ISO/IEC 27005 – Information security, cybersecurity, and privacy protection. Guidelines on managing information security risk.
What is ISO 27005?
ISO 27005 is the international standard that describes how to conduct an information security risk assessment in accordance with the requirements of ISO 27001. Risk assessments are one of the most important parts of an organisation’s ISO 27001 compliance project. ISO 27001 requires you to demonstrate evidence of information security risk management, risk actions taken and how relevant controls from Annex A have been applied. ISO 27005 is applicable to all organisations, regardless of size or sector. It supports the general concepts specified in ISO 27001, and is designed to assist the satisfactory implementation of information security based on a risk management approach.
What is information security risk management?
Information security risk management is integral to information security management. It defines the process of analysing what could happen and what the consequences might be, and helps organisations determine what should be done and when to reduce risk to an acceptable level. Information security risk management should be a continual process that contributes to:
- Identifying and assessing risk.
- Understanding risk likelihood and the consequences for the business.
- Establishing a priority order for risk treatment.
- Stakeholder involvement in risk management decisions.
- The effectiveness of risk treatment monitoring; and
- Staff awareness of risks and the actions being taken to mitigate them.
Organisations should adopt a systematic approach to information security risk to accurately determine their information security needs.
Why should organisations adopt ISO 27005?
Unlike other popular risk management standards that adopt a one-size-fits-all approach, ISO 27005 is flexible in nature and allows organisations to select their own approach to risk assessment based on their specific business objectives. ISO 27005 follows a simple, repeatable structure with each of the main clauses organised into the following four sections:
- Input: the information necessary to perform an action.
- Action: the activity itself.
- Implementation guidance: any additional detail.
- Output: the information that should have been generated by the activity.
This consistent approach helps to ensure that organisations have all the information required before beginning any risk management activity. ISO 27005 also supports ISO 27001 compliance, as the latter standard specifies that any controls implemented within the context of an ISMS (information security management system) should be risk based. Implementing an ISO 27005-compliant information security risk management process can satisfy this requirement.
Benefits of relying on ISO 27005 include:
- Understand the risk landscape. Applying ISO IEC 27005 guidelines eases risk analysis and assessment. ...
- Flexible risk management. ...
- A repeatable process. ...
- Balance assessment and implementation. ...
- ISO 27001 compliance.
Certification process
- Complete a profiling form to customize a quote for your organization detailing the cost, planning and time required.
- Conduct a pre-audit to determine if your organization already fulfills the requirements for the standard and identify areas for improvement.
- Stage 1 site visit by our auditors to verify the profile submitted during your application and determine your readiness for Stage 2.
- Stage 2 on-site audit by MOODY auditors.
- Propose and implement corrective actions, if any.
- Receive your audit report and certificate from the committee.
Why choose MOODY?
MOODY is a global leader in management systems solutions, having issued various management systems certifications to date. Our dedicated and experienced auditors across the globe can speak your language and help you explore ISO/IEC 27005 – Information security, cybersecurity, and privacy protection. Guidelines on managing information security risk certification initiative with other management systems. We can also act as a one-stop provider for all your quality certification needs by offering bundled product testing and certification services. With the MOODY certification mark, you demonstrate your commitment to delivering quality products and services