WEBVTT

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[Music]

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What is information security risk?

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Information security risk is simply a

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combination of the impact that could

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result from a threat compromising one of

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your important information assets and

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the likelihood of this happening.

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Risk Management In ISO 27001

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ISO 27001 requires that you implement a

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management system to help you manage the

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security of your important information

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assets.

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The backbone of this is formed from the

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need to develop and implement an

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appropriate and effective information

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security risk management methodology.

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ISO 27001 Risk Management

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You should develop and implement a risk

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management methodology which allows you

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to identify your important information

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assets and to determine why they need

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protecting.

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It is important to note here that when

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information security is mentioned, people

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immediately start thinking about

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confidentiality aspects, but the

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availability and integrity aspects also

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need to be taken into consideration

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as these are important components of

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information security.

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Once this has been achieved, your

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methodology needs to be able to identify

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the likelihood of something going wrong

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and what can be done to mitigate this

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risk.

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In a nutshell, it enables you to quantify

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the impact and the likelihood elements

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of information security risk and then go

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on to do something about it.

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ISO 27001 Risk Management Framework

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There are several discrete stages of an

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ISO 27001 risk management methodology.

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First of all, it is important to

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understand the information security

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context of your organization.

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Once this has been achieved, you can

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perform a risk assessment which includes

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the need to identify your risks,

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analyze them, and evaluate them.

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You then need to determine a suitable

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treatment for the risks you have

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assessed and then implement that

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treatment.

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It is vitally important that you do not

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see this as a one-off exercise.

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Your risk management methodology should

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be designed to be iterative.

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This enables you to not only review the

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status of risks you have previously

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identified, taking into consideration any

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potential changes in context, but it also

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enables you to identify new risks.

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The high level stages of a risk

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management methodology, as described

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above, should be thought of as a

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framework that enables risk management

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to be embedded within key processes

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throughout your organization

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so that any identified risks are

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comparable.

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ISO 27001 Risk Management Context

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The first stage of your risk management

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methodology needs to identify what is

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important to you or your organization

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from an information security point of

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view.

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ISO 27001 requires you to determine the

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context of your organization.

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Part of which means that you need to be

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able to identify the information

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security related issues that you face

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along with who the internal and external

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interested parties are and what their

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needs and expectations are.

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It is important to also understand what

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your risk appetite is at this stage as

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we will need this information later.

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Once you have done this, you are able to

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determine what is important about the

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different information assets under your

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control.

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ISO 27001 Risk Management What Is Risk

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Appetite?

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Risk appetite is simply the amount and

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type of risk you are willing to accept

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or retain

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in order to allow business operations to

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proceed.

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This is important because too much

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security can sometimes compromise your

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operational viability, whereas too little

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will reduce the confidence of your

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stakeholders.

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Some types of organizations are willing

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to accept more risk than others.

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For example, a hedge fund manager is

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likely to take more risk in order to

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make greater profits over a short space

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of time, whereas a pension fund manager

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generally prefers a less risky, steady

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growth approach.

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ISO 27001 Risk Assessment Methodology

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Risk Identification

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Once you have determined the context, you

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can go ahead and conduct a risk

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assessment.

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The first part of a risk assessment is

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to identify the risks that you face.

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This can be broken down into three

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elements. The first element is to

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identify your information assets. An

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information asset is any information

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that has value to you.

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There are several different ways to

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calculate the value of an asset but it

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is important that you not only consider

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the confidentiality needs of the

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information, but also the integrity and

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availability requirements.

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The second element of risk

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identification is threat analysis. You

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need to have a process which enables you

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to identify all of the threats which are

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applicable to the assets you have

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identified.

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If a particular threat is applicable

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then it is also a good idea to think

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about how probable it is that the threat

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will materialize.

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For example, if you use Windows based

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computer systems which are connected

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somehow to the internet, the probability

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of them being affected by a virus is

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probably very high if you do nothing to

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stop it.

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Whereas if you are using an apple mac

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which is never connected to the internet

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the probability is very low

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the third element of risk identification

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is the need to determine if there are

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any vulnerabilities that would allow a

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threat that you have identified to cause

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an impact on your asset

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to carry on with the example we have

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just used if you have an antivirus

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system installed and running on your

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internet connected windows computers you

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are less vulnerable to this particular

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threat than if you didn't

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iso 27001 risk assessment methodology

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risk analysis

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one of the useful aspects of the output

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from an effective risk assessment is the

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ability to prioritize your risks this is

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important as you may not have sufficient

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resources to fully mitigate every risk

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that you identify

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this means that it is important to

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somehow quantify your risks

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to do this we need to know two things

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first how much of an impact would be

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felt if a compromise occurred and second

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what is the likelihood of that threat

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occurring

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one good idea is to use a set of scales

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to record values in these areas

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for example using a scale of one to five

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we could say how impactful it would be

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if the confidentiality of an asset were

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breached

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clearly breaches of confidentiality

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would cause a greater impact for some

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assets for example hr records than

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others like the staff canteen menu

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a second one to five scale could be used

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to determine the likelihood of a breach

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occurring and we would take into

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consideration the threat and

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vulnerability information we spoke about

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earlier in order to do this

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iso 27001 risk assessment methodology

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risk evaluation

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risk evaluation is a relatively simple

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process as it requires you to identify

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whether or not the risk that you have

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identified is above or below appetite

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to do this the first thing we need to do

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is calculate the value of the risk which

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simply means multiplying the impact and

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likelihood values together

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we have a range of possible values which

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result from multiplying the two one to

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five scales together

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the appetite is stated within the

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methodology as a particular value on the

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five by five matrix

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if a particular risk is above this value

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then it is above appetite which means

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that it can then be flanked for

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treatment

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anything below appetite can be accepted

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and monitored for change

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iso 27001 risk treatment methodology

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your risk management methodology needs

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to include a methodology for determining

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the most appropriate treatment for the

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risks that you have identified

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there are four possible treatments to

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choose from these are accept reduce

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transfer

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and avoid

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you may come across different terms used

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for these such as tolerate treat

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transfer and terminate this example is

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known as the forties however they take

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the same approach

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iso 27001 risk treatment methodology

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accept or tolerate

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one of the four treatments provides you

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with the ability to accept risk

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we have already seen that this is

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possible as it is likely that you will

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simply accept risks that are below

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appetite

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however you can also make an informed

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decision to accept risks in certain

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circumstances such as where there is a

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legal requirement preventing you from

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taking the desired action or you have

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insufficient resources to do so

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these cases should be few and far

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between though and should always be

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approved by appropriate management and

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regularly reviewed

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iso 27001 risk treatment methodology

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reduce or treat

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the second treatment option is to reduce

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or treat the risk

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this is done through the implementation

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of controls

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iso 27001 provides you with a list of

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114 best practice controls that can be

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used to mitigate the risks that you have

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identified

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these can be used in combination in

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order to increase their effectiveness

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and of course you can also add controls

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of your own that do not appear in iso

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27001

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iso 27001 risk treatment methodology

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transfer

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the third risk treatment option is to

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transfer the risk

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the transfer option involves the use of

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third parties to help you mitigate your

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risks

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you could do this for example by

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offloading some of the financial impact

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of something going wrong by taking out

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an insurance policy

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another way of doing this is to

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outsource the responsibility for

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implementing and operating technical

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controls to a third party such as an i.t

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managed service provider

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it is important to note here that

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although responsibility for financial

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impact or the management of operational

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controls can be transferred to a third

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party the accountability associated with

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the risk cannot

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in other words you will still be held

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accountable by your stakeholders if

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something goes wrong

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iso 27001 risk treatment methodology

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avoid or terminate

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the fourth risk treatment option is to

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simply avoid the risk

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as we have discussed before there are

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three component parts to risk the impact

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felt by the organization following a

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breach of confidentiality integrity or

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availability for an information asset

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a threat that could cause this impact

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and a vulnerability that would allow it

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to do so

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it is possible to avoid risk completely

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by eliminating one or more of these

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three elements

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however it is unlikely that we would be

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able to completely remove all threats or

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all vulnerabilities which leaves us only

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with one viable option which is to

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remove the impact

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this is done by removing the asset or

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stopping the processes that are

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associated with the identified risk

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for example to avoid the risks

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associated with the taking of credit

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card payments

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remove that process and only deal in

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cash

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there are obvious issues associated with

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taking this approach as it is unlikely

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to be looked upon to favorably by your

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stakeholders especially if the process

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is revenue generating

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this is the reason why this particular

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risk treatment methodology is really

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used

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iso 27001 risk treatment methodology

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controls the most common option chosen

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to treat risks other than maybe accept

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in more mature isms's is to reduce the

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risk

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this is done by implementing controls or

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improving existing ones to address the

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risk

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there are three main operational types

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of control administrative or

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people-based controls

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technical or logical controls and

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physical or environmental controls

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within these three operational types

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there are several different tactical

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uses of controls such as those that are

00:12:42.639 --> 00:12:44.320
designed to prevent a threat from

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materializing

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those that are designed to deter people

00:12:48.160 --> 00:12:50.800
from carrying out an undesired action

00:12:50.800 --> 00:12:52.639
those that detect if a threat has

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materialized or those that enable you to

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recover from a situation after the

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threat has been dealt with

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and there are several others

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operational types and tactical uses of

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controls are not mutually exclusive and

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can and should be used where possible in

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combination to provide a greater depth

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of security

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iso 27001 risk management monitor and

00:13:16.800 --> 00:13:18.160
review

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it is important to ensure that any

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actions you take to address the risks

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you have identified are monitored and

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reviewed to ensure that they have the

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desired effect

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part of the monitor and review process

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should also include a review of context

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before the risk assessment is

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re-performed

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this will allow you to identify and take

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into consideration any changes that may

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have happened either internally within

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your organization or externally such as

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changes in legislation or changes to the

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threat environment thus you are able to

00:13:48.880 --> 00:13:51.040
identify if risks that have previously

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been identified are getting worse or

00:13:53.440 --> 00:13:55.760
hopefully better and you will also be

00:13:55.760 --> 00:13:58.560
able to identify any new risks

00:13:58.560 --> 00:14:02.399
iso 27001 risk assessment frequency

00:14:02.399 --> 00:14:04.160
risk management and therefore risk

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assessment is an iterative process

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and each iteration should take into

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consideration lessons learned from the

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previous iteration and should take into

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consideration any internal or external

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changes thus enabling continual

00:14:18.079 --> 00:14:19.360
improvement

00:14:19.360 --> 00:14:21.279
there is no hard and fast rule on the

00:14:21.279 --> 00:14:23.680
frequency of risk assessment but urm

00:14:23.680 --> 00:14:25.839
recommends that the frequency is no less

00:14:25.839 --> 00:14:27.440
than annual

00:14:27.440 --> 00:14:29.279
this does not necessarily mean that you

00:14:29.279 --> 00:14:31.120
should set aside a certain amount of

00:14:31.120 --> 00:14:33.120
time at a certain point in the year to

00:14:33.120 --> 00:14:35.440
conduct a risk assessment although of

00:14:35.440 --> 00:14:37.920
course you can do this if you wish

00:14:37.920 --> 00:14:40.079
it just means that each time 12 months

00:14:40.079 --> 00:14:42.160
has elapsed you should aim to have

00:14:42.160 --> 00:14:44.480
completed the next iteration

00:14:44.480 --> 00:14:46.639
so you could spread the workload over

00:14:46.639 --> 00:14:48.720
the 12-month period by performing

00:14:48.720 --> 00:14:50.959
smaller risk assessments on a subset of

00:14:50.959 --> 00:14:53.920
areas at more frequent intervals if this

00:14:53.920 --> 00:14:56.160
is more manageable

00:14:56.160 --> 00:14:59.199
iso 27001 risk management

00:14:59.199 --> 00:15:00.959
governance

00:15:00.959 --> 00:15:03.199
throughout the risk management process

00:15:03.199 --> 00:15:05.120
you need to ensure that you communicate

00:15:05.120 --> 00:15:07.839
effectively with any interested parties

00:15:07.839 --> 00:15:10.480
it may be useful to put together a racy

00:15:10.480 --> 00:15:13.440
raci to help you with this as all the

00:15:13.440 --> 00:15:15.360
way through the process different people

00:15:15.360 --> 00:15:17.839
will need to be held responsible some

00:15:17.839 --> 00:15:20.000
will need to be held accountable some

00:15:20.000 --> 00:15:21.839
will need to be consulted in order to

00:15:21.839 --> 00:15:23.440
identify all of the pertinent

00:15:23.440 --> 00:15:25.519
information we need to perform an

00:15:25.519 --> 00:15:27.760
effective risk assessment and some

00:15:27.760 --> 00:15:30.000
people for example the management team

00:15:30.000 --> 00:15:31.759
will need to be informed through

00:15:31.759 --> 00:15:35.680
effective reporting of your risk status

00:15:35.680 --> 00:15:38.959
iso 27001 risk management policy and

00:15:38.959 --> 00:15:40.560
process

00:15:40.560 --> 00:15:42.959
as with all key processes associated

00:15:42.959 --> 00:15:45.759
with an effective isms it is a good idea

00:15:45.759 --> 00:15:48.399
to implement a risk management policy

00:15:48.399 --> 00:15:50.079
this enables you to set the risk

00:15:50.079 --> 00:15:52.720
management and risk assessment criteria

00:15:52.720 --> 00:15:55.199
appetite and roles and responsibilities

00:15:55.199 --> 00:15:57.279
out within a document that everyone is

00:15:57.279 --> 00:15:59.040
required to implement throughout the

00:15:59.040 --> 00:16:00.639
business

00:16:00.639 --> 00:16:02.480
this should of course be underpinned by

00:16:02.480 --> 00:16:05.040
the risk management methodology and any

00:16:05.040 --> 00:16:07.680
required documented processes to enable

00:16:07.680 --> 00:16:09.279
risk management to be embedded

00:16:09.279 --> 00:16:12.079
throughout the organization

00:16:12.079 --> 00:16:15.040
so how can urm help

00:16:15.040 --> 00:16:17.199
urm can offer a range of information

00:16:17.199 --> 00:16:19.680
risk management consultancy and training

00:16:19.680 --> 00:16:22.639
services most notably our accredited

00:16:22.639 --> 00:16:24.720
five-day practitioner certificate in

00:16:24.720 --> 00:16:26.560
information risk management training

00:16:26.560 --> 00:16:27.519
course

00:16:27.519 --> 00:16:30.240
in addition urm has also developed an

00:16:30.240 --> 00:16:32.399
information risk management module a

00:16:32.399 --> 00:16:36.000
brisker 27001 especially to meet the

00:16:36.000 --> 00:16:38.320
risk assessment requirements of iso

00:16:38.320 --> 00:16:40.160
27001

00:16:40.160 --> 00:16:42.720
for more information email us or give us

00:16:42.720 --> 00:16:45.800
a call