TutorialWeek08_Ans - ITC482 Computer Management & Security...

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Tutorial Week 08 - Solutions Tutorial Week 08 - Solutions Week 08: Risk Management: Assessing and Controlling Risk Review Questions 1. What is competitive advantage? How has it changed over the years since the IT industry began? Answer: An organization has competitive advantage when it creates a competitive business model, method, or technique that allowed it to provide a product or service that was superior to competitors. Competitive advantage was most common in the early days of IT systems, but now, every organization operates at a similar level of automation so there is no such thing as competitive advantage. 2. What is competitive disadvantage? Why has it emerged as a factor? Answer: Competitive disadvantage is the state of falling behind the competition. Recently, every organization is improving technologies to avoid loss of market share, not to stay ahead of their competitors. 3. What are the four risk control strategies? Answer: Avoidance, Transference, Mitigation, and Acceptance. 4. Describe the strategy of risk avoidance Answer: Risk avoidance attempts to prevent the exploitation of the vulnerability. 5. Describe the strategy of risk transference Answer: Risk transference attempts to shift the risk to other assets, other processes, or other organizations. 6. Describe the strategy of risk mitigation Answer: Risk mitigation attempts to reduce, by means of planning and preparation, the damage caused by the exploitation of vulnerability. 7. Describe the strategy of risk acceptance Answer: Risk acceptance is the choice to do nothing to protect an information asset and to accept the outcome from any resulting exploitation. 8. Describe residual risk. Answer: Residual risk is the “left-over” risk that is not completely removed, shifted, or planned for. 9.
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This note was uploaded on 02/15/2010 for the course ITC 594 taught by Professor Peterdalmaris during the Three '10 term at Charles Sturt University.

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TutorialWeek08_Ans - ITC482 Computer Management & Security...

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