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.</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.</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.</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</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</p> Signup and view all the answers

    What does frequent updated training reflect?

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

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

    <p>Preventive</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</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</p> Signup and view all the answers

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

    <p>NIST</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</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</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</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</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</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</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</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</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</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</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</p> Signup and view all the answers

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