Risk Scenario Assessment
Question
Suppose you are working in Company Inc.
and you are using risk scenarios for estimating the likelihood and impact of the significant risks on this organization.
Which of the following assessment are you doing?
Answers
Explanations
Click on the arrows to vote for the correct answer
A. B. C. D.C.
Threat and vulnerability assessment consider the full spectrum of risks.
It identifies the likelihood of occurrence of risks and impact of the significant risks on the organization using the risk scenarios.
For example: Natural threats can be evaluated by using historical data concerning frequency of occurrence for given natural disasters such as tornadoes, hurricanes, floods, fire, etc.
Incorrect Answers: A, B: These use either some technical evaluation tool or assessment methodologies to evaluate risk but do not use risk scenarios.
D: Risk assessment uses quantitative and qualitative analysis approaches to evaluate each significant risk identified.
The assessment described in the question is a risk assessment.
A risk assessment is a process used to identify and evaluate potential events or situations that could negatively impact an organization's assets or operations. It involves analyzing threats and vulnerabilities and assessing the likelihood and potential impact of each risk. Risk assessments are an essential component of effective risk management, as they help organizations prioritize and allocate resources to mitigate the most significant risks.
IT security assessments focus specifically on evaluating an organization's security posture and identifying vulnerabilities and weaknesses in its IT systems and infrastructure. This type of assessment is typically conducted by security professionals or auditors.
IT audits are a comprehensive review of an organization's IT systems, processes, and controls to ensure that they meet established standards and regulations. Audits typically assess compliance with specific frameworks or standards, such as ISO 27001 or NIST.
Threat and vulnerability assessments are similar to security assessments in that they focus on identifying potential threats and vulnerabilities. However, these assessments often take a more proactive approach by seeking out vulnerabilities before they can be exploited by attackers.
In summary, the assessment described in the question is a risk assessment, which involves identifying and evaluating potential risks to an organization's assets or operations.
