Which of the following best describes the term 'risk management' in IT security?

The term 'risk management' in IT security is best described by the process of identifying and evaluating risks, followed by implementing measures to mitigate them. This approach is fundamental to protecting an organization's information and systems from potential threats and vulnerabilities. Risk management involves a comprehensive assessment of what could go wrong, understanding the likelihood and impact of various risks, and then taking appropriate actions to reduce or eliminate those risks. This proactive stance helps ensure that security measures are effectively tailored to the unique threat landscape that each organization faces, balancing costs and benefits.

The other options represent narrower or unrelated aspects of IT security. For example, limiting user access to sensitive information is an important security practice, but it is just one component of a broader risk management strategy. Formulating advertising strategies for IT firms has no relevance to risk management in IT security. Compliance with governmental regulations is a part of risk management, but it should not be viewed as the sole focus; effective risk management encompasses many factors beyond mere compliance. Thus, the comprehensive approach to risk assessment and mitigation outlined in the correct answer captures the essence of what risk management involves in the context of IT security.