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ISS > Lesson 6 > Flashcards

Lesson 6 Flashcards

1
Q

Risk =

A

probability * impact

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2
Q

Two conceptualizations of IT risk

A
  1. Risk as a probable negative impact
  2. Risk as both negative and positive impact
    - Downside risk: probable negative outcome
    - Upside risk: probable positive outcome
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3
Q

IT Risk definition

A

The potential for an unplanned event involving Information Technology (IT) to threaten an enterprise objective.

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4
Q

4 types of risk

4A Framework: IT Risk from Business Perspective

A

Availability
Access (confidentiality)
Accuracy (integrity)
Agility

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5
Q

Availability risk

A

Keeping systems (and their business processes) running. And recovering from interruptions.

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6
Q

Access (confidentiality) risk

A

Ensuring appropriate access to data and systems, so that the right people have the access they need, the wrong people don’t, and sensitive information is not misused.

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7
Q

Accuracy (integrity) risk

A

Providing correct, timely, and complete information that meets the requirements of management, staff, customers, suppliers, and regulators.

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8
Q

Agility risk

A

Being able to make necessary business changes with appropriate cost and speed.

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9
Q

Technical response to malicious codes

A
  1. Do nothing
  2. Shutdown and rebuild
  3. Build a mirror
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10
Q

Disclosure Strategy, 5 questions

A
  1. Disclosure to?
  2. Medium?
  3. Who contact them?
  4. When?
  5. What to say?
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11
Q

CIO’s Communication of IT Incident with? (IVK)

A
  • CEO
    Always tell the CEO the bad news as soon as the possibility is known
  • (external) Analysts
    Don’t bring up the attack unless an analyst does so.
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12
Q

Managing risks 2 dimensions

A
  1. Cost of protection (high vs. low)

2. Downside risk (cost if happens) (tolerable vs. intolerable)

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13
Q

Managing risks 4 strategies

A
  1. Lowest priority (low/tolerable)
  2. Bear the risk (high/tolerable)
  3. Capitalize costs of risk mitigation (high/intolerable)
  4. Mitigate risk ASAP (low/intolerable)
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14
Q

Identity and Access Management (IAM)

A

Identifying, authenticating, and authorizing people to have access to applications, systems, or networks.

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15
Q

Identity and Access Management (IAM) - 2 types

A
  1. Category-based (everything in the same category is equally safe)
    Some monitoring, but more trusting
  2. Service & data-based (unique security for a data/service)
    Monitor access to important data (some may not like that)
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16
Q

IT Risk Management: Three Core Disciplines

A

Create risk governance processes (identify & manage risk)

Create a risk-aware culture

Reduce IT complexity (e.g., spaghetti systems)

17
Q

Customer Contact Strategies (what to say)

A

Defensive
Accommodative
Moderation
Image Renewal

18
Q

Customer Contact Strategies: Defensive Strategy components

A

Denial (frame that no breach crisis exists)

Excuses (minimize organization’s responsibility)

19
Q

Customer Contact Strategies: Accommodative Strategy components

A

Apology (explicitly apologizing)

Remedial action (take steps to repair and control the damage)

20
Q

Customer Contact Strategies: Moderation Strategy components

A

Ingratiation (make stakeholders like the organization)

Justification (minimize perceived damage)

21
Q

Customer Contact Strategies: Image Renewal Strategy components

A

Correction commitment (reassure stakeholders that firm takes whatever steps are necessary to avoid similar breach incidents in the future)

Stakeholder commitment (reassuring stakeholders that firm is committed to providing the best services and/or product)

Value commitment (reassuring stakeholders that the firm is committed to its core values)

22
Q

Effect of crisis strategies on stock price change - Highly-reputable firms

A

None of the customer contact strategies has a significant influence on stock price

23
Q

Effect of crisis strategies on stock price change - Normal firms

A

Defensive: Negative but non-significant influence
Accommodative: Negative but non-significant influence
Moderation: Positive influence
Image Renewal: Positive influence

ISS (10 decks)

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