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Risk Identification

5 minutes 5 Questions

Risk Identification is the process of systematically identifying, analyzing, and documenting potential threats and vulnerabilities that could negatively impact the security, availability, and operation of an organization's IT systems and data. This includes identifying potential cyber threats, natural disasters, and human errors that may expose the organization to risks. Risk Identification is the first step in risk management as it helps in creating a comprehensive understanding of the risks faced by the organization and thus helps in developing appropriate strategies for risk mitigation and management. Methods for risk identification include but are not limited to, vulnerability scanning, penetration testing, threat modeling, and conducting regular security audits.

Guide for Risk Identification in CompTIA Security+

What is Risk Identification?
Risk Identification is a key aspect of Risk Management in the CompTIA Security+ framework. It refers to the process of detecting, documenting, and comprehending threats or vulnerabilities that could negatively impact the assets of an organization.

Importance of Risk Identification
Without identifying risks, security professionals can't properly protect an organization's assets. It provides the necessary context for subsequent risk assessment and determination of risk responses.

How does it work?
Risk Identification involves different strategies including threat modeling, vulnerability scanning, and risk workshops. The goal is to form a comprehensive list of potential threats and vulnerabilities.

Exam Tips: Answering Questions on Risk Identification
Understand the definitions and differences between threats, vulnerabilities, and risks. Be familiar with various risk identification techniques. Remember, real-life examples could be used in the exam. Always link the risk identified to potential organizational impacts.

Remember: Proper risk identification is the critical first step towards successful risk management.

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CompTIA Security+ - Risk Management Example Questions

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Question 1

You are project manager for a building project, and you’ve discovered a potential for a material shortage due to a strike. What risk identification method have you likely used?

Correct Answer: External Market Analysis

In the given scenario, identifying a potential materials shortage due to a strike likely involves an External Market Analysis. This method encompasses assessment of events or circumstances outside the direct control of the project team that may affect the project if they occur, such as labor strikes which could impact material availability. The other methods are less suitable: Risk Categorization involves grouping potential risks into categories, which would not directly identify a specific risk such as a material shortage; Document Reviews might expose potential risks listed in project documents, but would not necessarily highlight an external issue like a strike; Assumptions Analysis identifies risks that arise from inaccuracy, inconsistency, or incompleteness in the project planning and assumptions, not from external factors like a materials shortage due to a strike.

Question 2

You are a project manager for a recycling plant project. A member of your team raises the concern of potential environmental pollution. What risk identification method was used here?

Correct Answer: Brainstorming among the project team

In this scenario, the risk identification method used is 'Brainstorming among the project team'. This is deduced from the fact that a team member raised a concern about a potential risk, indicating that a discussion or a thinking process is taking place within the team in regards to the project's potential risks. The other options are incorrect because they do not align with the given scenario. 'Risk assumption based on general risks' indicates a systematic approach that might not involve individual team member concerns like in the scenario. 'Review of unrelated past projects' isn’t applicable here as the team member's concern is presumably based on the current project. 'Delphi technique with external experts' doesn’t fit because the concern was raised by a member of the project team, not an external expert.

Question 3

While managing a large-scale firmware update project for a tech company, you encounter a situation where a last-minute change to the scope could lead to significant system malfunction. Which risk identification technique is best suited to this situation?

Correct Answer: What-if analysis

Given the situation where a last-minute change to the software project scope could lead to significant system malfunction, the best risk identification technique to apply would be 'What-if analysis'. This is because 'What-if analysis' allows us to explore the potential impact of a change by posing hypothetical 'what if' scenarios and contemplating the possible outcomes. It is often used when there's uncertainty about how a change may affect the outcome of the project. On the other hand, 'SWOT analysis' is a strategic planning tool used to identify strengths, weaknesses, opportunities, and threats related to business competition or project planning, and won't be suitable to answer the specified question. 'Root Cause Identification' is commonly used to identify the underlying reason an issue occurred, and would not directly help in this situation. Lastly, 'Assumption analysis' is the evaluation of the validity of assumptions made during the project planning and risk management process. It helps identify risks that can be introduced by false assumptions, but it might not effectively handle unexpected changes.

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