Certified Information Security Manager (CISM)Information Security Risk ManagementEasy
A financial institution is implementing a new online banking platform. During the risk assessment process, the information security manager identifies a potential vulnerability related to cross-site scripting (XSS) that could allow attackers to inject malicious scripts into trusted websites. Based on the risk assessment, which of the following is the MOST appropriate next step for the information security manager?
- AQuantify the potential impact and likelihood of the XSS vulnerability exploitation.
- BAccept the risk of XSS given the platform's overall security features.
- CInform the development team to rewrite the affected code without further analysis.
- DImmediately implement a web application firewall (WAF) to block XSS attacks.
Show answer & explanationAnswer & explanation
Correct answer: A. Quantify the potential impact and likelihood of the XSS vulnerability exploitation.
After identifying a vulnerability, the next crucial step in risk management is to analyze and quantify the risk, which involves assessing its potential impact and likelihood. This provides the necessary data to make informed decisions about risk treatment.
Why the other options are wrong
- B. Accepting the risk without proper quantification and analysis is generally not a responsible risk management practice.
- C. Rewriting code without a clear understanding of the risk's severity and potential alternative controls is inefficient.
- D. Implementing a control before fully understanding the risk's magnitude might be premature or insufficient.
Risk Analysis
The process of identifying and evaluating potential risks, determining their likelihood and impact, to prioritize and develop appropriate mitigation strategies.
- Involves assessing likelihood and impact.
- Quantitative and qualitative methods can be used.
- Informs risk treatment decisions.
Memory trick: Risk management is like a doctor's visit: first, diagnose the problem, then assess its severity, and finally, prescribe treatment.