2.0 b Risk Management Flashcards
The steps involved in risk management
Risk Identification
Identifying and documenting potential threats, vulnerabilities, and assets that need protection.
Risk Assessment
Evaluation the likelihood and potential impact of identified risks to prioritize them based on their severity.
Risk Mitigation
Implementing security controls and measures to reduce the likelihood of risk occurrence and its potential impact.
Risk Monitoring
Continuously monitoring and assessing the effectiveness of implemented controls and adjusting them if necessary.
Risk Response
Developing response plans and procedures to address security incidents and minimize their impact.
Risk Communication
Effectively communication risk-related information to stakeholders, ensuring awareness and understanding.
Risk Acceptance or Transfer
In cases where the cost of mitigation outweighs the potential impact, organizations may choose to accept the risk or transfer it through insurance.
Continuous Improvement
Cybersecurity risk management is an ongoing process, requiring continuous evaluation and improvement to adapt to evolving threats and changes in the organization’s environment.
Risk Avoidance
Avoiding activities or practices that pose unacceptable risks, if possible.
Risk Sharing
Sharing the burden of risk with third parties, such as through outsourcing cyber insurance.
Business Impact Analysis (BIA)
Assessing the potential consequences of a cybersecurity incident on business operations, functions, and reputation.
Security Governance
Establishing policies, procedures , and roles to ensure effective cybersecurity management and accountability.
Regulatory compliance
Ensuring that cybersecurity practices align with relevant laws, regulation, and industry standards
Threat Intelligence
Gathering and analyzing information about emerging cyber threats to proactively adapt security measures.
Vulnerability Assessment and penetration Testing (VAPT)
Identifying and evaluation Vulnerabilities in systems through testing and simulations.
