Information Security Risk Management: Learn Risk Assessment, Mitigation, and Monitoring

Question 1

Which of the following is NOT a commonly used risk mitigation strategy?

Accepted Answer

Escalation

Answer

Avoidance

Answer

Transference

Answer

Acceptance

Question 2

What is the key distinction between a threat and a vulnerability?

Accepted Answer

A threat is an external factor that can exploit vulnerabilities, while a vulnerability is an internal weakness that can be exploited.

Answer

A vulnerability is an external factor that can exploit threats, while a threat is an internal weakness that can be exploited.

Answer

Threats and vulnerabilities are essentially the same concept.

Answer

Neither of the above

Question 3

What is the purpose of the NIST Cybersecurity Framework?

Accepted Answer

To provide voluntary guidance on managing cybersecurity risks

Answer

To impose mandatory regulations that all organizations must comply with

Answer

To conduct security audits and assessments

Answer

To certify cybersecurity professionals

Question 4

What's the primary goal of information security risk management?

Accepted Answer

Effectively prioritize and manage information security risks

Answer

Eliminate all potential risks in information systems

Answer

Create and implement policies and procedures for information security

Answer

Guarantee the constant availability and operation of information systems

Question 5

In the risk assessment process, which step is considered a primary one?

Accepted Answer

Identifying and analyzing potential threats and vulnerabilities

Answer

Implementing security controls to mitigate risks

Answer

Evaluating the effectiveness of implemented security controls

Answer

Communicating identified risks to stakeholders

Question 6

What is the primary objective of information security risk management (ISRM)?

Accepted Answer

To manage and mitigate information security risks to an acceptable level

Answer

To eliminate all security risks from an organization's system

Answer

To ensure absolute protection of information systems against all threats

Answer

To prevent any data breaches or security incidents from ever occurring

Question 7

What is the primary purpose of a risk assessment?

Accepted Answer

To determine the likelihood and impact of potential threats

Answer

To identify all possible risks to an organization

Answer

To develop mitigation strategies for all identified risks

Answer

To prioritize risks based on their severity

Question 8

What is the primary responsibility of a Chief Information Security Officer (CISO) in information security risk management?

Accepted Answer

To oversee the organization's information security program

Answer

To conduct risk assessments and develop mitigation strategies

Answer

To implement and maintain information security controls

Answer

To train employees on information security awareness

Question 9

Which of the following is an example of a social engineering attack?

Accepted Answer

Phishing

Answer

Malware

Answer

DDoS attack

Answer

SQL injection

Question 10

What is the primary purpose of an incident response plan?

Accepted Answer

To provide guidance on how to respond to a security incident

Answer

To prevent security incidents from occurring

Answer

To investigate security incidents and determine their root cause

Answer

To mitigate the impact of security incidents

Question 11

Identify the main distinction between active and passive risk mitigation strategies in information security.

Accepted Answer

Active strategies address risks proactively, while passive strategies focus on reacting to risks after they materialize.

Answer

Active strategies involve risk avoidance, while passive strategies involve risk mitigation.

Answer

Active strategies are always more effective than passive strategies.

Question 12

Which of the following is NOT a benefit of implementing an information security risk management program?

Accepted Answer

Reduced employee turnover

Answer

Enhanced data protection

Answer

Increased regulatory compliance

Answer

Improved business continuity

Question 13

What is the primary goal of risk assessment in information security?

Accepted Answer

To identify and analyze potential threats

Answer

To develop mitigation strategies

Answer

To implement security controls

Answer

To monitor and review security measures

Question 14

What is the role of monitoring in information security risk management?

Accepted Answer

To track changes in the risk environment and effectiveness of mitigation strategies

Answer

To implement security controls

Answer

To identify new risks

Question 15

What is the primary responsibility of the Chief Information Security Officer (CISO) in risk management?

Accepted Answer

Overseeing the development and implementation of the information security risk management program

Answer

Performing daily risk assessments

Answer

Monitoring security logs

Question 16

Which of the following is a component of an incident response plan?

Accepted Answer

Communication strategy

Answer

Third-party vendor list

Answer

Hardware maintenance schedule

Answer

Employee training materials

Question 17

What is the primary purpose of a security audit?

Accepted Answer

To evaluate the effectiveness of security controls and identify areas for improvement

Answer

To train employees on security best practices

Answer

To collect evidence for legal proceedings

Question 18

Which of the following is a type of threat vector?

Accepted Answer

Malware

Answer

Security policy

Answer

Employee training program

Answer

Backup strategy

Question 19

What is the difference between a vulnerability and a threat?

Accepted Answer

A vulnerability is a weakness that can be exploited by a threat, while a threat is a potential event or action that could cause harm

Answer

A threat is a vulnerability that has been exploited, while a vulnerability is a potential threat

Question 20

Which of the following is NOT a step in the risk assessment process?

Accepted Answer

Implementing controls

Answer

Identifying risks

Answer

Evaluating risks

Answer

Analyzing risks

Question 21

Which of the following is a benefit of risk management?

Accepted Answer

Improved decision-making

Answer

Reduced compliance costs

Answer

Guaranteed security

Answer

Increased risk exposure

Question 22

What is the primary purpose of a risk mitigation plan?

Accepted Answer

To outline how risks will be addressed and controlled

Answer

To monitor the effectiveness of risk controls

Answer

To identify all possible risks

Question 23

Which of the following is a common risk monitoring tool?

Accepted Answer

Security information and event management (SIEM)

Answer

Vulnerability scanner

Answer

Penetration testing

Answer

Risk assessment

Question 24

What is the main purpose of conducting a business impact analysis (BIA)?

Accepted Answer

To assess the potential impact of a security incident on business operations

Answer

To identify all possible risks

Answer

To develop a risk mitigation plan

Question 25

State the primary goal of information security risk management.

Accepted Answer

To protect the confidentiality, integrity, and availability of information assets

Answer

To eliminate all risks

Answer

To comply with regulations

Question 26

A company's risk appetite defines:

Accepted Answer

The level of risk the organization is willing to take to achieve its goals.

Answer

The organization's tolerance for uncertainty.

Answer

The likelihood of a specific risk event occurring.

Answer

The total value of assets potentially at risk.

Question 27

Which step in the risk management process involves identifying and evaluating potential threats and vulnerabilities?

Accepted Answer

Risk Assessment

Answer

Risk Response Planning

Answer

Risk Monitoring

Answer

Risk Mitigation

Question 28

Which of these is NOT a common method for quantifying risk?

Accepted Answer

Qualitative Risk Assessment

Answer

Cost-Benefit Analysis

Answer

Quantitative Risk Assessment

Answer

Risk Matrix Analysis

Question 29

Implementing multi-factor authentication to reduce unauthorized access is an example of which risk mitigation strategy?

Accepted Answer

Control Implementation

Answer

Risk Avoidance

Answer

Risk Transfer

Answer

Risk Acceptance

Question 30

A company's vulnerability to a new malware attack is an example of which type of risk?

Accepted Answer

Operational Risk

Answer

Financial Risk

Answer

Strategic Risk

Answer

Compliance Risk

Question 31

What is a key principle of effective risk communication?

Accepted Answer

Transparency and clarity in conveying information.

Answer

Focusing solely on the technical aspects of risks.

Answer

Using complex jargon to demonstrate expertise.

Answer

Minimizing the impact of risks to avoid alarming stakeholders.

Question 32

A risk register should include:

Accepted Answer

Risk description, likelihood, impact, and proposed mitigation strategies.

Answer

A complete list of all potential risks, regardless of their significance.

Answer

The risk appetite of the organization.

Answer

Only high-priority risks and their associated mitigation plans.

Question 33

Regularly reviewing and updating a company's security policies is an example of which risk management process?

Accepted Answer

Risk Monitoring

Answer

Risk Assessment

Answer

Risk Response Planning

Answer

Risk Mitigation

Question 34

A company purchasing cyber insurance to transfer the financial risk of a data breach exemplifies which risk mitigation strategy?

Accepted Answer

Risk Transfer

Answer

Risk Avoidance

Answer

Risk Mitigation

Answer

Risk Acceptance

Question 35

Identify the step NOT included in the risk assessment process:

Accepted Answer

Implementing security controls

Answer

Analyzing threats

Answer

Identifying assets

Question 36

Upon discovering a data breach, which immediate action should a company prioritize?

Accepted Answer

Contain and prevent further damage

Answer

Analyze the incident

Answer

Contact authorities

Answer

Notify stakeholders

Question 37

Identify the risk mitigation strategy exemplified by implementing multi-factor authentication:

Accepted Answer

Control implementation

Answer

Risk acceptance

Answer

Threat avoidance

Answer

Risk tolerance

Question 38

What is the purpose of conducting a Business Impact Analysis (BIA)?

Accepted Answer

To assess potential business impacts and identify critical functions

Answer

To evaluate security control effectiveness

Answer

To quantify financial losses from security incidents

Question 39

Which risk assessment method employs structured evaluation and assigns numerical values to risks?

Accepted Answer

Quantitative risk assessment

Answer

Risk appetite analysis

Answer

Qualitative risk assessment

Answer

Hybrid risk assessment

Question 40

What is the primary goal of a vulnerability scan?

Accepted Answer

To detect potential weaknesses in systems or networks

Answer

To monitor network traffic for malicious activity

Answer

To assess security control effectiveness

Question 41

Which is NOT recognized as a common risk management framework?

Accepted Answer

ISO 27003

Answer

COSO Enterprise Risk Management Framework

Answer

NIST Cybersecurity Framework

Answer

ISO 27001

Question 42

A company may respond to the risk of a potential data breach by accepting it instead of investing in security measures. Which risk mitigation strategy does this illustrate?

Accepted Answer

Risk acceptance

Answer

Risk mitigation controls

Answer

Risk deferral

Answer

Risk avoidance

Question 43

Identify which of the following is NOT a common information security threat:

Accepted Answer

Data redundancy

Answer

Natural disasters

Answer

Malware

Answer

Social engineering

Question 44

Which of the following is NOT a core step in the risk assessment process?

Accepted Answer

Mitigation

Answer

Evaluation

Answer

Analysis

Answer

Identification

Question 45

What is the primary goal of a risk mitigation strategy?

Accepted Answer

To reduce the likelihood or impact of identified risks

Answer

To transfer all risks to third parties

Answer

To accept risks without any action

Answer

To completely eliminate all risks

Question 46

Which of the following is NOT typically considered a risk monitoring tool?

Accepted Answer

Firewall

Answer

Log analysis software

Answer

Vulnerability scanner

Answer

Intrusion detection system

Question 47

What is the key difference between a risk and a hazard?

Accepted Answer

A hazard is a potential source of harm, while a risk is the likelihood and impact of that harm occurring.

Answer

A risk is a potential source of harm, while a hazard is the likelihood and impact of that harm occurring.

Question 48

What is a significant benefit of conducting a comprehensive risk assessment?

Accepted Answer

It helps prioritize security measures based on risk level.

Answer

It allows an organization to ignore identified risks.

Answer

It guarantees complete protection from all security breaches.

Answer

It eliminates the need for ongoing risk monitoring.

Question 49

What is the primary responsibility of a risk manager in information security?

Accepted Answer

To develop and implement strategies for managing risks to information assets.

Answer

To train employees on security awareness and best practices.

Answer

To conduct security audits and penetration testing.

Question 50

Which of the following is a common quantitative risk assessment technique?

Accepted Answer

Value at Risk (VaR)

Answer

Expert judgment

Answer

Threat modeling

Question 51

What is the distinction between a vulnerability and an exploit?

Accepted Answer

A vulnerability is a weakness in a system, while an exploit is a method used to take advantage of that weakness.

Answer

A vulnerability is a method used to take advantage of a weakness in a system, while an exploit is a weakness in a system that could be exploited.

Question 52

What is the main purpose of a business impact analysis (BIA)?

Accepted Answer

To determine the potential impact of a security breach on business operations and critical functions.

Answer

To identify all possible security threats and vulnerabilities.

Answer

To prioritize security controls based on their effectiveness.

Question 53

Which of the following is NOT a recognized type of risk appetite?

Accepted Answer

Proactive

Answer

Avoidant

Answer

Tolerant

Answer

Reactive