ISO-IEC-27005-RISK-MANAGER VALID TEST CRAM - QUESTIONS ISO-IEC-27005-RISK-MANAGER EXAM

ISO-IEC-27005-Risk-Manager Valid Test Cram - Questions ISO-IEC-27005-Risk-Manager Exam

ISO-IEC-27005-Risk-Manager Valid Test Cram - Questions ISO-IEC-27005-Risk-Manager Exam

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PECB ISO-IEC-27005-Risk-Manager Exam Syllabus Topics:

TopicDetails
Topic 1
  • Implementation of an Information Security Risk Management Program: This domain discusses the steps for setting up and operationalizing a risk management program, including procedures to recognize, evaluate, and reduce security risks within an organization’s framework.
Topic 2
  • Information Security Risk Management Framework and Processes Based on ISO
  • IEC 27005: Centered around ISO
  • IEC 27005, this domain provides structured guidelines for managing information security risks, promoting a systematic and standardized approach aligned with international practices.
Topic 3
  • Other Information Security Risk Assessment Methods: Beyond ISO
  • IEC 27005, this domain reviews alternative methods for assessing and managing risks, allowing organizations to select tools and frameworks that align best with their specific requirements and risk profile.
Topic 4
  • Fundamental Principles and Concepts of Information Security Risk Management: This domain covers the essential ideas and core elements behind managing risks in information security, with a focus on identifying and mitigating potential threats to protect valuable data and IT resources.

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PECB Certified ISO/IEC 27005 Risk Manager Sample Questions (Q49-Q54):

NEW QUESTION # 49
According to ISO 31000, which of the following is a principle of risk management?

  • A. Qualitative
  • B. Dynamic
  • C. Reliability

Answer: B

Explanation:
According to ISO 31000, a principle of risk management is that it should be dynamic. This means that risk management practices should be flexible and able to adapt to changes in the internal and external environment of the organization. Risks are constantly evolving due to changes in technology, regulatory requirements, market conditions, and other factors, and risk management must be capable of responding to these changes. Option A is correct because it aligns with this principle. Option B (Qualitative) refers to a method for assessing risk rather than a principle of risk management, and Option C (Reliability) is not listed as a principle in ISO 31000.


NEW QUESTION # 50
Scenario 4: In 2017, seeing that millions of people turned to online shopping, Ed and James Cordon founded the online marketplace for footwear called Poshoe. In the past, purchasing pre-owned designer shoes online was not a pleasant experience because of unattractive pictures and an inability to ascertain the products' authenticity. However, after Poshoe's establishment, each product was well advertised and certified as authentic before being offered to clients. This increased the customers' confidence and trust in Poshoe's products and services. Poshoe has approximately four million users and its mission is to dominate the second-hand sneaker market and become a multi-billion dollar company.
Due to the significant increase of daily online buyers, Poshoe's top management decided to adopt a big data analytics tool that could help the company effectively handle, store, and analyze dat a. Before initiating the implementation process, they decided to conduct a risk assessment. Initially, the company identified its assets, threats, and vulnerabilities associated with its information systems. In terms of assets, the company identified the information that was vital to the achievement of the organization's mission and objectives. During this phase, the company also detected a rootkit in their software, through which an attacker could remotely access Poshoe's systems and acquire sensitive data.
The company discovered that the rootkit had been installed by an attacker who had gained administrator access. As a result, the attacker was able to obtain the customers' personal data after they purchased a product from Poshoe. Luckily, the company was able to execute some scans from the target device and gain greater visibility into their software's settings in order to identify the vulnerability of the system.
The company initially used the qualitative risk analysis technique to assess the consequences and the likelihood and to determine the level of risk. The company defined the likelihood of risk as "a few times in two years with the probability of 1 to 3 times per year." Later, it was decided that they would use a quantitative risk analysis methodology since it would provide additional information on this major risk. Lastly, the top management decided to treat the risk immediately as it could expose the company to other issues. In addition, it was communicated to their employees that they should update, secure, and back up Poshoe's software in order to protect customers' personal information and prevent unauthorized access from attackers.
According to scenario 4, Poshoe has identified its assets, vulnerabilities, and threats associated with its information systems. What does the company need in order to start identifying its existing controls?

  • A. A list of all existing and planned controls
  • B. The risk treatment implementation plan and documentation of controls
  • C. A list of incident scenarios with their consequences

Answer: A

Explanation:
To start identifying its existing controls, Poshoe needs a list of all existing and planned controls. This list will provide the necessary baseline to understand what security measures are already in place and what measures are planned to mitigate risks. This helps in determining gaps, evaluating the effectiveness of current controls, and identifying areas requiring improvement. Option A (The risk treatment implementation plan and documentation of controls) is incorrect because it is too specific and assumes a level of completion not indicated in the scenario. Option C (A list of incident scenarios with their consequences) is incorrect as it pertains to the analysis phase of risk management, not the identification of existing controls.


NEW QUESTION # 51
Scenario 7: Adstry is a business growth agency that specializes in digital marketing strategies. Adstry helps organizations redefine the relationships with their customers through innovative solutions. Adstry is headquartered in San Francisco and recently opened two new offices in New York. The structure of the company is organized into teams which are led by project managers. The project manager has the full power in any decision related to projects. The team members, on the other hand, report the project's progress to project managers.
Considering that data breaches and ad fraud are common threats in the current business environment, managing risks is essential for Adstry. When planning new projects, each project manager is responsible for ensuring that risks related to a particular project have been identified, assessed, and mitigated. This means that project managers have also the role of the risk manager in Adstry. Taking into account that Adstry heavily relies on technology to complete their projects, their risk assessment certainly involves identification of risks associated with the use of information technology. At the earliest stages of each project, the project manager communicates the risk assessment results to its team members.
Adstry uses a risk management software which helps the project team to detect new potential risks during each phase of the project. This way, team members are informed in a timely manner for the new potential risks and are able to respond to them accordingly. The project managers are responsible for ensuring that the information provided to the team members is communicated using an appropriate language so it can be understood by all of them.
In addition, the project manager may include external interested parties affected by the project in the risk communication. If the project manager decides to include interested parties, the risk communication is thoroughly prepared. The project manager firstly identifies the interested parties that should be informed and takes into account their concerns and possible conflicts that may arise due to risk communication. The risks are communicated to the identified interested parties while taking into consideration the confidentiality of Adstry's information and determining the level of detail that should be included in the risk communication. The project managers use the same risk management software for risk communication with external interested parties since it provides a consistent view of risks. For each project, the project manager arranges regular meetings with relevant interested parties of the project, they discuss the detected risks, their prioritization, and determine appropriate treatment solutions. The information taken from the risk management software and the results of these meetings are documented and are used for decision-making processes. In addition, the company uses a computerized documented information management system for the acquisition, classification, storage, and archiving of its documents.
Based on scenario 7, project managers communicate risks to external interested parties, taking into account the information confidentiality. Which principle of efficient communication strategy do project managers follow?

  • A. Transparency
  • B. Responsiveness
  • C. Credibility

Answer: A

Explanation:
ISO/IEC 27005 emphasizes that effective risk management involves clear communication strategies, especially when it comes to ensuring that all stakeholders-both internal and external-are well-informed about potential risks and their impacts. The communication of risks is an essential part of the risk treatment process, as stated in the ISO/IEC 27005 standard.
In the given scenario, Adstry project managers are responsible for communicating risks to external interested parties, while carefully considering the confidentiality of the company's information. They ensure that the risks are conveyed with the appropriate level of detail, protecting sensitive information but still providing the necessary insights to interested parties. This level of disclosure ensures that stakeholders are well aware of the risks without compromising the organization's confidentiality policies.
The principle of transparency in communication refers to the clear, open, and honest sharing of information that stakeholders need in order to make informed decisions. By identifying interested parties, considering their concerns, and ensuring risk communication is well-prepared and detailed appropriately, Adstry's project managers are practicing transparency. They provide the necessary risk information while balancing the protection of confidential data.
Option A, credibility, refers to building trust in communication, which is not the primary focus in this context. Option B, responsiveness, is about timely reactions to risks or concerns but doesn't directly relate to how the information is communicated regarding risk confidentiality.
Thus, transparency is the correct answer because it aligns with how project managers ensure that the necessary risk details are communicated in a clear and honest way, while still protecting confidential information, as outlined by ISO/IEC 27005 risk communication principles.


NEW QUESTION # 52
Scenario 8: Biotide is a pharmaceutical company that produces medication for treating different kinds of diseases. The company was founded in 1997, and since then it has contributed in solving some of the most challenging healthcare issues.
As a pharmaceutical company, Biotide operates in an environment associated with complex risks. As such, the company focuses on risk management strategies that ensure the effective management of risks to develop high-quality medication. With the large amount of sensitive information generated from the company, managing information security risks is certainly an important part of the overall risk management process. Biotide utilizes a publicly available methodology for conducting risk assessment related to information assets. This methodology helps Biotide to perform risk assessment by taking into account its objectives and mission. Following this method, the risk management process is organized into four activity areas, each of them involving a set of activities, as provided below.
1. Activity area 1: The organization determines the criteria against which the effects of a risk occurring can be evaluated. In addition, the impacts of risks are also defined.
2. Activity area 2: The purpose of the second activity area is to create information asset profiles. The organization identifies critical information assets, their owners, as well as the security requirements for those assets. After determining the security requirements, the organization prioritizes them. In addition, the organization identifies the systems that store, transmit, or process information.
3. Activity area 3: The organization identifies the areas of concern which initiates the risk identification process. In addition, the organization analyzes and determines the probability of the occurrence of possible threat scenarios.
4. Activity area 4: The organization identifies and evaluates the risks. In addition, the criteria specified in activity area 1 is reviewed and the consequences of the areas of concerns are evaluated. Lastly, the level of identified risks is determined.
The table below provides an example of how Biotide assesses the risks related to its information assets following this methodology:

Based on the table provided in scenario 8, did Biotide prioritize the security requirements for electronic health records?

  • A. Yes, Biotide prioritized the security requirements for electronic health records when prioritizing the areas of concern
  • B. No, Biotide did not prioritize security requirements for electronic health records
  • C. Yes, Biotide determined confidentiality as the most important security requirement for electronic health records

Answer: C

Explanation:
Based on the table provided in Scenario 8, Biotide has prioritized the security requirements for its electronic health records. In Activity Area 2, the table clearly indicates that confidentiality is considered the most important security feature for electronic health records. This prioritization is based on the need to ensure that only authorized users have access to these critical information assets due to the sensitive nature of the data involved.
The emphasis on confidentiality aligns with ISO/IEC 27005 guidelines, which recommend prioritizing security requirements based on the impact assessment and the organization's risk management objectives. In this case, the potential impact of unauthorized access (breach of confidentiality) to electronic health records is high, which justifies Biotide's decision to prioritize confidentiality over other security requirements such as integrity or availability.
Option A is correct because it reflects the prioritization decision documented in the table, while options B and C are inaccurate as they either misrepresent the prioritization process or suggest that it did not occur.


NEW QUESTION # 53
Scenario 6: Productscape is a market research company headquartered in Brussels, Belgium. It helps organizations understand the needs and expectations of their customers and identify new business opportunities. Productscape's teams have extensive experience in marketing and business strategy and work with some of the best-known organizations in Europe. The industry in which Productscape operates requires effective risk management. Considering that Productscape has access to clients' confidential information, it is responsible for ensuring its security. As such, the company conducts regular risk assessments. The top management appointed Alex as the risk manager, who is responsible for monitoring the risk management process and treating information security risks.
The last risk assessment conducted was focused on information assets. The purpose of this risk assessment was to identify information security risks, understand their level, and take appropriate action to treat them in order to ensure the security of their systems. Alex established a team of three members to perform the risk assessment activities. Each team member was responsible for specific departments included in the risk assessment scope. The risk assessment provided valuable information to identify, understand, and mitigate the risks that Productscape faces.
Initially, the team identified potential risks based on the risk identification results. Prior to analyzing the identified risks, the risk acceptance criteria were established. The criteria for accepting the risks were determined based on Productscape's objectives, operations, and technology. The team created various risk scenarios and determined the likelihood of occurrence as "low," "medium," or "high." They decided that if the likelihood of occurrence for a risk scenario is determined as "low," no further action would be taken. On the other hand, if the likelihood of occurrence for a risk scenario is determined as "high" or "medium," additional controls will be implemented. Some information security risk scenarios defined by Productscape's team were as follows:
1. A cyber attacker exploits a security misconfiguration vulnerability of Productscape's website to launch an attack, which, in turn, could make the website unavailable to users.
2. A cyber attacker gains access to confidential information of clients and may threaten to make the information publicly available unless a ransom is paid.
3. An internal employee clicks on a link embedded in an email that redirects them to an unsecured website, installing a malware on the device.
The likelihood of occurrence for the first risk scenario was determined as "medium." One of the main reasons that such a risk could occur was the usage of default accounts and password. Attackers could exploit this vulnerability and launch a brute-force attack. Therefore, Productscape decided to start using an automated "build and deploy" process which would test the software on deploy and minimize the likelihood of such an incident from happening. However, the team made it clear that the implementation of this process would not eliminate the risk completely and that there was still a low possibility for this risk to occur. Productscape documented the remaining risk and decided to monitor it for changes.
The likelihood of occurrence for the second risk scenario was determined as "medium." Productscape decided to contract an IT company that would provide technical assistance and monitor the company's systems and networks in order to prevent such incidents from happening.
The likelihood of occurrence for the third risk scenario was determined as "high." Thus, Productscape decided to include phishing as a topic on their information security training sessions. In addition, Alex reviewed the controls of Annex A of ISO/IEC 27001 in order to determine the necessary controls for treating this risk. Alex decided to implement control A.8.23 Web filtering which would help the company to reduce the risk of accessing unsecure websites. Although security controls were implemented to treat the risk, the level of the residual risk still did not meet the risk acceptance criteria defined in the beginning of the risk assessment process. Since the cost of implementing additional controls was too high for the company, Productscape decided to accept the residual risk. Therefore, risk owners were assigned the responsibility of managing the residual risk.
Which risk treatment option was used for the second risk scenario? Refer to scenario 6.

  • A. Risk retention
  • B. Risk sharing
  • C. Risk avoidance

Answer: B

Explanation:
Risk sharing, also known as risk transfer, involves sharing the risk with another party, such as through insurance or outsourcing certain activities to third-party vendors. In Scenario 6, Productscape decided to contract an IT company to provide technical assistance and monitor the company's systems and networks to prevent incidents related to the second risk scenario (gaining access to confidential information and threatening to make it public unless a ransom is paid). This is an example of risk sharing because Productscape transferred part of the risk management responsibilities to an external company. Thus, the correct answer is C, Risk sharing.
Reference:
ISO/IEC 27005:2018, Clause 8.6, "Risk Treatment," which includes risk sharing as an option where a third party is used to manage specific risks.


NEW QUESTION # 54
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