What Factors Are Used for ISMS Risk Assessment

ISMS stands for Information Security Management System. This system organises a set of protocols in handling sensitive information. This system aims to shield your business against security breaches and financial losses. It does so through a risk assessment process and evaluates risks for possible threats and vulnerabilities. This article will discuss the importance of applying security controls on sensitive data. 

ISMS and ISO 27001 Implementation

It’s advisable to implement an ISMS in your business if it deals with confidential information. Part of the risk assessment criteria involves the use of technology and monitoring employee access to information.  An ISMS must follow guidelines from ISO IEC 27001. ISO 27001 establishes international standards for maintaining an ISMS. 

After you risk-assess your company, you can decide on a risk treatment plan. This decision must consider your information assets.

6 Steps for ISO 27001 Risk Assessment

1. Choose a Methodology

Here are three options to consider: the qualitative option identifies threats and hazards such as “Unlikely,” “Possible,” and” Highly Likely.” The generic option ranks threats on activities and tasks. Site-specific is the most important as it concentrates on specific activities and locations.  

2. Implementation

After running an information security risk assessment, it’s necessary to elaborate clear rules for your staff’s continual improvement and roles and responsibilities. The whole company must operate under the same set of rules and protocols.

3. Applying the Risk Treatment

You’ll match different threat levels with your acceptance criteria. You can check how to minimise unacceptable risk in Annex A of ISO27001 Standards. 

4. Risk Assessment Report

Keep track of all the steps you’ve taken so far. You’ll need to provide this information to the auditors. Moreover, it can be interesting to recheck it in a year or two to track your progress. 

5. Statement of Applicability

A Statement of Applicability is a core part of your ISMS. This document outlines what policies and controls meet the requirements under the ISO27001 rules. It’s a vital document for auditors.

6. Applying the Action Plan

Now, you must put the risk treatment plan into practice. You already know clearly what kind of controls, timeframes and budget to expect. This document must count on management approval to be feasible. 

What Factors Are Used for ISMS Risk Assessment | Best Practice Australia Blog

9 Steps for ISO27001 Implementation

  1. Create a Team 

You’ll need a team to overview the ISMS implementation. You’ll also need to appoint a team leader for this team.

  1. Plan the Implementation

It’s necessary to elaborate a project mandate and objectives, stating clear rules for continual improvement, roles, and responsibilities.  

  1. Apply the ISMS

ISO27001 doesn’t have specific requirements for this part, but the whole process is well organised and transparent. 

  1. Outline Your ISMS Framework

You must set clear limits and scope for your ISMS, following the guidelines described in clauses 4 and 5 of ISO27001.

  1. Defining Minimum Business Security

This step defines what’s the lowest level of security necessary to run your business safely. 

  1. Elaborate Your Risk Management Guidelines

Evaluate risks of security breaches and how to prevent them.

  1. Apply a Risk Treatment Plan

Implement the guidelines designed above and make sure that your staff understands them.

  1. Keep Track of Your ISMS Performance.

Assess and review your ISMS regularly for constant new developments and updates. 

  1. Get the Certification

After planning to implement and track an ISMS project, it’s time to apply for the certification. The certification body will audit your company practices before issuing your certificate of compliance. 

Conclusion

Implementing an ISMS in your company earns your greater respectability and trustworthiness worldwide. The process isn’t simple, but it’s necessary to enter or be competitive in some markets. 

FAQ

  1. What is a Statement of Applicability?

A Statement of Applicability summarises the policies and controls that are used under the ISO27001 rules.

  1. What is Residual Risk?

It’s the risk vulnerability that remains after all policies are placed into practice. 

  1. What is Risk Appetite?

It measures how much risk your company is willing to consent to after considering your risk acceptance criteria. Those criteria should assess different parts of your company, generating comparable results.

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