5. What is an asset in the context of information security? 6. What is a vulnera

Question

5. What is an asset in the context of information security? 6. What is a vulnerability in the context of information security? 7. What is risk management? 8. What are the component parts of risk management? 9. Who is expected to be engaged in risk management activities in most organizations? 10. What are the basic strategies used to control risk? Define each. 11. What is a contingency plan? 12. List and describe the four subordinate functions of a contingency plan. 13. In general terms, what is policy? 14. What is the enterprise information security policy, and how is it used? 15. Why is shaping policy considered difficult? 16. What are standards? How are they different from policy? 17. What is an issue-specific security policy? 18. List the critical areas covered in an issue-specific security policy. 19. What is a systems-specific security policy? 20. When is a systems-specific security policy used?

Explanation / Answer

Answer)

5) When information security is considered, an asset would be any data, or device or a component which would support the information related activites.

6) Vulnerability is defined as a term of cyber security which is an error or unusual behavior of a system which might lead to an attack. It is referred as a weakness in a computer system.

7) Risk management is defined as a detection / identification / prioritization of a work or its evaluation of the amount of risk associated with it. Also to check and manage the application of resources for minizing the impact of risk.

8) The components of a risk are as follows:

Inflation risk , Interest rate risk, Business Failure risk , Financial Risk, Global investment Risk.

The components of its management are:

Identification, Assessment, Prioritization, Coordination, Monitoring and control.

9) It is a business continuity plan hence the higher management starting from the managers are involved in this process.

10) There are basic methodologies to control the risk

Avoidance , Transfering the risk, Reducing the impact, Accpeting the risk with control.

Avoidance is to safeguard the system from risk.

Transfer is to change the risk to a different team to check

Mitigation is to reduce the impact of the risk

Accpetance is to accept the risk and work on reducing it.

11) A contigency plan is mostly used in risk management process where a plan is made for an outcome than that of the plan which is in general. This would contain the exceptional risk and control measures when in catastrophic situation.

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