Comprehensive Integrated Risk Management Solutions are available for all the world's standards!

Our risk assessment modules all participate in auto-mapping to the global compliance frameworks, saving you time and trouble. Even better, our real-time scoring, reporting, and dashboards help you stay current and compliant.

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ISO/IEC 27005 Risk Management

The ISO/IEC 27005 is applicable to all types of organizations (e.g. commercial enterprises, government agencies, and non-profit organizations) which intend to manage risks that can compromise the organization's information security. This module supports the general concepts specified in ISO/IEC 27001 and is designed to assist the satisfactory implementation of information security based on a risk management approach.

Modules include:

  • ISO/IEC 27005 Information technology — Security techniques — Information security risk management

Cybersecurity Consulting & Risk Management Services 

Maintaining a hardened security posture is absolutely essential in today’s hostile cybersecurity environment. Every day, there’s another report of a threat, ransomware, or data breaches. That’s the bad news; the good news is that there are solutions that can put your organization on a solid footing around risk management and ensure business continuity.. Continuum GRC is the leading expert in cyber risk management with solutions to help businesses of all types and sizes identify threats.

We work with private firms as well as public-facing companies. We’ll assess your technology and critical assets to identify security risks and mitigate them.

Information Security Risk Management Framework

From financial or health records to classified government documents, information is constantly under assault. Organizations must take thorough steps to assess and manage their information security risk. It’s a complex process, not just in ensuring that the information is secure, but assuring stakeholders that you’re following all regulatory compliance requirements for those critical assets.

Continuum GRC is a leading expert in all forms of risk management, including cyber risk management. We make the processes of assessment, monitoring, and documentation seamless and practical. Continuum GRC ensures the process integrates with your strategies and goals to improve operations.

Components of Information Security Risk Management

It begins with identifying an organization’s assets and the value of each. They need to be prioritized as on the impact they have on the organization and what the effect would be should they come under attack. The next component is understanding vulnerabilities, assessing how likely they are to occur, and then implementing appropriate security controls. Regular monitoring is critical to ensure that these controls remain effective.

A third-party risk assessor like Continuum GRC can handle every part of this process, as well as any kind of personnel training or documentation required by clients or stakeholders.

FAQ

Information is continually under attack from things like malware, ransomware, insider threats, phishing, and data breaches. Supply chain attacks can occur, as well as distributed denial of service (DDoS). If your organization falls prey to any of these attacks, it can disrupt your business, cause financial penalties, legal problems, and serious reputational damage.

Part of  risk management, especially cyber risk management, is in assessing your information systems and identifying potential vulnerabilities. With that detailed knowledge, the appropriate security measures can be taken to protect data. Risk management also recommends having a plan in place to address attacks and recover from them effectively.

AI can speed up the process of analyzing particular risks to your organization and their likelihood. They’ll rapidly go through larges amounts of data like network traffic logs and security reports to identify patterns and create predictive models.  AI can also assist in monitoring, implement automatic security countermeasures, and refining incident reponse reports.

A vulnerability assessment uses a combination of automated tools and manual processes to review an organization’s IT systems and network infrastructure. The assessment identifies and classifies weaknesses and vulnerabilities, and prioritizes how they should be handled. It helps the organization make better informed decisions about next steps and resources.

An Incident Response Plan (IRP) outlines the strategy for detecting and responding to cybersecurity incidents. It also outlines the steps to recovering from them. Having a plan in place ahead of potential problems will minimize the impact, ensure continuity of operations, and reduce any long-term damage like fines or legal exposure.

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About the Standard

ISO 27005 is an international standard that provides guidelines for information security risk management. It doesn't mandate specific compliance requirements but offers a structured framework for organizations to manage information security risks effectively. Below is a summary of the key components and processes outlined in ISO 27005 that organizations should follow to align with the standard:

1. Context Establishment

  • Define Scope and Boundaries: Identify the scope of the risk management process, including the organization's assets, processes, and systems to be assessed.
  • Establish Risk Management Objectives: Set objectives for managing information security risks, aligned with organizational goals and regulatory requirements.
  • Risk Criteria: Define criteria for risk evaluation, including risk acceptance thresholds, impact, likelihood, and risk tolerance levels.

2. Risk Assessment

  • Risk Identification:
    • Identify assets (e.g., data, hardware, software, personnel) within the scope.
    • Identify threats (e.g., cyberattacks, natural disasters) and vulnerabilities that could be exploited.
    • Identify potential impacts of risks (e.g., financial loss, reputational damage).
  • Risk Analysis:
    • Assess the likelihood and impact of identified risks.
    • Use qualitative (e.g., high/medium/low) or quantitative (e.g., numerical scales) methods to analyze risks.
  • Risk Evaluation:
    • Compare analyzed risks against risk criteria to determine their significance.
    • Prioritize risks based on their severity and organizational risk appetite.

3. Risk Treatment

  • Select Risk Treatment Options:
    • Avoid: Eliminate the risk by removing the cause (e.g., discontinuing a vulnerable process).
    • Mitigate: Implement controls to reduce the likelihood or impact (e.g., encryption, firewalls).
    • Transfer: Shift the risk to a third party (e.g., insurance or outsourcing).
    • Accept: Acknowledge and accept the risk if it falls within the organization’s risk tolerance.
  • Develop a Risk Treatment Plan: Document the selected controls, responsibilities, timelines, and resources needed to address risks.
  • Residual Risk Assessment: Evaluate remaining risks after treatment to ensure they are within acceptable levels.

4. Risk Acceptance

  • Obtain formal approval from management for residual risks.
  • Document decisions and justifications for accepting risks.

5. Risk Communication and Consultation

  • Engage stakeholders (e.g., management, employees, third parties) throughout the risk management process.
  • Share relevant risk information to ensure awareness and informed decision-making.

6. Risk Monitoring and Review

  • Continuously monitor risks, controls, and the risk environment for changes (e.g., new threats, vulnerabilities, or business changes).
  • Periodically review the risk management process to ensure its effectiveness.
  • Update risk assessments and treatment plans as needed.

7. Documentation and Record-Keeping

  • Maintain records of risk assessments, treatment plans, and decisions.
  • Document processes, methodologies, and tools used in risk management to demonstrate compliance during audits.

Key Considerations for Compliance

  • Integration with ISO 27001: ISO 27005 is often used in conjunction with ISO 27001, which focuses on establishing an Information Security Management System (ISMS). ISO 27005 provides the risk management methodology required by ISO 27001.
  • No Certification for ISO 27005: Unlike ISO 27001, ISO 27005 is a guideline, not a certifiable standard. Compliance is demonstrated by adopting its risk management framework and aligning with organizational and regulatory requirements.
  • Regulatory and Industry Alignment: Ensure the risk management process complies with relevant laws, regulations, and industry standards (e.g., GDPR, HIPAA, or PCI DSS).
  • Tailoring to Organization: The standard emphasizes flexibility, allowing organizations to adapt the framework to their size, complexity, and risk profile.

Practical Steps for Implementation

  1. Adopt a Risk Management Framework: Use ISO 27005 as the basis for a structured risk management process.
  2. Use Tools and Methodologies: Leverage risk assessment tools, templates, or software to streamline the process.
  3. Train Staff: Ensure personnel involved in risk management are trained on ISO 27005 principles and practices.
  4. Align with Other Standards: Integrate ISO 27005 with other standards like ISO 31000 (general risk management) or NIST frameworks if applicable.
  5. Audit and Improve: Conduct internal audits to verify adherence to the process and improve based on findings.

Notes

  • ISO 27005 is not prescriptive; it allows organizations to choose risk assessment methods (e.g., OCTAVE, NIST SP 800-30, or proprietary frameworks) as long as they meet the standard’s objectives.
  • Organizations should regularly update their risk management processes to address emerging threats like ransomware, cloud vulnerabilities, or insider threats.