Risk Management 101 for IT Professionals Essential Concepts - Section Introduction - Why We Need Risk Management

This video tutorial covers the importance of risk management, starting with its necessity and moving into legal and regulatory concerns such as due care, due diligence, and gross negligence. It then delves into common IT vulnerabilities and the state of cybersecurity in late 2021 and early 2022. The tutorial concludes with a case study on the 2021 Colonial Pipeline ransomware attack.

Why is risk management considered important in organizations?

• To increase profits

• To ensure safety and compliance

• To enhance marketing strategies

• To reduce employee workload

Which of the following is a legal concept related to risk management?

• Due diligence

• Market analysis

• Customer satisfaction

• Product innovation

What does 'due care' refer to in a legal context?

• Ignoring potential risks

• Delegating all responsibilities

• Maximizing profits at any cost

• Taking reasonable steps to prevent harm

What was a significant cybersecurity event in 2021?

• The introduction of a new smartphone

• The launch of a new social media platform

• The Colonial Pipeline ransomware attack

• A major stock market crash

What is a common IT vulnerability discussed in the course?

• High employee turnover

• Outdated software

• Ineffective marketing

• Poor customer service