ISO/IEC 27005 Information Security Risk Management

Explore how information security risk management identifies events that could impact information assets and their consequences, defines risk tolerance, creates a strategy to manage risks, and balances protection with opportunities.

Explore how ISO 27005 structures information security risk management within the ISO 27000 family, detailing a dedicated risk management framework for identifying, assessing, and addressing risks in an ISMS.

ISO/IEC 27005 offers a flexible, tailored approach to information security risk management with a clear, five-step, repeatable process to identify and manage risks, and supports ISO/IEC 27001 certification.

The lecture explains 2022 ISO/IEC 27005 updates, consolidating to ten clauses and one annex, aligning with 27001, and introducing a five-step risk process with residual risk acceptance after treatment (8.6.3).

Apply ISO 27005:2022 to begin managing information security risks by establishing context and identifying event-based and asset-based risks. Evaluate against risk appetite and involve risk owners in treatment planning.

Define the organization as a person or group with its own functions and responsibilities for information security. Set risk appetite with top management and assign risk owner roles.

Integrate risk assessments into project management, vulnerability management, and incident management to cover all issues and establish the context for information security risk management.

Learn how to establish and maintain information security risk criteria per ISO/IEC 27001, including risk acceptance criteria, assessment criteria, and how to address uncertainties, consequences, likelihood, time, and organizational capacity.

Select an appropriate method for managing information security risks that aligns with risks across the organization, document the approach, and ensure assessments of risks are consistent, comparable, and valid.

Master the information security risk assessment process by defining scope and purpose, identifying external risks, evaluating likelihood and impact, applying risk criteria, and aligning with the organization's risk management.

Identify and apply information security controls through the risk treatment process, guided by risk assessment results and the risk treatment plan, to meet acceptance criteria and minimize impact.

Identify information security risks by examining events that could affect confidentiality, integrity, and availability, using event-based and asset-based approaches to build a comprehensive risk list.

Select information security risk treatment options from prioritized risks to define a risk treatment plan. Evaluate risk assessment outcomes, costs, and benefits to choose avoidance, modification, retention, or sharing.

Identify all necessary controls from prioritized risks and selected risk treatment options to effectively treat information security risks, ensuring each control significantly impacts risk likelihood or consequence within the ISMS.

Compare determined controls with ISO/IEC 27001 annex a to ensure a comprehensive risk treatment plan, verifying no necessary controls are missing based on the risk assessment results.

Produce the statement of applicability by documenting applicable controls, their justifications, and implementation status, ensuring consistency with the risk assessment and risk treatment plan, including annex a exclusions.

Operate the information security risk assessment process per ISO 27001 clause 8.2, using documented inputs and acceptance criteria to produce evaluated risks and run at planned intervals or after changes.

Conduct the information security risk assessment process per ISO 27001 (clause 8.2) using documented inputs, delivering evaluated risks, and integrate the process into daily operations for regular or change-driven reviews.

Execute the information security risk treatment process starting with evaluated risks and managing them per clause eight guidelines to retain or accept residual risks, aligned to ISO 27,001 clause 8.3.