Understanding Risk Management

Question 1

Fill in the blanks

1) ____ is the likelihood that a threat will exploint a vulnerability
2) A ____ is a weakness
3) A ____ is a potential danger that risks the c____, i_____, or a____ of data or a system

Answer 1

1) Risk
2) vulnerability
3) Threat, confidentiality, integrity, availability

Question 2

what is residual risk? Who is responsible for residual risk?

Answer 2

The amount of risk that remains after managing the identified risk
Senior Management are responsible for residual risk

Question 3

primary goal of risk management is…

Answer 3

to reduce the risk to a level that the organization will accept

Question 4

what is the most common method of transferring risk?

Answer 4

purchasing insurance or outsourcing

Question 5

A risk assessment starts by first identifying what?

Answer 5

assets and prioritizing high-value value assets

Question 6

What are the two types of measurements used in risk assessment?

Answer 6

Quantatative and Qualitative

Question 7

In quantitative values, ARO indicates what?

Answer 7

How many times the loss will occur in a year.

ARO = Annual Rate of Occurrence.

Question 8

In quantitative values, what is the cost of any single loss referred to as?

Answer 8

SLE = Single Loss Expectancy

Question 9

How is the Annual Loss Expectancy calculated?

Answer 9

SLE * ARO

Question 10

A supply chain assessment includes all the raw materials and what?

Answer 10

processes required to create and distribute a finished product