Chapter 9 Flashcards

1
Q

What are the categories of cyber risk for organizations?

A

-Deliberate and unauthorized breaches of security in order to access information systems
-Unintentional or accidental security breaches
-Operational IT risks

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2
Q

Explain behavioural management

A

-To prevent victim to phishing, spear phishing, or other social engineering scams
-Includes developing policies and awareness training on cyber security, use of personal electronic devices, and social media

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3
Q

Explain systems and technology management

A

-Individuals and organizations can stay up-to-date with technology and security best practises
-Can address vulnerabilities as they are discovered by software companies

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4
Q

What are the different data protection policies companies should have?

A

Data classification policy
Data retention policy
Data destruction policy
Clear desk and screen policy

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5
Q

Explain data classification policy

A

Outlines data labels, and how they are to be applied to documents both digital and physical. Based on each classification, different protections can be applied.

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6
Q

Explain data retention policy

A

Define the lifespan for different types of business documents

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7
Q

Explain data destruction policy

A

One that has reached its end of life is important that is disposed of in the secure manner. The following method should be used:
Disintegration
Incineration
Pulverize
Shred
Melt

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8
Q

What are some steps to take when maintaining and updating technology resources?

A

-Install and maintain antivirus software, firewalls, software patches
-Use anti-spyware tools
-Use technical expertise when required
-Promptly disable access to the network after employees are terminated

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9
Q

What are some steps to take when maintaining vigilance on the network?

A

-Practice regular diagnostic testing and monitoring
-Analyze operations to identify areas vulnerable to IT risks
-Remove unused software and unused user account
-Conduct reference checks on employees
-Monitor employee online activity
-Deal with disruptive behaviour and threatening comments from internal and external sources
-Implement a forensic response plan at the first sign of attack
-Develop business continuity plan

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10
Q

What are some steps to take when instituting employee protocols?

A

-Train all employees in security awareness
-Document and implement policies and procedures
-Implemented password system with adequate controls and appropriate standards
-Use caution with email attachments
-Limit access to confidential and sensitive information
-Have users lock their computers when they are away from their desk
-Restrict to whom employees can send “out of office” messages
-Limit or restrict use of wireless hotspot, as well as chat rooms blogs, and instant messaging
-Do not allow downloads
-Prepare user agreement for computers and communications, and require all employees to sign

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11
Q

What are 5 simple ways government of Canada recommends to improve online safety?

A
  1. Use strong unique passwords that are different for every site requiring a login
  2. Keep operating systems up-to-date
  3. Only connect to Wi-Fi networks are known and trustworthy
  4. Turn off Bluetooth, camera, and location services
  5. Don’t download from questionable sources
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12
Q

How can insurance industry stakeholders promote cyber security?

A

-Offer more coverage to clients who adopt preventable measures
-Offer cyber insurance premiums based on an insured level of self protection
-Provide clients with information resources or other services to promote cyber awareness
-Ensure compliant with privacy laws, such as PIPEDA, digital privacy act, and Canadian anti-spam legislation

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13
Q

Explain security analysis

A

-Includes risk assessment to identify gaps in a firm cyber security processes and system
-May include helping firm with disaster planning, including business continuity planning or cyber instant response planning, and then validating the response plan so people know how correctly react to a cyber instant

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14
Q

What does cyber security monitoring include

A

Threat detection
Network and cloud intrusion detection
Firewall infrastructure monitoring
Security log monitoring
Managed detection and response

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15
Q

What are reasons to purchase cyber insurance?

A

Access pre-breach services
Satisfy regulatory requirements
Cover human error
Combat ransomware attacks
Cover cost resulting from data breaches
Cover business interruption cost

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16
Q

What are sale strategies for cyber insurance?

A

Identifying target markets
Storytelling
Dealing with client doubts
Managing customer relationships
Overcoming barriers to coverage
Using a risk management approach
Managing relationships with insurers
Creating strategic partnerships
Using active messaging
Using passive communication

17
Q

Explain blockchain

A

-The technology platform that enables distribution ledger technology
-The distribution ledger contains transactions that record and contract the transfer of assets between two or more parties
-These assets can be anything value that has or can be given a digital representation
-Transactions are technologically permanently recorded on a block chain in a way that cannot be erased or tampered with
-Distributed ledger can be public or private

18
Q

What are the insurance specific uses for blockchain?

A

Customer identity
Underwriting and claims processes
Insurance fraud
Reinsurance
Micro insurance
Parametric insurance
Real time insurance

19
Q

Explain micro insurance

A

Is designed for low income individuals often for those in developing countries and remote regions. Is characterized by low premiums and limited coverage.

20
Q

Explain parametric insurance

A

Parametric insurance policy, the insurer pays based on the risk event occurring or when certain index threshold are exceeded

21
Q

Explain real-time insurance

A

This is coverage that changes as real time conditions change