What is the ISO 27001 Risk Assessment?

What is the ISO 27001 Risk Assessment?

The idea of a cybersecurity or information security risk assessment can seem overwhelming at first. It is a time-consuming process, it can result in expenses that were not initially forecast for the organization, and it will inevitably create new operations procedures that will need to be effectively communicated with and to everyone. If you have looked at the ISO 27001 standard, you know that a risk assessment is an integral part of the whole process. It is what everything else in the standard is based on. Why is it worth it to go through this assessment? Here is a quick breakdown of what is involved and why it is beneficial.

The Six Main Steps of an ISO 27001 Risk Assessment

ISO 27001 essentially outlines six steps for a risk assessment. Those steps are:

  • Create your risk assessment methodology and define your company’s appetite for risk
  • The risk assessment itself – identify risks and opportunities
  • Risk treatment – how are you going to fix the risks that you found?
  • Documentation – you have to document as much as you can about your methodology, your findings, and your implementation action items
  • Statement of Applicability – After going through your risk assessment, you have to prepare what ISO 27001 controls you have implemented and how. Your auditor will look at this documentation carefully when assessing you for certification
  • Risk Treatment Plan – This takes the risk treatment action item from earlier in the process and turns it into an actionable plan. That means deciding on timing, roles, budgets, and more

Outlining these steps should show clearly how following this outline will benefit your company. Even if you are not pursuing ISO 27001 certification, knowing the vulnerabilities in your organization, fixing them in an organized fashion, and continually monitoring your information management are all “musts” these days.


ISO 9001 and ISO 27001: A Solid Relationship

If you are already ISO 9001 certified you have a strong advantage in pursuing ISO 27001. The two standards parallel each other quite closely, and the quality management system you have developed through the ISO 9001 process will help maximize efficiency during the ISO 27001 process. Namely, management will already be in a position to assign roles and take responsibility for plans and implementation.

If you would like to learn more about ISO 27001 certification, contact us today. We will be happy to discuss your company's current cybersecurity health and answer any questions you have about the process. 

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