ECCouncil Updated 712-50 Exam Questions and Answers by hawa

 First Step in Establishing Governance per ISO 27001:

An Information Security Policy outlines the organization’s commitment to security, its objectives, and the framework for managing risks. This foundational step provides direction and purpose for the ISMS (Information Security Management System).

 Why This Comes First:

Establishes the scope and objectives of the ISMS.

Aligns information security goals with business objectives.

Guides subsequent actions like risk assessments and resource allocation.

 Why Other Options Are Incorrect:

A. Identify threats, risks, impacts, and vulnerabilities: Occurs after policy definition to align with its framework.

B. Decide how to manage risk: Requires a policy foundation.

C. Define the budget: Happens after defining scope and needs.

 References:

ISO 27001 mandates the creation of a high-level information security policy as the first step in an ISMS lifecycle.

 Function of Management Response in Audits:

The management response evaluates audit findings and decides on resource allocation for addressing identified issues.

 Purpose:

This step ensures that management's priorities align with the organization’s risk management and operational goals.

 Supporting Reference:

CCISO materials emphasize management’s role in assessing and addressing audit findings to improve organizational processes.

 Definition of Exposure Factor:

Exposure Factor (EF) quantifies the percentage of an asset’s value lost due to a threat event.

 Calculation Context:

EF is used in risk analysis calculations such as Annual Loss Expectancy (ALE).

 Supporting Reference:

CCISO materials define EF as a critical metric in quantifying potential impacts in risk management.

 PCI Compliance Levels:

PCI compliance requirements are categorized into levels based on the volume of credit card transactions processed annually.

Level 1: Over 6 million transactions per year.

Level 2: 1 to 6 million transactions per year.

Level 3: 20,000 to 1 million transactions per year.

Level 4: Less than 20,000 transactions per year.

 Why This is Correct:

The number of transactions is the primary determinant of compliance level and dictates the level of scrutiny and reporting required.

 Why Other Options Are Incorrect:

A & B: Data retention types and duration are relevant but not the basis for compliance levels.

C. Organization Size: Compliance levels are transaction-based, not dependent on organization size.

 References:

PCI-DSS standards explicitly outline compliance criteria based on transaction volume, as emphasized by EC-Council CISO materials.