FREE ISO 27000 Foundation Information Security Risk Management Questions and Answers

Question 1

An organization, after conducting a risk assessment, determines that the cost of implementing a specific security control for a low-impact, low-likelihood risk is prohibitive.
The management team formally documents their decision to take no further action against this risk.
According to ISO/IEC 27000 terminology, which risk treatment option has been selected?

Accepted Answer

Risk retention

Answer

Risk modification

Answer

Risk avoidance

Answer

Risk sharing

Question 2

In the context of the ISO 27000 series, what is the primary responsibility of a designated 'risk owner'?

Accepted Answer

To have the accountability and authority to manage an identified risk.

Answer

To perform the day-to-day technical administration of a specific information asset.

Answer

To conduct the annual internal audit of the Information Security Management System (ISMS).

Answer

To develop and write the organization's information security policies and procedures.

Question 3

A company decides to purchase a comprehensive cybersecurity insurance policy to cover potential financial losses from a data breach. Within the ISO 27000 framework for risk management, this action is an example of which risk treatment strategy?

Accepted Answer

Risk transfer

Answer

Risk avoidance

Answer

Risk mitigation

Answer

Risk acceptance

Question 4

According to the guidance in ISO/IEC 27005, which of the following is an essential first step in the information security risk management process before risk identification can effectively begin?

Accepted Answer

Establishing the context.

Answer

Selecting specific controls from Annex A.

Answer

Performing a vulnerability scan of all network assets.

Answer

Developing the risk treatment plan.

Question 5

A risk analysis team is evaluating information security risks using descriptive terms such as 'High', 'Medium', and 'Low' for both likelihood and impact. This method of analysis is best described as:

Accepted Answer

Qualitative

Answer

Quantitative

Answer

Asset-based

Answer

Event-based

Question 6

An organization has identified a significant risk associated with its legacy accounting software, which is no longer supported by the vendor. To address this, the management decides to decommission the old system and migrate to a new, fully supported platform. Which risk treatment option does this action represent?

Accepted Answer

Risk avoidance

Answer

Risk mitigation

Answer

Risk acceptance

Answer

Risk transfer