Cyber Risk Management

What is the purpose of risk assessment in cyber risk management?

• To identify, analyze, and evaluate potential risks to the organization's information systems and data.

• To increase the speed of internet connection

• To provide training for employees

• To improve customer service

Name three common security controls used in cyber risk management.

• Access control, encryption, and intrusion detection systems

• Password protection, data backup, and software updates

• Biometric authentication, physical barriers, and security cameras

• Firewall, antivirus, and spam filter

Explain the importance of incident response in cyber risk management.

• It helps in identifying, containing, and mitigating the impact of security incidents, reducing the overall risk to the organization.

• It is not necessary in cyber risk management

• It has no impact on reducing security incidents

• It only increases the overall risk to the organization

What are the key components of compliance management in cyber risk management?

• Not having any policies or procedures

• Following only industry standards

• Adherence to laws, regulations, industry standards, policies, and procedures

• Ignoring all laws and regulations

How does risk assessment help in identifying potential cyber threats?

• By waiting for a cyber attack to occur before taking action

• By analyzing vulnerabilities and potential impacts of assets and systems.

• By ignoring potential threats and vulnerabilities

• By randomly selecting assets and systems to protect

Discuss the role of security controls in mitigating cyber risks.

• Security controls only work for physical security, not cyber security

• Security controls have no impact on mitigating cyber risks

• Security controls increase cyber risks by creating more complexity in the system

• Security controls help in mitigating cyber risks by implementing measures such as firewalls, encryption, access controls, and intrusion detection systems.

What are the steps involved in incident response in cyber risk management?

• Preparation, Recovery, Analysis, Post-Incident Activity

• Detection, Containment, Eradication, Preparation

• Preparation, Detection and Analysis, Containment, Eradication, Recovery, Post-Incident Activity

• Prevention, Analysis, Recovery, Post-Incident Activity

How does compliance management ensure adherence to cyber security regulations?

• Ignoring all regulations and guidelines

• Implementing policies, procedures, and controls to meet regulatory requirements

• Leaving the responsibility to individual employees

• Implementing policies that contradict regulatory requirements

What are the challenges faced in conducting risk assessment for cyber risks?

• Constantly evolving nature of cyber threats, complexity of IT systems, and difficulty in quantifying potential impacts

• Limited access to cyber threat intelligence

• Lack of skilled personnel in the field

• Ease of identifying potential impacts

Explain the concept of continuous monitoring in compliance management for cyber risks.

• Regularly assessing and tracking an organization's security posture to identify and address potential vulnerabilities and threats.

• Assessing security posture once a year

• Ignoring all security threats

• Addressing vulnerabilities only when they are exploited