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CIMAPRO19-P03-1 Exam - Topic 1 Question 81 Discussion

KLO is a major quoted car rental company The company is considering publishing its first cyber risk management reportAH rental bookings are made online Customers receive a booking reference number that they use to collect their cars from a convenient branch Customers enter their credit card details both so that KLO can take payment for their rental and also so that the customers can be charged automatically for late returns or damage to carsKLO's management believes that it has three key areas of cyber risk Cyber criminals may wish to make bookings using fictitious data in order to steal KLO's cars, they may wish to use customers details to identify addresses of people who are away from home so that they can burgle houses and they may wish to abuse customer credit card detailsKLO's Board is concerned that admitting to the nsk of stealing cars might encourage cnminals to exploit that vulnerability AJso. it is concerned that customers will be reluctant to rent cars if that would mean that their homes could be at risk of burglary while they are away The vulnerability of credit card details seems obvious and so the Board is not reluctant to admit to that.Which TWO of the following are correct?
A) The Board should be clear about all sensitive information that the company holds, but should also be clear about the robust controls in place to safeguard that information. and C) The independent accountant who will express an opinion on the risks and controls will be unwilling to sign the report unless it contains a full account of all risks and controls
B) If KLO's Board omits one of more areas of concern from the report then the independent accountant who will sign the report is unlikely to discover that omission
D) The independent accountant's report on KLO's cyber risk management will refer only to those vulnerabilities that have been identified by KLO's Board
E) Stakeholders will not care about the vulnerabilities faced by KLO provided the independent accountant can confirm that the company has sound systems in place

CIMAPRO19-P03-1 Exam - Topic 1 Question 81 Discussion

Actual exam question for CIMA's CIMAPRO19-P03-1 exam
Question #: 81
Topic #: 1
[All CIMAPRO19-P03-1 Questions]

KLO is a major quoted car rental company The company is considering publishing its first cyber risk management report

AH rental bookings are made online Customers receive a booking reference number that they use to collect their cars from a convenient branch Customers enter their credit card details both so that KLO can take payment for their rental and also so that the customers can be charged automatically for late returns or damage to cars

KLO's management believes that it has three key areas of cyber risk Cyber criminals may wish to make bookings using fictitious data in order to steal KLO's cars, they may wish to use customers details to identify addresses of people who are away from home so that they can burgle houses and they may wish to abuse customer credit card details

KLO's Board is concerned that admitting to the nsk of stealing cars might encourage cnminals to exploit that vulnerability AJso. it is concerned that customers will be reluctant to rent cars if that would mean that their homes could be at risk of burglary while they are away The vulnerability of credit card details seems obvious and so the Board is not reluctant to admit to that.

Which TWO of the following are correct?

Show Suggested Answer Hide Answer
Suggested Answer: A, C

by Layla at Sep 18, 2024, 03:40 AM

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Derick
9 months ago
The accountant will catch any omissions, no doubt about that.
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Adela
10 months ago
Wait, are they really worried about burglars targeting homes? That seems extreme!
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Jaleesa
10 months ago
I agree, they should highlight their security measures too.
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Edna
10 months ago
Not sure if customers will really care about the risks if they feel safe renting.
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Carrol
10 months ago
KLO definitely needs to be transparent about their risks!
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Sharan
10 months ago
I recall a practice question where stakeholders were concerned about vulnerabilities, so E doesn't seem right; they definitely care about those risks.
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Danica
11 months ago
I think C could be correct because an independent accountant usually wants a complete picture of risks before signing off on anything.
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Dallas
11 months ago
I'm not entirely sure, but I feel like if the Board leaves out concerns, the accountant might still catch it. So, B seems a bit risky to choose.
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Stefany
11 months ago
I remember discussing the importance of transparency in risk management reports, so I think A makes sense about being clear on sensitive information and controls.
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Precious
11 months ago
I'm leaning towards options A and C. The accountant will likely want a full picture of the risks, and the report should balance transparency with highlighting the company's security measures.
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Son
11 months ago
Hmm, I'm not sure about the role of the independent accountant here. I'll need to think carefully about how that impacts the reporting.
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Laurene
11 months ago
The Board's concerns about admitting certain vulnerabilities are understandable, but I think it's important to be transparent about all the cyber risks.
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Glendora
11 months ago
This question seems straightforward, but I want to make sure I understand the key issues before selecting my answers.
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Brianne
11 months ago
The best approach is to focus on the robust controls in place, as option A suggests. Stakeholders will care more about effective risk management than just listing vulnerabilities.
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Iluminada
2 years ago
I bet the accountant will be signing the report with one hand while holding a baseball bat in the other, just in case the Board tries any funny business.
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Stephaine
2 years ago
The Board is worried about burglars targeting people's homes while they're renting cars? Sounds like they need to start a home security business too!
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Glory
2 years ago
C) The independent accountant who will express an opinion on the risks and controls will be unwilling to sign the report unless it contains a full account of all risks and controls
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Billy
2 years ago
B) If KLO's Board omits one of more areas of concern from the report then the independent accountant who will sign the report is unlikely to discover that omission
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Veronika
2 years ago
A) The Board should be clear about all sensitive information that the company holds, but should also be clear about the robust controls in place to safeguard that information.
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Julianna
2 years ago
E is just ridiculous. Stakeholders will definitely care about the vulnerabilities. A and C are the way to go.
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Katy
2 years ago
Yes, C is crucial too. The independent accountant will want a full account of all risks and controls before signing the report.
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Queenie
2 years ago
I think A is important, the Board should be clear about sensitive information and the controls in place.
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Kara
2 years ago
I agree, stakeholders will definitely care about the vulnerabilities.
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Veronika
2 years ago
D? Really? The accountant won't just accept what the Board says, they'll dig deeper. Gotta go with A and C.
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Jolene
2 years ago
Yeah, the accountant will definitely dig deeper and not just rely on what the Board says. A and C seem like the correct options.
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Jade
2 years ago
I think the independent accountant will definitely want a full account of all risks and controls before signing the report.
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Annice
2 years ago
I agree, the Board should be transparent about the sensitive information they hold and the controls in place.
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Lelia
2 years ago
But what if the Board omits some areas of concern? Will the accountant still sign the report?
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Adell
2 years ago
I agree with Buck. It's important for stakeholders to know that their information is protected.
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Buck
2 years ago
I think the Board should be clear about all sensitive information and the controls in place.
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Anika
2 years ago
I agree with A, but I'm not sure about C. Surely the accountant can't force the Board to disclose something they're not comfortable with.
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Louvenia
2 years ago
But can the accountant really force the Board to disclose everything they're uncomfortable with?
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Jeannetta
2 years ago
The independent accountant may not sign off on the report if it doesn't cover all risks and controls.
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Shanice
2 years ago
I agree, it's important for stakeholders to know how the company is safeguarding their data.
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Maybelle
2 years ago
I think the Board should be transparent about all sensitive information and also highlight the controls in place.
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Delila
2 years ago
A and C seem like the correct answers. The Board should be transparent about the risks, and the independent accountant should require a full account of the risks and controls.
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Domonique
2 years ago
C) The independent accountant who will express an opinion on the risks and controls will be unwilling to sign the report unless it contains a full account of all risks and controls
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Major
2 years ago
A) The Board should be clear about all sensitive information that the company holds, but should also be clear about the robust controls in place to safeguard that information.
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