrat and Republican, which makes undoing the repeal unlikely.

Broadband for America’s website says its members include AT&T and Comcast as well as major trade groups for the wireless, cable and telecom industries.

The campaign hired companies known as lead generators which created the fake comments, but that the attorney general’s office had not found evidence that the broadband companies had “direct knowledge of fraud” and thus they had not violated New York law, according to the report.

Still, the report criticized the broadband industry group’s behavior as “troubling,” saying the campaign organizers ignored red flags and hid the broadband industry’s involvement.

The lead generators copied names and addresses they had already collected and said those people had agreed to join the campaign against net neutrality, the report said. One company copied information that had been stolen in a data breach and posted online.

The attorney general, Letitia James, also announced agreements with three of the companies that were responsible for millions of the fake comments, Fluent Inc., Opt-Intelligence Inc. and React2Media Inc., that require them to change practices in future advocacy campaigns and pay $4.4 million in fines. The companies did not reply to requests for comment.

The attorney general’s office and other law enforcement agencies are still investigating “other responsible parties,” according to the report.

AT&T, Comcast and industry trade groups NCTA and USTelecom did not respond to questions.


By TALI ARBEL AP Technology Writer.

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