C20, Study 1 - Defining Risk and Cyber Risk
1. What is Pure Risk? A type of risk that entails a chance of loss but no chance of profit, making it
insurable.
2. What is Specula- A type of risk that involves both the possibility of loss and profit, often associated
tive Risk? with gambling, and is not insurable.
3. What are Personal Risks arising from bodily injury, loss of life, or loss of income due to death,
Risks in insurable physical disability, old age, or unemployment.
risk?
4. What are Property Risks that encompass the chance of loss from the destruction or damage to
Risks? property, including direct and indirect losses.
5. What is a Direct A type of loss that involves repairing or replacing property directly damaged,
Loss? such as a collision-damaged automobile or a burnt house.
6. What is an Indirect A type of loss that results from the consequences of direct loss, such as loss of
Loss? rental income or sales income.
7. What are Liability Risks arising from an individual's legal obligation to pay damages due to injury,
Risks? death, or property damage caused by their negligent acts.
8. What are the cate- General Insurance (personal lines, commercial lines, special risks) and Life
gories of insurance Insurance (specific policies covering life, health, and accident & sickness).
sold by insurers in
Canada?
9. Why is data protec- The insurance industry can advocate for data security and privacy, protecting
tion important in sensitive information such as health-care data, banking details, and personal
the insurance in- communication.
dustry?
10. Threats that directly affect the company, including event expenses and extortion
expenses.
, C20, Study 1 - Defining Risk and Cyber Risk
What are First Par-
ty Exposures in cy-
ber risk?
11. What are Event Ex- Costs incurred by a business during a privacy breach, including legal expenses,
penses in the con- forensic investigation costs, notification costs, and crisis management costs.
text of a cyber
breach?
12. What are Extortion Costs arising from ransomware or data exfiltration attacks, often involving ran-
Expenses? som payments typically requested in Bitcoin.
13. What role does a A breach coach, often a lawyer, leads and coordinates the response efforts during
breach coach play a privacy breach.
in a cyber event?
14. What is the pur- To investigate the details of a cyber event, identify the root cause, and determine
pose of forensic in- the best resolution approach.
vestigation costs?
15. What are notifica- Expenses associated with notifying affected individuals and protecting them
tion costs in a cy- from further harm, including mailing campaigns and credit monitoring.
ber breach?
16. What is the sig- Costs incurred to hire professionals to prevent reputational harm to the business
nificance of cri- following a cyber event.
sis management
costs?
17. What types of sen- Health-care information, banking details, social media data, citizenship informa-
sitive data should tion, voting activity, personal communication, and private beliefs.
be protected?
18. Ransomware or data exfiltration, which can lead to high extortion expenses.
1. What is Pure Risk? A type of risk that entails a chance of loss but no chance of profit, making it
insurable.
2. What is Specula- A type of risk that involves both the possibility of loss and profit, often associated
tive Risk? with gambling, and is not insurable.
3. What are Personal Risks arising from bodily injury, loss of life, or loss of income due to death,
Risks in insurable physical disability, old age, or unemployment.
risk?
4. What are Property Risks that encompass the chance of loss from the destruction or damage to
Risks? property, including direct and indirect losses.
5. What is a Direct A type of loss that involves repairing or replacing property directly damaged,
Loss? such as a collision-damaged automobile or a burnt house.
6. What is an Indirect A type of loss that results from the consequences of direct loss, such as loss of
Loss? rental income or sales income.
7. What are Liability Risks arising from an individual's legal obligation to pay damages due to injury,
Risks? death, or property damage caused by their negligent acts.
8. What are the cate- General Insurance (personal lines, commercial lines, special risks) and Life
gories of insurance Insurance (specific policies covering life, health, and accident & sickness).
sold by insurers in
Canada?
9. Why is data protec- The insurance industry can advocate for data security and privacy, protecting
tion important in sensitive information such as health-care data, banking details, and personal
the insurance in- communication.
dustry?
10. Threats that directly affect the company, including event expenses and extortion
expenses.
, C20, Study 1 - Defining Risk and Cyber Risk
What are First Par-
ty Exposures in cy-
ber risk?
11. What are Event Ex- Costs incurred by a business during a privacy breach, including legal expenses,
penses in the con- forensic investigation costs, notification costs, and crisis management costs.
text of a cyber
breach?
12. What are Extortion Costs arising from ransomware or data exfiltration attacks, often involving ran-
Expenses? som payments typically requested in Bitcoin.
13. What role does a A breach coach, often a lawyer, leads and coordinates the response efforts during
breach coach play a privacy breach.
in a cyber event?
14. What is the pur- To investigate the details of a cyber event, identify the root cause, and determine
pose of forensic in- the best resolution approach.
vestigation costs?
15. What are notifica- Expenses associated with notifying affected individuals and protecting them
tion costs in a cy- from further harm, including mailing campaigns and credit monitoring.
ber breach?
16. What is the sig- Costs incurred to hire professionals to prevent reputational harm to the business
nificance of cri- following a cyber event.
sis management
costs?
17. What types of sen- Health-care information, banking details, social media data, citizenship informa-
sitive data should tion, voting activity, personal communication, and private beliefs.
be protected?
18. Ransomware or data exfiltration, which can lead to high extortion expenses.
