Which of the following is the GREATEST advantage of implementing a risk management program?
Answer(s): A
A risk management program is a systematic and structured approach to identify, analyze, evaluate, treat, monitor, and communicate the risks that may affect the organization's objectives and performance.The greatest advantage of implementing a risk management program is enabling risk-aware decisions. This means that the organization incorporates the risk information and analysis into its decision making process, such as strategic planning, resource allocation, project management, etc.Enabling risk-aware decisions helps to optimize the outcomes and benefits of the decisions, balance the opportunities and threats of the decisions, and align the decisions with the organization's risk appetite and tolerance.The other options are not the greatest advantages of implementing a risk management program. They are either secondary or not essential for risk management.The references for this answer are:Risk IT Framework, page 25Information Technology & Security, page 19Risk Scenarios Starter Pack, page 17
Which of the following should be done FIRST when a new risk scenario has been identified
Answer(s): D
·A risk owner is the person or entity that has the authority and responsibility to manage a specific risk1. The risk owner is accountable for the implementation and effectiveness of the risk response strategy and the risk treatment plan2. ·Identifying the risk owner is the first step when a new risk scenario has been identified, because the risk owner is the key stakeholder who will be involved in the subsequent steps of the risk management process, such as risk analysis, risk evaluation, risk treatment, and risk monitoring2.·Identifying the risk owner also helps to clarify the roles and responsibilities of different parties involved in the risk management process, such as the risk manager, the risk analyst, the risk committee, and the risk auditor3. This can improve the communication, coordination, and collaboration among the risk management team and ensure that the risk is managed effectively and efficiently.·Estimating the residual risk (option A) is not the first step when a new risk scenario has been identified, because the residual risk is the risk that remains after the risk treatment plan has been implemented2. Therefore, estimating the residual risk requires prior steps such as risk analysis, risk evaluation, and risk treatment. ·Establishing key risk indicators (KRIs) (option B) is not the first step when a new risk scenario has been identified, because KRIs are metrics or data points that provide early warning signals or information about the level or trend of a risk4. Therefore, establishing KRIs requires prior steps such as risk identification, risk analysis, and risk evaluation. ·Designing control improvements (option C) is not the first step when a new risk scenario has been identified, because control improvements are part of the risk treatment plan, which is the set of actions and resources needed to implement the chosen risk response strategy2. Therefore,designing control improvements requires prior steps such as risk analysis, risk evaluation, and risk response selection.References =·Risk Owner - Institute of Internal Auditors·Risk Treatment Plan - ISACA·Risk Management Roles and Responsibilities - 360factors ·Key Risk Indicators: A Practical Guide | SafetyCulture
A bank is experiencing an increasing incidence of customer identity theft. Which of the following is the BEST way to mitigate this risk?
Answer(s): B
The best way to mitigate the risk of customer identity theft is to implement layered security. Layered security is a defense-in-depth approach that applies multiple and diverse security controls at different levels and stages of the information system and the data lifecycle. Layered security can include physical, technical, and administrative controls, such as locks, firewalls, encryption, authentication, authorization, backup, audit, and policy. Layered security can help to protect the customer data and identity from unauthorized access, use, modification, disclosure, or destruction, by creating multiple barriers and deterrents for potential attackers, and by reducing the impact and likelihood of a successful breach. Layered security can also help to comply with the legal and regulatory requirements and standards for data privacy and protection, such as the Gramm-Leach-Bliley Act (GLBA), the Fair Credit Reporting Act (FCRA), and the Payment Card Industry Data Security Standard (PCI DSS)123.The other options are not the best way to mitigate the risk of customer identity theft, although they may be useful or complementary to layered security. Implementing monitoring techniques is a part of the layered security approach, but it is not sufficient, as it mainly focuses on detecting and responding to the incidents, rather than preventing or deterring them. Outsourcing to a local processor is a business decision that may or may not improve the security of the customer data and identity, depending on the quality and reliability of the service provider, and the terms and conditions of the outsourcing contract. Conducting an awareness campaign is a good practice that can help to educate and inform the customers and the employees about the common types, methods, and indicators of identity theft, and the best practices and precautions to prevent or report it, but it does not directly apply or enforce any security controls to the information system or the data.
Zero Trust architecture is designed and deployed with adherence to which of the following basic tenets?
Zero Trust Architecture:Zero Trust is a security concept centered on the belief that organizations should not automatically trust anything inside or outside their perimeters and must verify everything attempting to connect to their systems.Basic Tenets of Zero Trust:The primary principle is "never trust, always verify." This means every access request is authenticated, authorized, and encrypted regardless of where it originates. Zero Trust requires securing all communication, whether it occurs within the internal network or comes from external sources. This approach prevents lateral movement by potential attackers who have breached the network perimeter.Key Components:Authentication and Authorization:Continuous verification of user identities and access privileges.Microsegmentation:Dividing the network into small, isolated segments to limit the spread of threats.Encryption:Ensuring that all data, whether at rest or in transit, is encrypted to protect its confidentiality and integrity.Other Options:Incoming Traffic Inspection:While important, this is just one aspect of Zero Trust. Security Frameworks and Libraries:These are tools and guidelines to implement security but do not define the core tenets of Zero Trust.Digital Identities:Implementing digital identities is part of the broader Zero Trust strategy but not a standalone tenet.
The CISSP Study Guide explains the Zero Trust architecture and its emphasis on securing all communications regardless of network location (Sybex CISSP Study Guide, Chapter 8:Principles of Security Models, Design, and Capabilities) .
Days before the realization of an acquisition, a data breach is discovered at the company to be acquired. For the accruing organization, this situation represents which of the following?
Answer(s): C
A risk event is an occurrence or situation that has a negative impact on the objectives, operations, or resources of an enterprise. A data breach at the company to be acquired is a risk event for the acquiring organization, because it can affect the value, reputation, or performance of the acquisition. A risk event can also trigger other risks or consequences that may require further actions or responses. The other options are not the correct answers, because they do not describe the situation accurately. A threat event is an occurrence or situation that exploits a vulnerability or causes harm to an asset or process. An inherent risk is the risk that exists before applying any controls or treatments. A security incident is an event that violates the security policies or procedures of an enterprise. References = CRISC:Certified in Risk & Information Systems Control Sample Questions
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