Risk Management Process Overview
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Risk Management Process Overview

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Questions and Answers

What is the primary purpose of risk assessment in organizations?

  • To report threats to stakeholders
  • To eliminate all risks completely
  • To enhance the profitability of the organization
  • To identify and prioritize risks to the business (correct)
  • Which factor is NOT considered when evaluating the likelihood of a risk?

  • The capability of attackers
  • The financial resources of the organization (correct)
  • The specific vulnerabilities of assets
  • The intent of attackers
  • Which category is most critical when assigning value to an asset?

  • The asset that is easiest to replace
  • The asset that requires the least amount of maintenance
  • The asset that generates the least revenue
  • The asset that is most expensive to protect (correct)
  • What key aspect should organizations consider when assessing the impact of a threat event?

    <p>The magnitude of harm it may cause to stakeholders</p> Signup and view all the answers

    Which step does NOT directly contribute to the risk management process?

    <p>Reducing the number of assets</p> Signup and view all the answers

    What is the first step in the risk assessment procedure?

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

    Which of the following is NOT a source of information for the preparation phase?

    <p>Industry best practices</p> Signup and view all the answers

    What determines the overall risk in the risk assessment process?

    <p>Impact and likelihood</p> Signup and view all the answers

    Which type of risk treatment involves abandoning a risky activity altogether?

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

    Which of the following threats falls under 'non-adversarial' threats?

    <p>Human error</p> Signup and view all the answers

    During the risk assessment communication phase, who is NOT typically a recipient of the communications?

    <p>Local community members</p> Signup and view all the answers

    What should an organization assess about each identified vulnerability?

    <p>Likelihood of success against threats</p> Signup and view all the answers

    Which of these methods is NOT a way to communicate the risk assessment?

    <p>Annual financial report</p> Signup and view all the answers

    What is the primary goal of the containment phase in incident response?

    <p>To prevent the expansion of harm</p> Signup and view all the answers

    Which of the following is NOT a strategy for containment?

    <p>Communicating with users</p> Signup and view all the answers

    During an incident investigation, which of the following factors is crucial to determine?

    <p>The root cause of the incident</p> Signup and view all the answers

    Which action is part of the remediation phase after containment?

    <p>Removing all malware securely</p> Signup and view all the answers

    Which of the following describes a long-term containment action?

    <p>Applying recent security patches</p> Signup and view all the answers

    What is a significant action to take during the recovery stage?

    <p>Full rebuild for system files</p> Signup and view all the answers

    What principle should be applied during communication to affected users?

    <p>Need-to-know principle</p> Signup and view all the answers

    In case of a security breach, what is essential for regulatory compliance?

    <p>Sanctions for infractions</p> Signup and view all the answers

    What is the first step in creating an incident response plan?

    <p>Listing all possible threat scenarios</p> Signup and view all the answers

    Which of the following is part of the preparation phase in incident response?

    <p>Listing appropriate responses to threat scenarios</p> Signup and view all the answers

    What role does the Incident Response Team play during an incident?

    <p>They assess risks and notify management.</p> Signup and view all the answers

    Which tool is NOT mentioned as part of the preparation tools for incident response?

    <p>Firewall management tools</p> Signup and view all the answers

    What is the main purpose of the detection phase in incident response?

    <p>To determine if a breach has occurred</p> Signup and view all the answers

    Which of the following questions is NOT addressed in the detection phase?

    <p>Who issued the final report?</p> Signup and view all the answers

    How does the Incident Response Team communicate with internal and external parties?

    <p>By following an incident communication plan</p> Signup and view all the answers

    Which aspect of incident response is primarily focused on notifying stakeholders and issuing reports?

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

    What should be the first action of the first responder upon arriving at a scene of a digital investigation?

    <p>Make a plan and avoid touching anything</p> Signup and view all the answers

    Which principle states that no actions should alter data that may be used as evidence in court?

    <p>ACPO Principle 1</p> Signup and view all the answers

    What is the purpose of an audit trail in digital forensics?

    <p>To provide a record of all processes applied to electronic evidence</p> Signup and view all the answers

    Who holds the overall responsibility for ensuring adherence to laws and principles in an investigation?

    <p>Officer in Charge (OIC)</p> Signup and view all the answers

    Which of the following tools is NOT typically included in a first responder's toolkit?

    <p>Heavy Construction Equipment</p> Signup and view all the answers

    What should not be done if a computer system is powered off during a digital investigation?

    <p>Switch it on to collect live data</p> Signup and view all the answers

    When might an investigator need to access original data on a storage device?

    <p>In exceptional circumstances and if competent</p> Signup and view all the answers

    What is the role of hash functions like SHA256 in digital forensics?

    <p>To check the integrity of the evidence</p> Signup and view all the answers

    Study Notes

    Risk Management Process

    • Risk management is the process of identifying, analyzing and responding to potential risks that could impact an organization's ability to achieve its objectives.
    • The process involves identifying assets, threats, and vulnerabilities, then analyzing risk likelihood and impact to determine a risk level.
    • The assessment process provides a clear understanding of the risks faced by the organization and helps in developing strategies to mitigate those risks.
    • The risk assessment process includes stages such as preparation, risk assessment conduct, Communication and Maintenance of the assessment.

    Asset Valuation

    • Involves categorizing assets based on their importance to organizational success.
    • Categorization includes:
    • Assets critical to organizational success
    • Assets generating the most revenue
    • Assets with highest profitability
    • Assets expensive to replace
    • Assets expensive to protect
    • Assets revealing organization liabilities.

    Likelihood

    • Likelihood is the probability of a given threat exploiting a vulnerability.
    • It considers the intent and capability of the attacker.

    Impact

    • Impact is the magnitude of harm a threat event can cause.
    • Organisations must prioritize and value their assets to better understand the potential impact of a threat incident.
    • Impact assessment considers the potential impact on different stakeholders.

    Risk Assessment

    • A risk assessment is the process of identifying and prioritizing risks to an organization.
    • It helps estimate current risk levels and identify sensible risk mitigation measures.
    •  Risk assessment is essential for developing effective security policies and procedures to protect critical assets.

    Preparation

    • Involves establishing the scope of the assessment and considering organizational factors, such as previous assessments, incident reports, and research organizations as information sources.

    Conducting a Risk Assessment

    • Involves identifying:
      • Information assets
      • Software assets
      • Physical assets
      • Services
      • Other assets e.g. money and reputation.

    Identifying Threats

    • Threats are identified for confidentiality, integrity, and availability of assets.
    • Threat sources may be adversarial or non-adversarial.
    • Assessment of each threat's potential impact is critical.

    Types of Threats

    • Threats can be:
      • Unintentional (e.g., hardware/software failure, human error)
      • Intentional (e.g., unauthorized access from insiders or outsiders, malicious software).

    Identifying Vulnerabilities

    • Vulnerability assessments focus on known system weaknesses.
    • For each identified vulnerability, threats are identified and assessed for likelihood of attack.

    Determining Risk

    • Risk calculation considers the severity of potential impact and the likelihood of the threat occurring.
    •  Risk calculation formula: Risk = Impact X Likelihood

    Risk Communication

    • Communication methods are crucial for conveying risk information to stakeholders, including executive briefings, risk assessment reports, dashboards, and other reports.

    Risk Assessment Maintaining

    • It is crucial to periodically reconfirm scope, purpose, and assumptions of the risk assessment.
    • Key risk factors are identified and monitored for frequency.

    Risk Treatment

    • Risk treatment strategies involve:
      • Avoiding the risky activity
      • Accepting the risk and associated potential costs
      • Reducing the risk through countermeasures.

    Countermeasures

    • Countermeasures are implemented to mitigate risks. They include:
      • Detection mechanisms to identify potential threats.
      • Incident Response plans to handle security incidents.

    Incident Response

    • It's a systematic and structured process of dealing with security incidents.
    • It includes stages such as preparation, detection, containment, investigation, remediation, and recovery.

    Incident Response Preparation

    • This stage involves:
    • Listing possible threat scenarios and outlining appropriate responses.
    • Developing incident response policies to guide incident handling.
    • Establishing incident response teams ready to respond to security incidents.
    • Organizing incident communication plans to ensure proper internal and external communication.

    Incident Response Detection

    • This is the process that identifies a breach.
    • Leveraging a combination of automated tools and SOC (Security Operations Center) analysis is critical.
    • This stage identifies and classifies the incident.

    Incident Response Containment

    • The goal is to prevent the expansion of harm.
    • Strategies involve:
      • System shutdown
      • Disconnecting affected systems from the network
      • Modifying firewall rules
      • Disabling or deleting compromised accounts
      • Increasing monitoring levels.

    Incident Response Investigation

    • Focuses on determining the incident's priority, scope, and root cause.
    • Proper evidence handling and seizure is critical.

    Incident Response Remediation

    • Involves eliminating the root cause of the breach.
    • This includes:
      • Removing malware
      • Hardening and patching systems
      • Applying updates
      • Repairing affected systems.

    Incident Response Recovery

    • Returns compromised systems to their normal mission status.
    • Critical steps include:
      • System file rebuilding
      • Data restoration from backup
      • Gathering metrics and reporting on the incident.

    ACPO Principles

    • ACPO Principles provide guidelines for digital investigations.
    • Four key principles:
      • Principle 1: Digital evidence should not be altered by law enforcement actions.
      • Principle 2: Access to original data should only be granted to qualified individuals who can document their actions.
      • Principle 3: An audit trail should be maintained to document all actions taken on digital evidence.
      • Principle 4: The Officer in Charge (OIC) is responsible for ensuring adherence to legal requirements and the ACPO principles during investigations.

    Chain of Custody

    • A legal record of the control of any item that might be used as evidence.
    • It ensures the integrity of the evidence during handling.
    • It helps to demonstrate that no tampering with evidence has occurred.

    First Responders Toolkit

    • Includes forensic tools, equipment, and resources for the initial response to an incident.
    • This includes:
      • A forensic unit with imaging/investigation hardware and software
      • A digital camera with spare batteries and SD card
      • Volatile capture tools (live boot environment, CD with tools)
      • A clean analysis mobile telephone/laptop, a notebook, pen, books
      • Network card
      • Screwdrivers

    First on Scene

    • Actions to take on arrival at an incident scene:
      • Don’t touch anything and come up with a plan
      • Start making notes of everything
      • Take photographs of the scene
      • Record serial numbers of devices
      • Prioritize your efforts.

    System on or off?

    • If the system is ON:

      • Consider a RAM dump
      • Check for full disk encryption
      • Capture live system status.
    • If the system is OFF:

      • Do not switch it ON!
      • Switching on the system may update some records and create new logs.

      Forming and Managing an Incident Response Team

      • Having internal incident response capabilities can be beneficial for handling sensitive data effectively.

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    Description

    This quiz covers the essential steps in the risk management process and the importance of asset valuation. Learn how to identify, analyze, and respond to potential risks that organizations face. Understanding these concepts will help in strategizing effective risk mitigation methods.

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