Risk analysis

Question 1

What is a definition for risk?

Answer 1

The possibility to suffer harm or loss

Question 2

What are three distinguishing characteristics of a risk?

Answer 2

• the associated loss
• the likelihood that the event will occur
• the degree to which the event can be influenced

Question 3

Name 4 strategies for handling risk

Answer 3

Avoiding, mitigating, transferring, assuming

Question 4

What is risk analysis?

Answer 4

Risk analysis is the process of examining a system and its operational environment to determine possible exposures and the possible harm they can cause.

Question 5

What is risk managment?

Answer 5

Risk management then involves the identification, selection and adoption of security measures justified by:

• the identified risk to assets
• the employment of measures to reduce the risk to an acceptable extent
• the cost of these measures

Question 6

What are the 6 steps of qualitative risk analysis?

Answer 6

1. Determine the scope, identify assets, assemble team
2. Identify threats and vulnerabilities
3. Prioritize threats, determine impact priorities and total threat impact
4. Identify safeguards
5. Cost-benefit analysis and prioritization of safeguards
6. Report