Chapter 4 Risk Management Essay - 1322 Words

Chapter 4 - Risk Management 1. What is risk management? Why is identification of risks, by listing assets and their vulnerabilities, so important to the risk management process? Risk management is the process of identifying risk, as represented by vulnerabilities, to an organization’s information assets and infrastructure, and taking steps to reduce this risk to an acceptable level. Each of the three elements in the C.I.A. triangle, introduced in Chapter 1, is an essential part of every IT organization’s ability to sustain long-term competitiveness. When an organization depends on IT-based systems to remain viable, information security and the discipline of risk management must become an integral part of the economic basis for making†¦show more content†¦6. What value does an automated asset inventory system have for the risk identification process? An automated asset inventory system would be valuable to the risk identification process because all hardware components are already identifi ed – models, make and locations – thus management can review for the most critical items and assess the values. 7. What information attributes is often of great value for networking equipment when DHCP is not used? IP Address 8. Which is more important to the systems components classification scheme, that the list be comprehensive or mutually exclusive? It is more important that the list be comprehensive than mutually exclusive. It would be far better to have a component assessed in an incorrect category rather than to have it go completely unrecognized during a risk assessment. 9. What’s the difference between an asset’s ability to generate revenue and its ability to generate profit? The main difference between a revenue-generating asset and a profit-generating asset is that the revenue-generating asset produces a cash flow that is linked directly to the asset. If the asset were sold, the cash flow would stop. With a profit-generating asset, the linkage is not so direct. The asset does not produce cash directly, but influences consumer and competitor behavior with the intention of producing more revenues. 10. What are vulnerabilities and how do you identify them? A vulnerability is a weak spot in your network that mightShow MoreRelatedThe Real Estate And Construction Industry1000 Words   |  4 Pagesareas - from property management to risk management. 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