Domain 2 Risk Analysis, Evaluation and Assessment - Other Risk Assessment Approaches

These flashcards cover key terms and concepts related to risk management frameworks and methodologies discussed in the lecture.

NIST Special Publication 837

A framework used in risk management related to information security.

FERR (Factor Analysis of Information Risk Framework)

A framework that quantifies and manages information security risk, emphasizing accuracy and the use of mathematical formulas.

Threat Event Frequency

The measurement of how often a specific risk event, such as a laptop theft, is likely to occur.

Contact Frequency

The likelihood that a threat will materialize into an actual risk, assessed through historical trends.

Probability of Action

The likelihood that a specific threat action will lead to actual loss.

Potential Loss of Magnitude

The estimated amount of loss resulting from a risk event, such as the financial impact of stolen laptops.

Quantitative Risk Assessment

An objective method of assessing risk using specific mathematical formulas to express risk in numerical terms.

Holistic Approach to Risk Management

A risk assessment strategy that seeks to eliminate subjectivity and provide a comprehensive view of risks.

HARM Framework

Another risk assessment methodology that emphasizes a holistic approach to managing risks.

Risk Scenario Simulation

The process of using mathematical models to predict various complex risk situations based on decomposed risk factors.