ISO-IEC-27005-Risk-Manager Real Questions–Best Material for Smooth PECB Exam Preparation

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

Topic	Details
Topic 1	Risk Recording and Reporting, Monitoring and Review, and Risk Assessment Methods: This segment is tailored for Risk Managers, Compliance Officers, and Information Security Officers. It underscores the critical nature of documenting, monitoring, and reviewing risks to ensure the ongoing effectiveness of risk management processes.
Topic 2	Introduction to ISO IEC 27005 and Risk Management: This part of the exam measures the expertise of professionals like Information Security Managers, Risk Managers, and IT Security Specialists. It covers the core concepts of risk management as defined by the ISO IEC 27005 standard.
Topic 3	Risk Assessment, Risk Treatment, and Risk Communication and Consultation Based on ISO IEC 27005: This section tests the competencies of Security Analysts, IT Managers, and Risk Consultants in carrying out detailed risk assessments and treatment plans. The emphasis is on applying the ISO IEC 27005 framework to identify, analyze, and assess risks, along with formulating effective risk treatment strategies.

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PECB Certified ISO/IEC 27005 Risk Manager Sample Questions (Q37-Q42):

NEW QUESTION # 37
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 define the basic requirements of interested parties, but it should determine status of compliance with the requirements after implementing the risk treatment options
B. 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
C. 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

Answer: C

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 # 38
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 accept the residual risk and risk owners were assigned the responsibility of managing this risk.
Based on the guidelines of ISO/IEC 27005, is this acceptable?

A. No, risk approvers are responsible for managing the residual risk after accepting it
B. Yes, risk owners must be aware of the residual risk and accept the responsibility for managing it
C. No, the top management should manage the residual risk

Answer: B

Explanation:
ISO/IEC 27005 specifies that once a risk treatment has been applied and residual risk remains, it is essential that the risk owner is aware of this residual risk and accepts the responsibility for managing it. The risk owner is the individual or entity accountable for managing specific risks within the organization. In Scenario 6, Productscape decided to accept the residual risk and assigned risk owners the responsibility for managing it, which is fully compliant with ISO/IEC 27005. Thus, the correct answer is A.
Reference:
ISO/IEC 27005:2018, Clause 8.6, "Risk Treatment," which states that risk owners should be aware of and accept responsibility for managing residual risks.

NEW QUESTION # 39
Which statement regarding information gathering techniques is correct?

A. Organizations can utilize technical tools to identify technical vulnerabilities and compile a list of assets that influence risk assessment
B. Sending questionnaires to a group of people who represent the interested parties is NOT preferred
C. Interviews should be conducted only with individuals responsible for information security management

Answer: A

Explanation:
ISO/IEC 27005 supports the use of various information-gathering techniques, including technical tools, to identify and assess risks. Technical tools such as vulnerability scanners and asset management software can help organizations identify technical vulnerabilities and compile a list of assets that are critical for risk assessment. This aligns with the standard's recommendation to use automated tools for an effective risk assessment process. Option B is correct because it accurately describes an effective information-gathering technique.
Reference:
ISO/IEC 27005:2018, Clause 8.2, "Risk Identification," which discusses using tools and techniques to identify risks.

NEW QUESTION # 40
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 follow all the steps of the risk assessment methodology regarding the identification of assets?

A. No, after identifying critical assets, Biotide should define the asset owners
B. No, Biotide should identify only critical assets and electronic health records is not a critical asset
C. Yes, the identification of assets involves only the identification of critical information assets and their security requirements

Answer: A

Explanation:
Based on the scenario, Biotide follows a methodology where the identification of critical assets is part of Activity Area 2. However, according to ISO/IEC 27005, after identifying the critical assets, the organization should also identify and document the asset owners.
ISO/IEC 27005:2018 emphasizes that the asset owner is responsible for the protection of the asset and that understanding ownership is critical to implementing effective risk management controls. In the given table, the scenario does not explicitly mention defining the asset owners after identifying critical assets, which is a necessary step. Therefore, the correct answer is B.
Reference:
ISO/IEC 27005:2018, Section 7.2.2 "Identification of assets, owners, and risk sources" details the steps required for proper asset identification, including defining the asset owners as a critical part of the risk assessment process.

NEW QUESTION # 41
What type of process is risk management?

A. Ongoing, which must be conducted annually and be consistent with the selection of security controls
B. Iterative, which is conducted simultaneously with internal audits to ensure the effectiveness of an organization's operations
C. Ongoing, which allows organizations to monitor risk and keep it at an acceptable level

Answer: C

Explanation:
Risk management is an ongoing process that involves continuous monitoring, assessment, and mitigation of risks to ensure that they remain within acceptable levels. According to ISO/IEC 27005, risk management is not a one-time activity but a continuous cycle that includes risk identification, risk analysis, risk evaluation, and risk treatment. The process must be regularly reviewed and updated to respond to changes in the organization's environment, technological landscape, or operational conditions. Option A correctly identifies risk management as an ongoing process. Options B and C are incorrect; risk management is not limited to being conducted simultaneously with internal audits (B), nor is it required to be conducted annually (C).

NEW QUESTION # 42
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