Exactprep CISM Questions

Cost-benefit analysis of mitigating controls is the BEST way to assist in determining whether to accept residual risk of a critical security system, because it helps to compare the costs of implementing and maintaining the controls with the benefits of reducing the risk and the potential losses. Cost-benefit analysis can help to justify the investment in security controls and to optimize the level of residual risk that is acceptable for the organization.

References =

CISM Review Manual, 16th Edition, ISACA, 2020, p. 50: “Cost-benefit analysis is the process of comparing the costs of risk treatment options with the benefits of risk reduction and the potential losses from risk events.”

CISM Review Manual, 16th Edition, ISACA, 2020, p. 51: “Cost-benefit analysis can help to justify the investment in information security controls and to optimize the level of residual risk that is acceptable for the enterprise.”

CISM Domain 2: Information Risk Management (IRM) [2022 update]: “Cost-benefit analysis: This is a comparison of the costs of implementing and maintaining security controls with the benefits of reducing risk and potential losses. It helps to justify the investment in security controls and optimize the level of residual risk.”

The correct answer is C because the first step after an incident is reported is to validate whether the reported event is actually an incident. Validation helps prevent unnecessary escalation, disruption, or incorrect response actions. The incident handler should confirm the event by reviewing available evidence, logs, alerts, user reports, system behavior, or other indicators. After validation, the handler can classify the incident, determine severity, assess scope, notify appropriate parties, and begin containment or eradication according to the incident response plan. Notifying parties before validation may cause confusion or unnecessary escalation. Determining scope is important, but it should occur after confirming that an incident exists. Powering off the system may destroy volatile evidence, disrupt business operations, or worsen the situation if done without analysis. CISM incident management principles require orderly identification, validation, classification, escalation, and response. Therefore, validating the incident is the correct first action for the incident handler.

The primary purpose for the long-term plan for the information security program is to ensure controls align with security needs. This is because the long-term plan provides a strategic vision and direction for the information security program, and defines the goals, objectives, and initiatives that support the organization’s mission, vision, and values. The long-term plan also helps to identify and prioritize the security risks and opportunities that may arise in the future, and to align the information security controls with the changing business and technology environment. The long-term plan also facilitates the allocation and optimization of the resources and budget for the information security program, and enables the measurement and evaluation of the program’s performance and value.

The long-term plan provides a strategic vision and direction for the information security program, and defines the goals, objectives, and initiatives that support the organization’s mission, vision, and values. The long-term plan also helps to identify and prioritize the security risks and opportunities that may arise in the future, and to align the information security controls with the changing business and technology environment. (From CISM Manual or related resources)

References = CISM Review Manual 15th Edition, Chapter 3, Section 3.1.1, page 1261; CISM domain 3: Information security program development and management [2022 update] | Infosec2; CISM: Information Security Program Development and Management Part 1 Online, Self-Paced3