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ARM 401 Chapter 6 - Part 1 ANSWERS SOLVED CORRECTLY TO SCORE A+
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ARM 401 Chapter 6 - Part 1 ANSWERS SOLVED CORRECTLY TO SCORE A+
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11/1/24, 1:03 AM ARM 401 Chapter 6 - Part 1 Flashcards | QuizletARM 401 Chapter 6 - Part 1ANSWERS SOLVED
CORRECTLY TO SCORE A+
Terms in this set (63)
The first line of defense against cyber Risk mitigation.
attacks is:
Think about the people and companies that The associated cyber risk loss exposures.
you do business with. Are any of them off
the grid in the sense that their business
operations aren't connected to the internet.
Unlikely. Operations ranging from
multinational conglomerates to individual
artisans rely on the internet to do business.
Even street vendors can accept payment
through a smart phone. Risk and insurance
professionals need to understand:
Companies rely on computer networks, Their systems and data, as well as to those of their customers and suppliers.
electronic data, digital devices, and the
internet for virtually all aspects of their
operations. How do you begin to measure
and mitigate the cyber risk loss exposures
that are common to our daily business
transactions.
Companies that use the internet must
consider the risks presented to:
It's likely that this item would be hard to The data about your customers.
replace, and it also presents the greatest
risk to your business:
A cyber event regarding customer data, Topple your business much faster than losing a supplier or even the contents of your
especially personally identifiable warehouse would.
information P I I, would set off a
downstream chain of events that could:
Property that has a physical form, is called: Tangible property.
Property that has no physical form, is Intangible property.
called:
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, 11/1/24, 1:03 AM ARM 401 Chapter 6 - Part 1 Flashcards | Quizlet
The product of human intelligence that has Intellectual property.
economic value, is called:
A plumbing contractor that doesn't have a Accounting, finance, and record-keeping activities. The data in such a network would
customer website may believe that it has no be exposed to multiple cyber risks that could severely impair the contractor's
cyber risk property loss exposures. operations.
However, it may have a computer network
that supports its:
Property exposed to cyber loss can be Tangible or intangible property.
either:
The distinction of tangible or intangible Commercial liability forms, compared to property.
property is especially important in:
Commercial liability forms define property damage as damage to tangible property
This is because:
only, and specify that electronic data isn't considered tangible.
While commercial property forms typically Limit coverage for electronic data to an amount that's insufficient for most insureds.
don't distinguish between tangible and
intangible personal property, they usually:
This means that standard commercial A number of cyber risk loss exposures.
property policies don't adequately cover:
Cyber risk insurance that covers loss of or damage to both tangible and intangible
Most companies therefore need:
property.
The tangible property exposed to cyber All types of computer equipment.
loss includes:
Intangible personal property may include: Data, trade secrets, and intellectual property.
Such electronic data has substantial value Especially vulnerable.
but is also:
For instance, if an employee of a Unable to conduct its business.
telemarketing company installed a
software update that contained a virus, the
company's data could be corrupted,
leaving the company:
Or a cyber criminal could obtain Damage or encrypt the data, and extort ransom from the company.
unauthorized access to a company's
computer network:
Net Income Loss Exposure: You can How a company might be affected if a cyber breach caused a reduction or cessation
measure the potential extent of cyber risk of business operations
net income loss exposures by considering:
A reduction or cessation of business A business interruption.
operations is A K A:
Risk professionals should consider any Decrease revenues, increase expenses, or both.
possible business interruption that would:
Cyber-related net income loss exposures Those of its key customers and suppliers.
can result from interruptions of not only
the company's own computer network but
also:
These loss exposures can be evaluated in Loss of business income, including contingent business income, and extra expenses.
terms of:
Loss of business income occurs when: A company's net income is reduced because of an adverse event.
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