First Course of Action for IT Risk Management Team
Question
An enterprise learns that a new privacy regulation was recently published to protect customers in the event of a breach involving personally identifiable information (PII)
The IT risk management team's FIRST course of action should be to:
Answers
Explanations
Click on the arrows to vote for the correct answer
A. B. C. D.C.
The IT risk management team's first course of action in response to the new privacy regulation should be to determine if the new regulation introduces new risks. Therefore, the correct answer is B.
Here's why:
Privacy regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), are designed to protect individuals' personal information. Compliance with these regulations is critical for organizations that handle sensitive information, as failure to comply can result in significant fines and legal penalties.
When a new privacy regulation is published, the IT risk management team needs to evaluate its potential impact on the organization's risk profile. The team should identify if the new regulation introduces any new risks, or if it changes the likelihood or impact of existing risks.
For example, the new regulation may require additional data security measures, such as encryption or two-factor authentication. These measures may introduce new risks, such as increased complexity or decreased usability, that the organization needs to manage.
Once the IT risk management team has determined if the new regulation introduces any new risks, they can assign a risk owner for the regulation and define the risk tolerance and risk appetite. The team can then develop a risk management plan to address the identified risks and ensure compliance with the new regulation.
In summary, the IT risk management team's first course of action in response to a new privacy regulation should be to determine if the new regulation introduces new risks. This is a critical step in ensuring that the organization's risk management strategy is up-to-date and effective in managing privacy-related risks.
