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ISO-IEC-27005-Risk-Manager Exams Training & Authentic ISO-IEC-27005-Risk-Manager Exam Questions

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

Topic
Details

Topic 1

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 2

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 3

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 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 (Q50-Q55):

NEW QUESTION # 50
Scenario 2: Travivve is a travel agency that operates in more than 100 countries. Headquartered in San Francisco, the US, the agency is known for its personalized vacation packages and travel services. Travivve aims to deliver reliable services that meet its clients' needs. Considering the impact of information security in its reputation, Travivve decided to implement an information security management system (ISMS) based on ISO/IEC 27001. In addition, they decided to establish and implement an information security risk management program. Based on the priority of specific departments in Travivve, the top management decided to initially apply the risk management process only in the Sales Management Department. The process would be applicable for other departments only when introducing new technology.
Travivve's top management wanted to make sure that the risk management program is established based on the industry best practices. Therefore, they created a team of three members that would be responsible for establishing and implementing it. One of the team members was Travivve's risk manager who was responsible for supervising the team and planning all risk management activities. In addition, the risk manager was responsible for monitoring the program and reporting the monitoring results to the top management.
Initially, the team decided to analyze the internal and external context of Travivve. As part of the process of understanding the organization and its context, the team identified key processes and activities. Then, the team identified the interested parties and their basic requirements and determined the status of compliance with these requirements. In addition, the team identified all the reference documents that applied to the defined scope of the risk management process, which mainly included the Annex A of ISO/IEC 27001 and the internal security rules established by Travivve. Lastly, the team analyzed both reference documents and justified a few noncompliances with those requirements.
The risk manager selected the information security risk management method which was aligned with other approaches used by the company to manage other risks. The team also communicated the risk management process to all interested parties through previously established communication mechanisms. In addition, they made sure to inform all interested parties about their roles and responsibilities regarding risk management. Travivve also decided to involve interested parties in its risk management activities since, according to the top management, this process required their active participation.
Lastly, Travivve's risk management team decided to conduct the initial information security risk assessment process. As such, the team established the criteria for performing the information security risk assessment which included the consequence criteria and likelihood criteria.
Did Travivve's risk management team identify the basic requirements of interested parties in accordance with the guidelines of ISO/IEC 27005? Refer to scenario 2.

A. No, the team should use only the organization's internal security rules to determine the status of compliance with the basic requirements of interested parties
B. Yes, the team identified the basic requirements of interested parties and determined the status of compliance with those requirements as recommended by ISO/IEC 27005
C. No, the team should define the basic requirements of interested parties, but it should determine status of compliance with the requirements after implementing the risk treatment options

Answer: B

Explanation:
According to ISO/IEC 27005, understanding the organization and its context, including the identification of interested parties and their requirements, is a critical part of the risk management process. The team at Travivve identified the interested parties and their basic requirements and determined the status of compliance with these requirements, which aligns with the guidelines provided by ISO/IEC 27005. This standard recommends that organizations should understand their context and stakeholders' requirements to effectively manage risks. Additionally, it is appropriate to evaluate compliance with requirements as part of the context analysis, rather than after implementing risk treatment options. Therefore, the team's approach was in accordance with ISO/IEC 27005, making option C the correct answer.
Reference:
ISO/IEC 27005:2018, Clause 7, "Context Establishment," which outlines the importance of identifying the context, including the interested parties and their requirements, as a basis for risk management.

NEW QUESTION # 51
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.
Based on the scenario above, answer the following question:
Which risk treatment option was used for the first risk scenario?

A. Risk avoidance
B. Risk sharing
C. Risk modification

Answer: C

Explanation:
Risk modification involves implementing measures to reduce the likelihood or impact of a risk. In the first risk scenario, Productscape decided to use an automated "build and deploy" process to reduce the likelihood of an attacker exploiting a security misconfiguration vulnerability. This action aims to lower the risk to an acceptable level, which is characteristic of risk modification. Option B (Risk avoidance) would involve eliminating the risk by avoiding the activity altogether, which is not what was done. Option C (Risk sharing) involves transferring some or all of the risk to a third party, which is not applicable in this scenario.

NEW QUESTION # 52
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, Adstry's project managers hold regular meetings with interested parties to discuss risks and risk treatment solutions. According to the guidelines of ISO/IEC 27005, is this in compliance with best practices?

A. No, risk owners should not communicate or discuss risk treatment options with external interested parties
B. Yes, the coordination between project managers and relevant interested parties can be achieved by discussions upon risks and appropriate treatment solutions
C. Yes, risks can be communicated to and discussed with relevant interested parties only if the project manager decides that it is appropriate to do so

Answer: B

Explanation:
According to ISO/IEC 27005, effective risk management includes communication and consultation with relevant interested parties. Holding regular meetings to discuss risks, their prioritization, and appropriate treatment solutions is a good practice for ensuring that all parties are aware of the risks and involved in the decision-making process for risk treatment. This approach fosters coordination and collaboration, which is essential for managing risks effectively. Therefore, the practice of discussing risks and treatment options with relevant interested parties aligns with best practices, making option A the correct answer.
Reference:
ISO/IEC 27005:2018, Clause 7, "Communication and Consultation," which emphasizes the importance of communicating risks and consulting with relevant interested parties.

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.
Based on scenario 6, Productscape decided to monitor the remaining risk after risk treatment. Is this necessary?

A. Yes, the remaining risk after risk treatment should be monitored and reviewed
B. No, unless the risk has a severe impact if it occurs, there is no need to monitor the risk
C. No, there is no need to monitor risks that meet the risk acceptance criteria

Answer: A

Explanation:
ISO/IEC 27005 advises that even after risks have been treated, any residual risks should be continuously monitored and reviewed. This is necessary to ensure that they remain within acceptable levels and that any changes in the internal or external environment do not escalate the risk beyond acceptable thresholds. Monitoring also ensures that the effectiveness of the controls remains adequate over time. Option A is incorrect because all risks, including those meeting the risk acceptance criteria, should be monitored. Option B is incorrect because monitoring is necessary regardless of the perceived severity if it occurs, to detect changes early.

NEW QUESTION # 54
According to ISO/IEC 27005, what is the input when selecting information security risk treatment options?

A. A risk treatment plan and residual risks subject to the acceptance decision
B. A list of prioritized risks with event or risk scenarios that lead to those risks
C. A list of risks with level values assigned

Answer: B

Explanation:
According to ISO/IEC 27005, the input for selecting information security risk treatment options should include a list of prioritized risks along with the specific event or risk scenarios that led to those risks. This information helps decision-makers understand the context and potential impact of each risk, allowing them to choose the most appropriate treatment options. Option A is incorrect because the risk treatment plan and residual risks are outputs, not inputs, of the risk treatment process. Option C is incorrect because a list of risks with level values assigned provides limited context for selecting appropriate treatment options.

NEW QUESTION # 55
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