What is Vega risk?

Could you elaborate on the concept of Vega risk in the realm of cryptocurrency and finance? As a professional practitioner, I'm curious to understand how Vega risk specifically impacts market participants and their portfolios. Specifically, how does Vega risk differ from other types of risks, such as delta or gamma risk? Additionally, what strategies or tools do market participants utilize to mitigate Vega risk effectively? I'd appreciate a concise yet thorough explanation that captures the essence of Vega risk in a financial context.