Risk Management 101 for IT Professionals Essential Concepts - The Elements of Risk

The video tutorial explains the components of risk, including assets, threats, vulnerabilities, and risk responses. It provides a holistic view of risk management, using an IT security example involving phishing emails to illustrate how threats exploit vulnerabilities, leading to risks. The tutorial suggests mitigating risks through security awareness training, emphasizing the protection of assets like IT systems and users.

What are the elements that compose a risk?

• Assets, threats, vulnerabilities, risks, and risk responses

• Strengths, weaknesses, opportunities, and threats

• Assets, liabilities, opportunities, and threats

• Assets, liabilities, risks, and opportunities

In the context of IT security, what is an example of a threat?

• A strong password policy

• User training programs

• Phishing emails

• Regular software updates

What vulnerability is exploited by phishing attacks?

• Weakness in IT infrastructure

• Lack of user awareness

• Outdated software

• Inadequate firewall protection

How can organizations mitigate the risk of phishing attacks?

• By outsourcing IT services

• By increasing server capacity

• By conducting security awareness training

• By installing antivirus software

What is the purpose of risk responses in risk management?

• To exploit vulnerabilities

• To mitigate risks and protect assets

• To increase the number of assets

• To identify new threats