CRISC Exam Dumps - Certified in Risk and Information Systems Control

Obfuscating customer information ensures data privacy by rendering sensitive details unintelligible to unauthorized parties, reducing the risk of exposure during transit or processing. This aligns withData Protection and Privacy Regulationsunder risk management frameworks, emphasizing safeguarding personally identifiable information.

 The first step when developing a business case to drive the adoption of a risk remediation project by senior management is to identify the objectives of the project. The objectives are the specific, measurable, achievable, relevant, and time-bound (SMART) goals that the project aims to accomplish. The objectives should be aligned with the organization’s vision, mission, and strategy, as well as the identified business problem or opportunity. The objectives should also reflect the expected benefits and outcomes of the project, such as reducing the risk exposure, enhancing the security posture, or improving the business performance. Identifying the objectives is the first step because it provides the direction, scope, and justification for the project, and it serves as the basis for evaluating the alternative solutions, estimating the costs and benefits, and communicating the value proposition to the senior management and other stakeholders. The other options are not the first step, although they may be subsequent or concurrent steps in the business case development process. Calculating the cost is a part of the financial analysis, which estimates the total expenditure and funding sources of the project, but it does not define the purpose or the scope of the project. Analyzing cost-effectiveness is a part of the economic analysis, which compares the costs and benefits of the alternative solutions and recommends the optimal one, but it does not specify the goals or the criteria of the project. Determining the stakeholders is a part of the stakeholder analysis, which identifies and assesses the interests, expectations, and influence of the parties involved in or affected by the project, but it does not establish the objectives or the rationale of the project. References = Business case: 7 key steps to build it and use it - Twproject: project …, Guide to developing the Project Business Case - GOV.UK, How to Write a Business Case: Template & Examples | Adobe Workfront

 Residual risk is the risk that remains after security controls have been implemented on a system. Residual risk can be accepted, transferred, avoided, or further mitigated. The most important consideration when deciding whether to accept residual risk is the cost versus benefit of additional mitigating controls. This means comparing the potential impact of the residual risk with the cost and effectiveness of implementing more controls to reduce it. If the cost of additional controls outweighs the benefit of reducing the residual risk, then it may be acceptableto accept the residual risk. However, if the benefit of additional controls exceeds the cost, then it may be advisable to implement more controls to lower the residual risk to an acceptable level. References = Risk and Information Systems Control Study Manual, Chapter 3: Risk Response and Mitigation, Section 3.4: Risk Response Selection, p. 156-157.

ï‚· Understanding Business Impact Analysis (BIA):

BIA is a process used to identify and evaluate the potential effects (impact) of interruptions to critical business operations as a result of a disaster, accident, or emergency.

It helps quantify the potential loss impact of cyber risks by assessing the financial and operational consequences of disruptions.

ï‚· Quantifying Loss Impact:

BIA involves determining the value of business processes and the impact of their loss. This includes evaluating factors such as revenue loss, additional operational costs, legal penalties, and reputational damage.

By analyzing the criticality of business functions and their dependencies, BIA provides a detailed understanding of potential impacts, aiding in the development of risk mitigation strategies.

ï‚· Comparing Other Techniques:

Cost-Benefit Analysis:Useful for evaluating the cost-effectiveness of controls but does not provide a comprehensive assessment of potential loss impacts.

Penetration Testing:Identifies vulnerabilities but does not quantify the business impact of exploiting those vulnerabilities.

Security Assessment:Evaluates security controls but is not focused on the broader business impact of potential disruptions.

ï‚· References:

The CRISC Review Manual emphasizes the role of BIA in assessing the impact of risks on business operations and quantifying potential losses (CRISC Review Manual, Chapter 2: IT Risk Assessment, Section 2.7 Business Impact Analysis)​​.

Involving stakeholders ensures all perspectives are considered, leading to more accurate risk identification, assessment, and prioritization.

The risk practitioner shouldfirst review the methodology of the BIAbecause the BIA identifies critical processes and the impacts of disruptions. This ensures that any identified risks are grounded in reliable, updated business impact data.

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Change management is the best way to prevent an unscheduled application of a patch, because it ensures that any changes to the IT environment are planned, approved, tested, and documented. Change management is a process that controls the implementation of changes to IT systems, applications, infrastructure, or processes. It aims to minimize the risk of disruption, errors, or failures caused by changes. Applying a patch is a type of change that may affect the security, functionality, or performance of an IT system or application. Therefore, applying a patch shouldfollow the change management process and schedule, and avoid any unscheduled or unauthorized patching. Network-based access controls, compensating controls, and segregation of duties are all useful controls to protect the IT environment from unauthorized or malicious access, but they do not prevent an unscheduled application of a patch, as they do not address the change management process. References = Risk and Information Systems Control Study Manual, Chapter 5, Section 5.4.2, page 211