Managing Risk (Questions with complete answers)

Risk correct answers The likelihood that a threat will exploit a vulnerability. Threat correct answers A ptential danger that can compromise confidentiality, integrity or availability of data or a system Vulnerability correct answers A weakness Types of Risk correct answers - risk avoidance - risk transference - risk acceptance - risk mitigation - risk deterrence What is a threat vector? correct answers Also called an Attack Vector Refers to the method used to activate the threat and can originate from 3 primary sources: external (outsiders), internal (insiders) and the supply chain (suppliers) What is risk management? correct answers The practice of identifying, monitoring and limiting risks to a manageable level Doesn't eliminate risk - identify methods to limit or mitigate risks What is residual risk? correct answers The amount of risk that remains after managing risk What is the primary goal of risk management? correct answers • To reduce risk to a level that the organization will accept • Senior management is ultimately responsible for residual risk Risk Avoidance correct answers An organization can avoid a risk by not providing a service or not participating in a risky activity. Example: In organization there may be things you're doing where you just make a decision that's just too risky, we're not going to do that anymore. You have to make that business decision on whether that's something that you can avoid, or whether from a business perspective you can continue with that risk. Risk Transference correct answers The organization transfers the risk to another entity, or at least shares the risk with another entity. Most common method - Purchase insurance