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Which of the following statements on an organization's cybersecurity profile is BEST suited for presentation to management?
Communicating Cybersecurity Profile:
When presenting the organization's cybersecurity profile to management, it is crucial to focus on the effectiveness of the security measures in place and their ability to minimize risks.
Clarity and Relevance:
Statement A ('The probability of a cyber attack varies between unlikely and very likely') is too vague and does not provide actionable information.
Statement B ('Risk management believes the likelihood of a cyber attack is not imminent') lacks specificity and does not detail the measures taken.
Effectiveness of Security Measures:
Statement C highlights the proactive steps taken to configure security measures to minimize risk. This approach is more likely to instill confidence in management about the current cybersecurity posture.
According to best practices in IT risk management, as outlined in various frameworks such as NIST and ISO 27001, focusing on the effectiveness and configuration of security controls is key to managing cybersecurity risks.
Conclusion:
Thus, the statement best suited for presentation to management is: Security measures are configured to minimize the risk of a cyber attack.
Incomplete or inaccurate data may result in:
Incomplete or inaccurate data results in integrity risk. Here's a detailed explanation:
Availability Risk: This pertains to the accessibility of data and systems. It ensures that data and systems are available for use when needed. Incomplete or inaccurate data doesn't necessarily impact the availability but rather the quality of the data.
Relevance Risk: This involves the appropriateness of the data for a specific purpose. While incomplete or inaccurate data might affect relevance, it primarily impacts the data's trustworthiness and correctness.
Integrity Risk: This is directly concerned with the accuracy and completeness of data. Integrity risk arises when data is incomplete or inaccurate, leading to potential errors in processing, decision-making, and reporting. Ensuring data integrity means ensuring that the data is both accurate and complete.
Therefore, the primary risk associated with incomplete or inaccurate data is integrity risk.
Which of the following is the MAIN reason to include previously overlooked risk in a risk report?
Including previously overlooked risks in a risk report ensures the dashboard's completeness and comprehensiveness. Here's an explanation:
Comprehensive Risk Management: To achieve comprehensive risk management, it's essential to consider all potential risks, including those previously overlooked. This ensures that the risk dashboard reflects the true risk landscape of the organization.
Assurance of Completeness: Adding overlooked risks provides assurance to stakeholders that the risk management process is thorough and that no significant risks are ignored. This completeness is crucial for maintaining confidence in the organization's risk management efforts.
Which of the following is the PRIMARY reason for an organization to monitor and review l&T-related risk periodically?
Monitoring and Reviewing IT-Related Risk:
Periodic monitoring and reviewing of IT-related risks are essential to ensure that the organization can adapt to both internal and external changes that might affect risk levels.
Primary Reason:
The primary reason for this ongoing process is to address changes in external (e.g., regulatory changes, market conditions) and internal (e.g., organizational changes, new IT deployments) risk factors.
Risks are dynamic and can evolve due to various factors. Therefore, continuous monitoring helps in identifying new risks and changes in existing risks, ensuring that they are managed appropriately.
Comparison of Options:
B ensuring risk is managed within acceptable limits is a significant outcome of monitoring but is not the primary driver for periodic review.
C facilitating the identification and replacement of legacy IT assets is an operational concern but does not encompass the broader scope of risk management.
Addressing changes in risk factors is a proactive approach that enables an organization to stay ahead of potential issues and maintain an effective risk management posture.
Conclusion:
Thus, the primary reason for an organization to monitor and review IT-related risk periodically is to address changes in external and internal risk factors.
The use of risk scenarios to guide senior management through a rapidly changing market environment is considered a key risk management
The use of risk scenarios to guide senior management through a rapidly changing market environment is considered a key risk management benefit. Here's why:
Benefit: Using risk scenarios provides a strategic advantage by helping senior management understand potential future events and their impacts. It enables better decision-making and preparedness in navigating uncertainties.
Incentive: While risk scenarios may provide motivation to improve risk management practices, the primary aspect is the benefit they offer in strategic planning and risk mitigation.
Capability: This refers to the ability of the organization to manage risks. Using risk scenarios enhances the risk management capability but is primarily beneficial in understanding and preparing for risks.
Therefore, using risk scenarios is a key benefit as it enhances the ability of senior management to navigate a changing environment.
