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ISC2 CISSP - Risk Management and Calculations Flashcards
ISC2 CISSP Flashcards
| Front | Back |
| What does ALE stand for? | Annualized Loss Expectancy |
| What does ARO stand for? | Annualized Rate of Occurrence |
| What does AV stand for? | Asset Value |
| What does SLE stand for? | Single Loss Expectancy |
| What is a risk appetite? | The amount of risk an organization is willing to accept |
| What is a safeguard? | A control or countermeasure that reduces risk |
| What is a threat? | A potential cause of an unwanted incident |
| What is a vulnerability? | A weakness in a system that can be exploited by a threat |
| What is asset value (AV)? | The total worth of an asset, including tangible and intangible value |
| What is Exposure Factor (EF)? | The percentage of asset value lost in an incident |
| What is inherent risk? | The level of risk before any controls or mitigation are applied |
| What is qualitative risk analysis? | A subjective assessment of risk based on experience and judgment |
| What is quantitative risk analysis? | A numerical assessment of risk based on formulas and data |
| What is residual risk? | Risk remaining after controls are applied |
| What is risk acceptance? | Acknowledging and choosing to retain a risk without taking action |
| What is risk avoidance? | Eliminating a risk entirely by not engaging in the activity |
| What is risk mitigation? | Reducing the impact or likelihood of a risk |
| What is risk transference? | Another term for transferring risk to a third party |
| What is risk? | The potential for loss or damage when a threat exploits a vulnerability |
| What is the difference between a threat and a vulnerability? | A threat is a potential danger; a vulnerability is a weakness that can be exploited |
| What is the formula for Annualized Loss Expectancy (ALE)? | ALE = SLE × ARO |
| What is the formula for Exposure Factor? | EF = Loss Amount ÷ Asset Value |
| What is the formula for Residual Risk? | Residual Risk = Inherent Risk – Control Effectiveness |
| What is the formula for Single Loss Expectancy (SLE)? | SLE = Asset Value × Exposure Factor |
| What is transfer of risk? | Shifting risk to a third party, such as through insurance |
Help you memorize key formulas, definitions, and concepts used in risk management, which are frequently tested and often math-based.