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Risk appetite should be PRIMARILY driven by which of the following?
Risk appetite should be primarily driven by stakeholder requirements. Stakeholder requirements are the needs and expectations of the internal and external parties that have an interest or influence in the organization's objectives or operations, such as the board, management, employees, customers, regulators, investors, etc. Risk appetite is the amount and type of risk that the organization is willing to accept or pursue in order to achieve its objectives. Risk appetite should be driven by stakeholder requirements, because they reflect the organization's mission, vision, values, and strategy, and they provide the basis and direction for the organization's risk management activities. Risk appetite should also be aligned and communicated with stakeholder requirements, because they affect the organization's performance and reputation, and they require the organization's accountability and transparency. The other options are not the primary drivers of risk appetite, although they may be considered or influenced by risk appetite. Enterprise security architecture roadmap, legal and regulatory requirements, and business impact analysis (BIA) are all factors that could affect the organization's risk profile, risk assessment, or risk response, but they do not necessarily determine or reflect the organization's risk appetite.Reference:= Risk and Information Systems Control Study Manual, Chapter 2, Section 2.3.1, page 2-23.
The risk to an organization's reputation due to a recent cybersecurity breach is PRIMARILY considered to be:
Understanding Strategic Risk:
Strategic risk refers to the potential losses that can arise from adverse business decisions, improper implementation of decisions, or lack of responsiveness to changes in the business environment.
Reputational Impact of Cybersecurity Breaches:
A cybersecurity breach can severely damage an organization's reputation, affecting customer trust, investor confidence, and market value.
Such impacts go beyond immediate financial losses and can have long-term strategic implications for the organization's competitive position and strategic objectives.
Classification of Risk:
Financial Risk: Direct financial losses due to a breach (e.g., fines, legal costs) but does not cover reputational impacts.
Data Risk: Focuses on the loss or compromise of data but not the broader strategic impact.
Operational Risk: Pertains to disruptions in business operations, while reputational damage influences the organization's strategic direction and goals.
Strategic Risk and Reputation:
Reputational damage from a cybersecurity breach can lead to a loss of customer base, reduced market share, and difficulties in strategic partnerships, all of which are strategic concerns.
Addressing reputational risk requires strategic planning, proactive communication, and long-term efforts to rebuild trust and credibility.
Reference::
The CRISC Review Manual highlights that reputational risk is a significant aspect of strategic risk, especially following cybersecurity incidents (CRISC Review Manual, Chapter 1: Governance, Section 1.1.3 Importance and Value of IT Risk Management).
Which of the following is MOST likely to cause a key risk indicator (KRI) to exceed thresholds?
An organization is planning to engage a cloud-based service provider for some of its data-intensive business processes. Which of the following is MOST important to help define the IT risk associated with this outsourcing activity?
According to the CRISC Review Manual (Digital Version), the right to audit the provider is the most important factor to help define the IT risk associated with outsourcing activity to a cloud-based service provider, as it enables the organization to verify the compliance and performance of the provider with the contractual obligations and service level agreements. The right to audit the provider helps to:
Assess the security, availability, confidentiality, integrity, and privacy of the data and processes hosted by the provider
Identify and evaluate the risks and controls related to the cloud-based services and the provider's infrastructure
Monitor and measure the quality and effectiveness of the cloud-based services and the provider's governance and management practices
Report and resolve any issues or incidents related to the cloud-based services and the provider's operations
Ensure the alignment of the cloud-based services and the provider's policies and standards with the organization's objectives and requirements
Which of the following is the BEST indication of the effectiveness of a business continuity program?
