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CSS 6 > Lesson 5 > Flashcards

Lesson 5 Flashcards

1
Q

The chance of a negative event

A

Risk

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2
Q

A chance that something unexpected will happen

A

Risk

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3
Q

It is the combination of threats and vulnerabilities

A

Risk = Threats x Vulnerabilities

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4
Q

This definition leaves the possibility open that risks can produce positive outcomes. This is no doubt based on the philosophy that problems represent opportunities

A

Risk, ISO 31000

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5
Q

Something bad that might happen

A

Threat

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6
Q

From a security perspective the first threat that pops to mind is ?

A

Security Attack

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7
Q

What is the range of a threat?

A

It can range from human errors to natural disasters

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8
Q

What are the 6 categories of threats?

A
  • Acts of human error
  • Compromises of Intellectual Property
  • Deliberate acts of espionage/trespass
  • Deliberate acts of information extortion
  • Deliberate acts of sabotage/vandalism
  • Deliberate acts of theft
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9
Q

Who said that ‘Vulnerability is the birthplace of innovation, creativity and change’

A

Brene Brown

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10
Q

What is common definition of vulnerability?

A

“weakness” or “inability to cope”

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11
Q

A better definition for vulnerability

A

“exposure”

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12
Q

Example of a vulnerability?

A

Connecting a system to the Internet can represent a vulnerability
* It exposes a system to a DDoS (Distributed Denial of Service) attack
* But connecting a system to customers via the Internet isn’t likely to be considered a weakness from a business perspective

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13
Q

IS RISK GOOD OR BAD?

A
  • IT security professionals tend to think of risk as bad. It is the chance a threat will exploit vulnerabilities or the
    “chance that something bad will happen”
  • Risk management professionals treat risks as potentially positive
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14
Q

the process of identifying, analyzing and responding to risk factors
throughout the life of a project and in the best interests of its objectives

A

Risk Management

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15
Q

implies control of possible future events

A

Proper risk management

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16
Q

Is risk management proactive or reactive?

A

proactive

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17
Q

Project team reacts to risks when
they occur

A

Reactive Risk Management

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18
Q

plan for additional resources in anticipation of fire
fighting

A

Reactive Risk Management, Mitigation

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19
Q

resources are found and applied when the risk strikes

A

Reactive Risk Management, Fix on Failure

20
Q

failure does not respond to applied resources and project is in jeopardy

A

Reactive Risk Management, Crisis Management

21
Q

Formal risk analysis is performed

A

Proactive Risk Management

22
Q

Organization corrects the root
causes of the risk

A

Proactive Risk Management

23
Q

What are the 7 steps to risk management?

A
  1. Identification
  2. Analysis
  3. Probability and Impact
  4. Risk Treatment
  5. Residual Risk
  6. Risk Control
  7. Monitor and Review
24
Q

Giving all stakeholders an opportunity to identify risks

A

Identification

25
Q

This can increase acceptance of a program or project as everyone is given a chance to document all the things that might go wrong

A

Identification

26
Q

The diverse perspectives of stakeholders helps to develop a comprehensive list of risks

A

Identification

27
Q

It is also possible to use databases of issues with that occurred with similar business processes, programs or projects in your industry

A

Identification

28
Q

Knowledge sources such as lessons-learned and the risk registers of historical projects can also be used

A

Identification

29
Q

Developing context information for each risk such as moment of risk

A

Analysis

30
Q

Assessing the probability and impact of each risk

A

Probability and Impact

31
Q

These can be single estimates such as high, medium and low

A

Probability and Impact

32
Q

Alternatively, they can be a probability distribution that model multiple costs and associated probabilities for each risk

A

Probability and Impact

33
Q

Planning a treatment for each risk such as acceptance, mitigation,
transfer, sharing or avoidance

A

Risk Treatment

34
Q

Risks that are both low impact and low probability typically aren’t treated

A

Risk Treatment

35
Q

Assess residual risk including secondary risks that result from risk mitigation, transfer or sharing

A

Residual Risk

36
Q

Implement identified controls for risk mitigation, sharing, avoidance and transfer

A

Risk Control

37
Q

Continuously identify new risks as things progress, monitor implementation of controls and communicate risk to stakeholders

A

Monitor and Review

38
Q

used when the team wants to ensure that the risk opportunity is realized and any uncertainty is removed

A

Risk Exploitation

39
Q

used to increase the probability or impact of a positive risk occurring. The strategy requires identifying and maximizing the key drivers

A

Risk enhancement

40
Q

involves allocating some or all of the ownership of the risk and opportunity to a 3rdparty who has the best chance of meeting the objective.

A

Sharing a positive risk

41
Q

means you intend to take advantage of the opportunity if it becomes available, but not actively pursuing it

A

Accepting a positive risk

42
Q

a strategy where the project team
takes action to remove the threat of the risk or protect from the impact

A

Risk Avoidance

43
Q

involves shifting or transferring the risk threat and impact to a 3rdparty. This does not eliminate the risk, rather transfers the responsibility and ownership.

A

Risk Transference

44
Q

the strategy whereby the project team takes action to reduce the probability of the risk occurring. This does not remove the risk or the potential impact, but rather reduces the likelihood of it becoming real

A

Risk Mitigation

45
Q

means the team acknowledges the risk and its potential impact, but decides not to take any preemptive action to prevent it. It is dealt with only if it occurs.

A

Risk Acceptance

46
Q

A project management activity that involves identifying, assessing,
measuring, documenting, communicating, avoiding, mitigating,
transferring, accepting, controlling and managing risk

A

Project Risk Management

47
Q

The process of identifying risks is intuitive for experienced project
managers

A

Project Risk Managment

CSS 6 (4 decks)

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