Developing Cyber Risk Assessment for Organizations

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Questions and Answers

What is the main issue with the company's IT risk management process according to the information provided?

  • The company does not have a defined risk appetite framework or quantify risks in financial terms. (correct)
  • The IT department does not follow a risk management process.
  • The company does not have a documented policy for IT risk management.
  • The risk register is not updated regularly, and some risks are not accounted for.

What is the key policy requirement regarding the frequency of updating the IT risk register?

  • The risk register should be updated annually.
  • The risk register should be updated on a quarterly basis. (correct)
  • The risk register should be updated on a monthly basis.
  • The risk register should be updated whenever a new risk is identified.

According to the documented policy, what should the company do to quantify IT risks?

  • Estimate the financial impact of each risk in monetary terms. (correct)
  • The policy does not require the company to quantify IT risks.
  • Assign a numerical score to each risk based on its likelihood and impact.
  • Categorize risks as high, medium, or low based on their potential impact.

What is the main issue with the company's employee training and education program?

<p>The company's training program does not cover the latest cybersecurity threats and best practices. (B)</p> Signup and view all the answers

According to the documented policy, what is the requirement for employee training and education?

<p>The policy requires continuous education and awareness programs to keep staff up to date on the latest security threats and best practices. (B)</p> Signup and view all the answers

Which of the following best describes the relationship between the observed IT risk management procedure and the documented policy requirement?

<p>The observed procedure partially adheres to the documented policy requirement. (B)</p> Signup and view all the answers

What is the purpose of conducting random tests or simulations after training employees?

<p>To assess if employees are implementing what they have learned in their daily work (A)</p> Signup and view all the answers

Why is it important to review incident reports related to security breaches?

<p>To identify potential gaps in security knowledge and awareness (C)</p> Signup and view all the answers

What does frequent updated training reflect?

<p>A proactive approach to security awareness (B)</p> Signup and view all the answers

Why is it essential to evaluate follow-up mechanisms after formal training sessions?

<p>To ensure continuous learning and reinforcement of security concepts (B)</p> Signup and view all the answers

What is the main purpose of performing a walkthrough of an organization's IT security procedures?

<p>Assessment of the design of control activities and processes (B)</p> Signup and view all the answers

Who might be involved in the walkthrough of an organization's IT security procedures?

<p>IT risk management, training and education, and human resources (B)</p> Signup and view all the answers

What is the primary purpose of preventive controls in cyber risk management?

<p>To stop a threat from occurring in the first place (C)</p> Signup and view all the answers

Which type of control is an intrusion prevention system (IPS)?

<p>Preventive (A)</p> Signup and view all the answers

What is the purpose of firewalls in cyber risk management?

<p>To control traffic entering and leaving a network based on predefined security rules (D)</p> Signup and view all the answers

What is the main benefit of device and software hardening in cyber risk management?

<p>It involves securing a system by reducing its exposure to risks (D)</p> Signup and view all the answers

Which cybersecurity framework does COSO recommend integrating with its ERM framework?

<p>NIST (C)</p> Signup and view all the answers

Which authentication method is recommended for large enterprises handling sensitive data?

<p>Biometric authentication, smart cards, or digital signatures in addition to MFA (C)</p> Signup and view all the answers

For remote workers, which security measures are recommended?

<p>Strong password management coupled with MFA, and VPN use (B)</p> Signup and view all the answers

Which authentication method is specifically mentioned for the healthcare or financial industries?

<p>Both biometric authentication and smart cards or tokens for two-factor authentication (D)</p> Signup and view all the answers

In high-security environments like government agencies or the military, which authentication methods are mentioned?

<p>Personal identification numbers (PINs) for hardware access, digital signatures, biometric systems, and smart cards (D)</p> Signup and view all the answers

What is the process of verifying access to specific resources after identifying and authenticating a user called?

<p>Authorization (B)</p> Signup and view all the answers

In the discretionary access control (DAC) authorization model, who decides who can access a piece of data or resource?

<p>The owner of the data or resource (C)</p> Signup and view all the answers

What is the primary purpose of incorporating the organization's cyber risk/threat profile into its overall risk assessment?

<p>All of the above (D)</p> Signup and view all the answers

According to COSO, what is the recommended approach for deploying control structures to mitigate cyber risks?

<p>Both b and c (C)</p> Signup and view all the answers

What is the primary role of the information and communication component in COSO's cyber risk management framework?

<p>To foster good decision making for risk management by ensuring relevant, quality information (D)</p> Signup and view all the answers

What is the primary difference between COSO's approach and the inclusion of specific control activities?

<p>COSO provides a framework of principles for organizations to apply to their unique cyber risk profiles, while specific control activities provide pre-defined controls (C)</p> Signup and view all the answers

Which of the following is NOT a key recommendation from COSO for mitigating cyber risks?

<p>Implementing a single, comprehensive control structure (B)</p> Signup and view all the answers

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