FSR EXAM 2 QUESTIONS & ANSWERS
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Cybersecurity - ANSWERS"the process of protecting information by preventing,
detecting, and responding to attacks."
Insiders (authorized/unauthorized access) - ANSWERSStolen cash or another financial
asset
Stolen intellectual property
Cyber security strategy and framework
(G-7 Fundamental Elements for Cyber Security) - ANSWERSSpecifies how
cybersecurity risk management will be implemented.
Should be specific to the nature of activities, size of entity, complexity of risk and
operations, risk profile and organizational culture.
Governance
(G-7 Fundamental Elements for Cyber Security) - ANSWERSComprehensive policies
and documented risk management strategies
Specifies the roles of the Board, Management, and Internal and External Audit and
Risk Management functions.
, Provides adequate resources and expertise.
Ensures accountability and appropriate authority.
Risk and Control Assessment
(G-7 Fundamental Elements for Cyber Security) - ANSWERSCybersecurity (enterprise-
wide) risk management must be applied to organizational functions, activities, products
and services.
Evaluate the contagion effect of its cybersecurity risk on other stakeholders including
the financial system.
Cyber concentration risk must be identified.
Must be an assessment of the Cyber Security exposure
Monitoring
(G-7 Fundamental Elements for Cyber Security) - ANSWERSEstablish monitoring
system to timely detect cyber incidents
Evaluate the effectiveness of networks by monitoring, conducting exercises, and i
independent testing and audits
Cyber Security Incident Response
(G-7 Fundamental Elements for Cyber Security) - ANSWERS1. Assess the nature,
scope and impact of a cyber incident
2. Contain the incident and prevent further impact
3.Report the incident (law enforcement, regulators, customers, shareholders, third-party
service providers, etc., as needed)
Recovery
(G-7 Fundamental Elements for Cyber Security) - ANSWERSResume operations while
continuing remediation
Remove residual vulnerabilities
Implement measures to prevent incident recurrence
Communicate recovery efforts to stakeholders as needed
Information Sharing
(G-7 Fundamental Elements for Cyber Security) - ANSWERSInformation on threats,
vulnerabilities, incidents, and responses should be shared to create awareness,
enhance learning, limit damage and strengthen defenses.
Continuous Learning
(G-7 Fundamental Elements for Cyber Security) - ANSWERSReview and update the
cybersecurity strategy and framework periodically or as the need arises
FFIEC Least Inherent Risk - ANSWERSLimited use of technology.
Few computers, applications, systems and no connections.
Small geographic footprint and few employees.
FFIEC Minimal Inherent Risk - ANSWERSUses established technologies.
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