Risk Management for Cyber Security Managers - Risk Assessment

The video tutorial explains how to assess risks by evaluating their likelihood and impact. It introduces the concepts of qualitative and quantitative measures for both likelihood and impact, providing examples to illustrate these assessments. The tutorial also discusses how to combine these factors to determine the overall risk level, categorizing risks as low, medium, or high based on their scores.

What are the two main factors involved in assessing risk?

• Severity and Frequency

• Cost and Time

• Likelihood and Impact

• Probability and Consequence

How would you rate a risk that might occur once every five years?

• Very likely

• Likely

• Unlikely

• Very unlikely

Which of the following is a qualitative description for a risk that occurs once a year?

• Very unlikely

• Likely

• Unlikely

• Very likely

What is the impact rating for a risk causing less than $5000 in damages?

• High

• Insignificant

• Minor

• Moderate

Which impact rating would involve loss of company reputation?

• Disastrous

• Minor

• Insignificant

• Moderate

What is the risk level for a combined score of 10 from likelihood and impact ratings?

• Critical risk

• Low risk

• Medium risk

• High risk

How would you categorize a risk with a combined score of 20?

• Medium risk

• Low risk

• No risk

• High risk