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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.

PECB Certified ISO/IEC 27005 Risk Manager Sample Questions (Q22-Q27):

NEW QUESTION # 22
Scenario 3: Printary is an American company that offers digital printing services. Creating cost-effective and creative products, the company has been part of the printing industry for more than 30 years. Three years ago, the company started to operate online, providing greater flexibility for its clients. Through the website, clients could find information about all services offered by Printary and order personalized products. However, operating online increased the risk of cyber threats, consequently, impacting the business functions of the company. Thus, along with the decision of creating an online business, the company focused on managing information security risks. Their risk management program was established based on ISO/IEC 27005 guidelines and industry best practices.
Last year, the company considered the integration of an online payment system on its website in order to provide more flexibility and transparency to customers. Printary analyzed various available solutions and selected Pay0, a payment processing solution that allows any company to easily collect payments on their website. Before making the decision, Printary conducted a risk assessment to identify and analyze information security risks associated with the software. The risk assessment process involved three phases: identification, analysis, and evaluation. During risk identification, the company inspected assets, threats, and vulnerabilities. In addition, to identify the information security risks, Printary used a list of the identified events that could negatively affect the achievement of information security objectives. The risk identification phase highlighted two main threats associated with the online payment system: error in use and data corruption After conducting a gap analysis, the company concluded that the existing security controls were sufficient to mitigate the threat of data corruption. However, the user interface of the payment solution was complicated, which could increase the risk associated with user errors, and, as a result, impact data integrity and confidentiality.
Subsequently, the risk identification results were analyzed. The company conducted risk analysis in order to understand the nature of the identified risks. They decided to use a quantitative risk analysis methodology because it would provide more detailed information. The selected risk analysis methodology was consistent with the risk evaluation criteri a. Firstly, they used a list of potential incident scenarios to assess their potential impact. In addition, the likelihood of incident scenarios was defined and assessed. Finally, the level of risk was defined as low.
In the end, the level of risk was compared to the risk evaluation and acceptance criteria and was prioritized accordingly.
Based on scenario 3, Printary used a list of identified events that could negatively influence the achievement of its information security objectives to identify information security risks. Is this in compliance with the guidelines of ISO/IEC 27005?

A. No. a list of risk sources, business processes. and business objectives should be used to identify information security risks
B. No, a list of risk scenarios with their consequences related to assets or events and their likelihood should be used to identity information security risks
C. Yes, a list of events that can negatively influence the achievement of information security objectives in the company should be used to identity information security risks

Answer: C

Explanation:
According to ISO/IEC 27005, identifying risks to information security involves recognizing events that could adversely affect the achievement of information security objectives. Using a list of events that could negatively impact these objectives is consistent with the risk identification process as outlined in ISO/IEC 27005. This approach focuses on identifying specific incidents or events that could result in security breaches or compromises, providing a clear understanding of the potential risks to the organization. Thus, Printary's use of a list of such events to identify information security risks complies with the standard's guidelines, making option B the correct answer.
Reference:
ISO/IEC 27005:2018, Clause 8.2, "Risk Identification," which states that the organization should identify the events that could compromise information security objectives.

NEW QUESTION # 23
Scenario 4: In 2017, seeing that millions of people turned to online shopping, Ed and James Cordon founded the online marketplace for footwear called Poshoe. In the past, purchasing pre-owned designer shoes online was not a pleasant experience because of unattractive pictures and an inability to ascertain the products' authenticity. However, after Poshoe's establishment, each product was well advertised and certified as authentic before being offered to clients. This increased the customers' confidence and trust in Poshoe's products and services. Poshoe has approximately four million users and its mission is to dominate the second-hand sneaker market and become a multi-billion dollar company.
Due to the significant increase of daily online buyers, Poshoe's top management decided to adopt a big data analytics tool that could help the company effectively handle, store, and analyze dat a. Before initiating the implementation process, they decided to conduct a risk assessment. Initially, the company identified its assets, threats, and vulnerabilities associated with its information systems. In terms of assets, the company identified the information that was vital to the achievement of the organization's mission and objectives. During this phase, the company also detected a rootkit in their software, through which an attacker could remotely access Poshoe's systems and acquire sensitive data.
The company discovered that the rootkit had been installed by an attacker who had gained administrator access. As a result, the attacker was able to obtain the customers' personal data after they purchased a product from Poshoe. Luckily, the company was able to execute some scans from the target device and gain greater visibility into their software's settings in order to identify the vulnerability of the system.
The company initially used the qualitative risk analysis technique to assess the consequences and the likelihood and to determine the level of risk. The company defined the likelihood of risk as "a few times in two years with the probability of 1 to 3 times per year." Later, it was decided that they would use a quantitative risk analysis methodology since it would provide additional information on this major risk. Lastly, the top management decided to treat the risk immediately as it could expose the company to other issues. In addition, it was communicated to their employees that they should update, secure, and back up Poshoe's software in order to protect customers' personal information and prevent unauthorized access from attackers.
According to scenario 4, the top management of Poshoe decided to treat the risk immediately after conducting the risk analysis. Is this in compliance with risk management best practices?

A. Yes. risk treatment options should be implemented immediately after analyzing the risk, as the risk could expose the company to other security threats
B. No, risk evaluation should be performed before making any decision regarding risk treatment
C. No, the risk should be communicated to all the interested parties before making any decision regarding risk treatment

Answer: B

Explanation:
According to ISO/IEC 27005, after conducting risk analysis, the next step in the risk management process should be risk evaluation. Risk evaluation involves comparing the estimated level of risk against risk criteria established by the organization to determine the significance of the risk and decide whether it is acceptable or needs treatment. Only after evaluating the risk should an organization decide on the appropriate risk treatment options. Therefore, in the scenario, deciding to treat the risk immediately after conducting the risk analysis, without first performing a risk evaluation, is not in compliance with risk management best practices. Option A is the correct answer.
Reference:
ISO/IEC 27005:2018, Clause 8.5, "Risk Evaluation," which describes the process of evaluating risks after analysis to determine if they require treatment.

NEW QUESTION # 24
According to ISO/IEC 27005, what is the output of the documentation of risk management processes?

A. Documented information that is necessary for the effectiveness of the information security risk assessment or risk treatment processes
B. Knowledge on the information security risk assessment and treatment processes in accordance with clauses 7 and 8 of the standard
C. Documented information about the information security risk assessment and treatment results

Answer: C

Explanation:
According to ISO/IEC 27005, the output of the documentation of risk management processes should include detailed information about the results of the risk assessment and the chosen risk treatment options. This ensures transparency and provides a clear record of the decision-making process related to information security risk management. Therefore, option B is the correct answer.

NEW QUESTION # 25
What type of process is risk management?

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

Answer: A

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 # 26
Scenario 5: Detika is a private cardiology clinic in Pennsylvania, the US. Detika has one of the most advanced healthcare systems for treating heart diseases. The clinic uses sophisticated apparatus that detects heart diseases in early stages. Since 2010, medical information of Detika's patients is stored on the organization's digital systems. Electronic health records (EHR), among others, include patients' diagnosis, treatment plan, and laboratory results.
Storing and accessing patient and other medical data digitally was a huge and a risky step for Detik a. Considering the sensitivity of information stored in their systems, Detika conducts regular risk assessments to ensure that all information security risks are identified and managed. Last month, Detika conducted a risk assessment which was focused on the EHR system. During risk identification, the IT team found out that some employees were not updating the operating systems regularly. This could cause major problems such as a data breach or loss of software compatibility. In addition, the IT team tested the software and detected a flaw in one of the software modules used. Both issues were reported to the top management and they decided to implement appropriate controls for treating the identified risks. They decided to organize training sessions for all employees in order to make them aware of the importance of the system updates. In addition, the manager of the IT Department was appointed as the person responsible for ensuring that the software is regularly tested.
Another risk identified during the risk assessment was the risk of a potential ransomware attack. This risk was defined as low because all their data was backed up daily. The IT team decided to accept the actual risk of ransomware attacks and concluded that additional measures were not required. This decision was documented in the risk treatment plan and communicated to the risk owner. The risk owner approved the risk treatment plan and documented the risk assessment results.
Following that, Detika initiated the implementation of new controls. In addition, one of the employees of the IT Department was assigned the responsibility for monitoring the implementation process and ensure the effectiveness of the security controls. The IT team, on the other hand, was responsible for allocating the resources needed to effectively implement the new controls.
Based on scenario 5, which risk treatment option did Detika select to treat the risk of a potential ransomware attack?

A. Risk sharing
B. Risk retention
C. Risk avoidance

Answer: B

Explanation:
Risk retention involves accepting the risk when its likelihood or impact is low, or when the cost of mitigating the risk is higher than the benefit. In the scenario, Detika decided to accept the risk of a potential ransomware attack because the data is backed up daily, and additional measures were deemed unnecessary. This decision aligns with the risk retention strategy, where an organization chooses to live with the risk rather than apply further controls. Option A is the correct answer.
Reference:
ISO/IEC 27005:2018, Clause 8.6, "Risk Treatment," which discusses risk retention as an option for managing risks deemed acceptable by the organization.

NEW QUESTION # 27
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