Free PECB ISO-IEC-27005-Risk-Manager Exam Questions

Which activity below is NOT included in the information security risk assessment process? 

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 secondhand 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 data. 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, which type of assets was identified during the risk identification process?

Scenario 3: Printary is an American company that offers digital printing services. Creating cost-effective andcreative products, the company has been part of the printing industry for more than 30 years. Three years ago,the company started to operate online, providing greater flexibility for its clients. Through the website, clientscould find information about all services offered by Printary and order personalized products. However,operating online increased the risk of cyber threats, consequently, impacting the business functions of thecompany. Thus, along with the decision of creating an online business, the company focused on managinginformation security risks. Their risk management program was established based on ISO/IEC 27005guidelines and industry best practices.Last year, the company considered the integration of an online payment system on its website in order toprovide more flexibility and transparency to customers. Printary analyzed various available solutions andselected Pay0, a payment processing solution that allows any company to easily collect payments on theirwebsite. Before making the decision, Printary conducted a risk assessment to identify and analyze informationsecurity risks associated with the software. The risk assessment process involved three phases: identification,analysis, and evaluation. During risk identification, the company inspected assets, threats, and vulnerabilities.In addition, to identify the information security risks, Printary used a list of the identified events that couldnegatively affect the achievement of information security objectives. The risk identification phase highlightedtwo main threats associated with the online payment system: error in use and data corruption After conductinga gap analysis, the company concluded that the existing security controls were sufficient to mitigate the threatof data corruption. However, the user interface of the payment solution was complicated, which couldincrease the risk associated with user errors, and, as a result, impact data integrity and confidentiality.Subsequently, the risk identification results were analyzed. The company conducted risk analysis in order tounderstand the nature of the identified risks. They decided to use a quantitative risk analysis methodologybecause it would provide more detailed information. The selected risk analysis methodology was consistentwith the risk evaluation criteria. Firstly, they used a list of potential incident scenarios to assess their potentialimpact. In addition, the likelihood of incident scenarios was defined and assessed. Finally, the level of riskwas defined as low.In the end, the level of risk was compared to the risk evaluation and acceptance criteria and was prioritizedaccordingly.Based on the scenario above, answer the following question:What type of risk identification approach did Printary use?

Scenario 3: Printary is an American company that offers digital printing services. Creating cost-effective and

creative products, the company has been part of the printing industry for more than 30 years. Three years ago,

the company started to operate online, providing greater flexibility for its clients. Through the website, clients

could find information about all services offered by Printary and order personalized products. However,

operating online increased the risk of cyber threats, consequently, impacting the business functions of the

company. Thus, along with the decision of creating an online business, the company focused on managing

information security risks. Their risk management program was established based on ISO/IEC 27005

guidelines and industry best practices.

Last year, the company considered the integration of an online payment system on its website in order to

provide more flexibility and transparency to customers. Printary analyzed various available solutions and

selected Pay0, a payment processing solution that allows any company to easily collect payments on their

website. Before making the decision, Printary conducted a risk assessment to identify and analyze information

security risks associated with the software. The risk assessment process involved three phases: identification,

analysis, and evaluation. During risk identification, the company inspected assets, threats, and vulnerabilities.

In addition, to identify the information security risks, Printary used a list of the identified events that could

negatively affect the achievement of information security objectives. The risk identification phase highlighted

two main threats associated with the online payment system: error in use and data corruption After conducting

a gap analysis, the company concluded that the existing security controls were sufficient to mitigate the threat

of data corruption. However, the user interface of the payment solution was complicated, which could

increase the risk associated with user errors, and, as a result, impact data integrity and confidentiality.

Subsequently, the risk identification results were analyzed. The company conducted risk analysis in order to

understand the nature of the identified risks. They decided to use a quantitative risk analysis methodology

because it would provide more detailed information. The selected risk analysis methodology was consistent

with the risk evaluation criteria. Firstly, they used a list of potential incident scenarios to assess their potential

impact. In addition, the likelihood of incident scenarios was defined and assessed. Finally, the level of risk

was defined as low.

In the end, the level of risk was compared to the risk evaluation and acceptance criteria and was prioritized

accordingly.

Based on the scenario above, answer the following question: What type of risk identification approach did Printary use?

Scenario 7: Adstry is a business growth agency that specializes in digital marketing strategies. Adstry helpsorganizations redefine the relationships with their customers through innovative solutions. Adstry isheadquartered in San Francisco and recently opened two new offices in New York. The structure of thecompany is organized into teams which are led by project managers. The project manager has the full powerin any decision related to projects. The team members, on the other hand, report the project’s progress toproject 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 forensuring that risks related to a particular project have been identified, assessed, and mitigated. This means thatproject managers have also the role of the risk manager in Adstry. Taking into account that Adstry heavilyrelies on technology to complete their projects, their risk assessment certainly involves identification of risksassociated with the use of information technology. At the earliest stages of each project, the project managercommunicates the risk assessment results to its team members.Adstry uses a risk management software which helps the project team to detect new potential risks duringeach phase of the project. This way, team members are informed in a timely manner for the new potentialrisks and are able to respond to them accordingly. The project managers are responsible forensuring that theinformation provided to the team members is communicated using an appropriate language so it can beunderstood by all of them.In addition, the project manager may include external interested parties affected by the project in the riskcommunication. If the project manager decides to include interested parties, the risk communication isthoroughly prepared. The project manager firstly identifies the interested parties that should be informed andtakes into account their concerns and possible conflicts that may arise due to risk communication. The risksare communicated to the identified interested parties while taking into consideration the confidentiality ofAdstry’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 interestedparties since it provides a consistent view of risks. For each project, the project manager arranges regularmeetings with relevant interested parties of the project, they discuss the detected risks, their prioritization, anddetermine appropriate treatment solutions. The information taken from the risk management software and theresults of these meetings are documented and are used for decision-making processes. In addition, thecompany uses a computerized documented information management system for the acquisition, classification,storage, and archiving of its documents.Based on scenario 7, which principle of efficient communication strategy Adstry’s project managers followwhen communicating risks to team members?