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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

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.

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

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.

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PECB Certified ISO/IEC 27005 Risk Manager Sample Questions (Q10-Q15):

NEW QUESTION # 10
Which statement regarding risks and opportunities is correct?

A. There is no difference between opportunities and risks; these terms can be used interchangeably
B. Risks always have a positive outcome whereas opportunities have an unpredicted outcome
C. Opportunities might have a positive impact, whereas risks might have a negative impact

Answer: C

Explanation:
ISO standards, including ISO/IEC 27005, make a distinction between risks and opportunities. Risks are defined as the effect of uncertainty on objectives, which can result in negative consequences (such as financial loss, reputational damage, or operational disruption). Opportunities, on the other hand, are situations or conditions that have the potential to provide a positive impact on achieving objectives. Therefore, option B is correct, as it accurately reflects that risks are generally associated with negative impacts, while opportunities can lead to positive outcomes. Option A is incorrect because risks can have negative outcomes, not positive ones. Option C is incorrect because risks and opportunities have different meanings and implications and are not interchangeable.

NEW QUESTION # 11
Which activity below is NOT included in the information security risk assessment process?

A. Prioritizing risks for risk treatment
B. Selecting information security risk treatment options
C. Determining the risk identification approach

Answer: B

Explanation:
The information security risk assessment process, as outlined in ISO/IEC 27005, typically includes identifying risks, assessing their potential impact, and prioritizing them. However, selecting risk treatment options is not part of the risk assessment process itself; it is part of the subsequent risk treatment phase. Therefore, option C is the correct answer as it is not included in the risk assessment process.

NEW QUESTION # 12
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 monitor the remaining risk after risk treatment. Is this necessary?

A. No, unless the risk has a severe impact if it occurs, there is no need to monitor the risk
B. Yes, the remaining risk after risk treatment should be monitored and reviewed
C. No, there is no need to monitor risks that meet the risk acceptance criteria

Answer: B

Explanation:
ISO/IEC 27005 advises that even after risks have been treated, any residual risks should be continuously monitored and reviewed. This is necessary to ensure that they remain within acceptable levels and that any changes in the internal or external environment do not escalate the risk beyond acceptable thresholds. Monitoring also ensures that the effectiveness of the controls remains adequate over time. Option A is incorrect because all risks, including those meeting the risk acceptance criteria, should be monitored. Option B is incorrect because monitoring is necessary regardless of the perceived severity if it occurs, to detect changes early.

NEW QUESTION # 13
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.
Did Primary perform risk analysis in accordance with the guidelines of ISO/IEC 27005? Refer to scenario 3.

A. Yes, according to ISO/IEC 27005. the consequences, likelihood, and the level of risk should be determined during risk analysis
B. No. according to ISO/IEC 27005, the risk level should be determined during risk evaluation
C. No, the gap analysis should have been conducted during risk analysis, as suggested by ISO/IEC 27005

Answer: A

Explanation:
ISO/IEC 27005 specifies that risk analysis should involve determining the potential consequences (impact) and the likelihood of identified risks, which together form the basis for calculating the level of risk. In Scenario 3, Printary followed this approach by assessing potential incident scenarios, determining their impact, evaluating their likelihood, and finally defining the level of risk. This process is aligned with the guidelines of ISO/IEC 27005 for conducting a thorough risk analysis. Therefore, Printary performed the risk analysis in accordance with the standard's guidelines, making option C the correct answer.
Reference:
ISO/IEC 27005:2018, Clause 8.4, "Risk Analysis," which outlines the steps to analyze risks by determining their consequences, likelihood, and overall level of risk.

NEW QUESTION # 14
Which of the following statements best defines information security risk?

A. Weakness of an asset or control that can be exploited by one or a group of threats
B. Potential cause of an unwanted incident related to information security that can cause harm to an organization
C. The potential that threats will exploit vulnerabilities of an information asset and cause harm to an organization

Answer: C

Explanation:
Information security risk, as defined by ISO/IEC 27005, is "the potential that a threat will exploit a vulnerability of an asset or group of assets and thereby cause harm to the organization." This definition emphasizes the interplay between threats (e.g., cyber attackers, natural disasters), vulnerabilities (e.g., weaknesses in software, inadequate security controls), and the potential impact or harm that could result from this exploitation. Therefore, option A is the most comprehensive and accurate description of information security risk. In contrast, option B describes a vulnerability, and option C focuses on the cause of an incident rather than defining risk itself. Option A aligns directly with the risk definition in ISO/IEC 27005.

NEW QUESTION # 15
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