Risk Assessment In ISMS ISO 27001

Risk assessment ISO 27001 is an essential process in the information security management system (ISMS) that helps identify areas of weakness in protection measures. The risk assessment can help determine what risks are present, how they will affect your organization, and what steps to reduce them. It’s essential to do this to ensure you comply with regulations and also so you can protect your sensitive data from being compromised.

Risk Assessment Framework :

• ISO/IEC 27005:2011 -The ISO/IEC 27005:2011 standard is an information security management framework that provides a set of requirements for establishing, implementing, and maintaining an information security management system (ISMS). This standard guides how to develop an information security management system that will help protect sensitive and confidential data and meet regulatory requirements.
• ISO/IEC 31000:2009- The ISO and the International Electro technical Commission (IEC) have jointly developed ISO/IEC 31000:2009, a global management system standard that guides establishing, implementing, maintaining, and continually improving an effective risk management system. This international standard is intended to help organizations of all sizes understand the benefits of using a good risk management process in their operations.

ISO/IEC 31000:2009 is based on three fundamental principles:

1. The organization’s objectives are clear.
2. Risk assessment methods are agreed upon by those responsible for managing risks.
3. A set of guidelines provide means by which the organization can manage its identified risks.

ISO/IEC 31010:2009- ISO/IEC 31010:2009 is a standard that specifies requirements and provides guidelines for the use of risk management in organizations. It defines terms including risk, “hazard,” and “threat.” The standard also identifies different types of risks and hazards, such as business or economic risks, process-related risks; environmental risks; safety-related risks; security-related risks; health-related risks, etc.

How You Will Get Benefited From ISO27001 Certification?

• Competitive edge- An ISO27001 certification not only helps you implement the best security measures but builds trust with your clients, making you stand out from your competition.
• Avoid penalties- According to IBM, the data breach cost is estimated to be $2.63 million. ISO27001 is a globally accepted standard for information security, enabling organizations to avoid penalties from regulatory authorities due to non-compliance.
• Protect your reputation- If your business is not ISO27001 certified, you may be putting yourself at risk of cyber-attacks or other vulnerabilities that can lead to catastrophic consequences like identity theft and lost company data. Implementing an ISO27001 will protect your organization from cyber threats ensuring you have taken the necessary steps to protect your data.
• Improved productivity- As the business grows, the security infrastructure grows along with it. These standard assigns responsibilities to handle various types of risk which avoids confusion and increases productivity. When less time is spent dealing with security risks, the organization has enough time to focus on productive tasks, which fuels the organization’s growth.
• Increased credibility – increase credibility in ISO certification is by completing an audit with an external auditor, who will verify whether or not your company has met all requirements for compliance.
• Reduced risk exposure – It ensures that the company has less chance of being involved in an accident or incident. This is accomplished by conducting regular management reviews and audits, developing emergency plans, creating records for hazardous substances, and training employees on how to deal with these risks.

Penetration Testing For ISO 27001 :

There are always vulnerabilities in information technology assets that external hackers could exploit. The vulnerabilities may be poorly secured websites and applications, inadequate passwords, etc.
Penetration testing is the best way to identify vulnerabilities in an organization’s IT infrastructure. It will find weaknesses that hackers could exploit and help you fix them before they are used.

Types Of Penetration Testing :

1. Network infrastructure testing- Network infrastructure testing is a process where an organization’s physical and logical networking components are tested to ensure that they work as expected. Networking specialists perform network infrastructure tests on networks, servers, routers, firewalls, switches, and other devices to ensure that the systems are functioning correctly.
2. Wireless testing- Wireless penetration testing is a process that involves the use of specialized software and hardware to hack into wireless networks. This type of hacking can be performed remotely over the airwaves or by installing malicious software on an individual’s device.
3. Social engineering testing- This kind of testing helps you assess if your staff shares any confidential information. Social engineering is a term that describes manipulating and gaining people’s trust to give up any sensitive information like passwords, credentials, etc. White hat testers try to exploit the staff to test their awareness and knowledge of security management.
4. White Box Testing- Tests based on knowledge that the tester already has about the internal structure or workings.

Steps To Implement Risk Assessment:

Create a risk management framework- It includes how you identify risks, to whom you assign the ownership to mitigate the risks and the technique of calculating the potential threats of the risk. The measures need to address the following issues:

1. Security criteria set by management
2. Threat level
3. Situation based risk assessment

• Evaluate risks- Evaluate risks based on their priority level through a risk assessment matrix. Highlight risks by scoring them against your tolerance level and address specific measures to be taken if it exceeds the tolerance level.
• Risk treatment- Organizations implement various ways to reduce risk levels depending upon the industry and size. You can often modify the risk by converting it to an opportunity instead of increasing your expenditure to minimize the impact. Here are some of the widely used risk treatment options:

1. Take aggressive measures to eliminate the risk.
2. Outsource the task of dealing with the risk to a third party
3. Ignore the risk if it has less or no impact on the organization

• Risk assessment report- A risk assessment report provides an overview of the impacts of not identifying or addressing a risk, causes of each type of risk, and steps taken to mitigate them.

The following are the two most crucial risk assessment reports :

Statement of applicability (SOA)– SOA documents the measures taken or not taken to mitigate the risks and the reason behind selecting those measures. You also need to update the level of progress in implementing the standards.
Risk treatment plan- A risk treatment plan is a document that outlines how an organization will deal with potential risks to prevent or minimize their impact on the business. It will also help you to mitigate the potential damage and make sure your business stays afloat.