What is ISO/IEC 27005:2018?

What is ISO 27005?

ISO 27005 is a standard developed by the International Organization for Standardization (ISO) that provides guidelines for the management of information security risks. The standard is part of the ISO/IEC 27000 family of standards, which includes guidelines for information security management systems (ISMS).

What do ISO 27005 do?

ISO 27005 provides a structured approach to identifying, analysing, evaluating, and treating information security risks. The standard outlines a risk management process that can be tailored to the needs of an organization, considering its specific risk appetite, objectives, and context. ISO 27005 provides additional guidance that is specific to information security risks.

Key elements of ISO 27005 Risk Management Process

1. Context establishment:
   This involves establishing the scope of the risk management process, identifying the objectives of the processes, and defining the risk assessment criteria.
   
   
2. Risk assessment:
   This involves identifying potential risks to the confidentiality, integrity, and availability of information, and assessing the likelihood and impact of these risks. The risk assessment processes may involve various techniques, such as risk identification workshops, vulnerability assessments, and threat modelling
   
   
3. Risk evaluation:
   This involves evaluating the identified risks to determine which risks are most significant and require the most attention. This may involve prioritizing risks based on their likelihood and impact, and considering the organization’s risk appetite and resources
   
   
4. Risk treatment:
   This involves implementing controls to mitigate or eliminate the identified risks. Controls may include technical measures, such as firewalls or encryption, as well as administrative measures, such as policies and procedures
   
   
5. Monitoring and review:
   This involves monitoring the effectiveness of the risk management process over time, reviewing and updating risk assessments and treatment plans as needed, and ensuring that the organization’s risk management practices remain aligned with its objectives and context

By implementing ISO 27005, organizations can better understand their information security risks, prioritize risk treatment activities, and make informed decisions about the allocation of resources to mitigate risks. Compliance with ISO 27005 can also help organizations demonstrate to customers, partners, and regulators that they have implemented a comprehensive approach to managing information security risks.

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