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Information Technology /Security+ (SY0-701): Lesson 15: Risk Management Part 1

Security+ (SY0-701): Lesson 15: Risk Management Part 1

Information Technology30 CardsCreated about 2 months ago

This deck covers key concepts in risk management, including definitions, processes, and methods used to identify, assess, and mitigate risks in an organization.

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Define ‘risk management’

Identifying potential issues, assessing their potential impact on the organization, and implementing controls to mitigate them.
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Key Terms

Term
Definition
Define ‘risk management’
Identifying potential issues, assessing their potential impact on the organization, and implementing controls to mitigate them.
What are key concepts of effective risk management?
Risk identification, risk assessment, mitigation, and monitoring.
What is the purpose of audits?
To provide an independent and objective evaluation of processes, controls, and compliance, ensuring adherence to standards and identifying gaps that p...
What is the purpose of an assessment?
To evaluate the effectiveness of risk management strategies, identify potential vulnerabilities, and prioritize mitigation efforts.
What is the importance of audits and assessments?
To understand risks, implement controls, and continuously monitor and adapt risk management strategies.
Define ‘risk identification’
Process of listing sources of risk due to threats and vulnerabilities.
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Security+ (SY0-701): Lesson 15: Risk Management Part 1
TermDefinition
Define ‘risk management’
Identifying potential issues, assessing their potential impact on the organization, and implementing controls to mitigate them.
What are key concepts of effective risk management?
Risk identification, risk assessment, mitigation, and monitoring.
What is the purpose of audits?
To provide an independent and objective evaluation of processes, controls, and compliance, ensuring adherence to standards and identifying gaps that pose risks.
What is the purpose of an assessment?
To evaluate the effectiveness of risk management strategies, identify potential vulnerabilities, and prioritize mitigation efforts.
What is the importance of audits and assessments?
To understand risks, implement controls, and continuously monitor and adapt risk management strategies.
Define ‘risk identification’
Process of listing sources of risk due to threats and vulnerabilities.
What are common risk identification methods?
Vulnerability assessments, penetration testing, security audits, threat intelligence.
Define a ‘risk assessment’
Process of identifying risks, analyzing them, developing a response strategy for them, and mitigating their future impact.
What are the different risk assessment methods?
Ad hoc, recurring, one-time, or continuous.
Define ‘risk analysis’ relative to risk assessment
The distinct process of identifying and evaluating potential risks and the nature and scope of risks by examining their causes, consequences, and concerns.
Define ‘risk assessment’ relative to risk analysis
Risk assessment considers the likelihood of an event occurring and the severity of its consequences by interpreting data collected during risk analysis.
Define ‘Quantitative risk analysis’
A numerical method that is used to assess the probability and impact of risk and measure the impact.
Define ‘Single Loss Expectancy (SLE)’
The amount that would be lost in a single occurrence of a particular risk factor.
Define an ‘exposure factor (EF)’
The percentage of an assets value that would be lost in an event.
How is Single Loss Expectancy (SLE) calculated?
By multiplying the value of the asset by the exposure factor (EF).
Define ‘Annualized Loss Expectancy (ALE)’
The total cost of a risk to an organization on an annual basis.
Define an ‘annualized rate of occurrence (ARO)’
The number of times an event could occur in a year in terms of probability/likelihood.
How is Annualized Loss Expectancy (ALE) calculated?
By multiplying the SLE by the annual rate of occurrence (ARO).
Define ‘Qualitative risk analysis’
Assess risks based on subjective judgment and logic rather than precise numerical data.
How is qualitative risk analysis performed?
Qualitative risk analysis frames risks by considering their causes, consequences, and potential interdependencies.
Define ‘inherent risk’
Risk that an event will pose if no controls are put in place to mitigate it; The level of risk before any type of mitigation has been attempted.
Is it possible to eliminate risk?
It is not possible to eliminate risk.
What is the ultimate goal of risk management?
To mitigate risk factors to the point where the organization is exposed only to a level of risk that it can tolerate.
What term is used to describe an organizations overall status of risk management?
Risk/security posture.
Define 'risk mitigation'
Overall process of reducing exposure to or the effects of risk factors.
Define 'risk deterrence/reduction'
The response to risk identification/analysis by deploying security controls to reduce the likelihood and/or impact of a threat scenario.
Define 'risk avoidance'
The practice of ceasing activity that presents risk.
Define 'risk transference/sharing'
Moving or sharing the responsibility of risk to another entity; typically cyber insurance.
Define 'risk acceptance'
Risk tolerance; Determining that a risk is within the organization's appetite and no countermeasures other than ongoing monitoring is needed.
Define 'risk exception'
Describes a situation where a risk cannot be mitigated using standard risk management practices or within a specified time frame due to financial, technical, or operational conditions.