Безпечна інтеграція в майбутнє


Безпечна інтеграція в майбутнє

Secured integration to the future

Secured integration to the future

Information security risks. Why they matter and how to manage them according to ISO/IEC 27005

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04.03.2025

In today's digital landscape, the number of cyberattacks continues to rise, demanding organizations to continuously enhance their security measures. The efficient information security risks management, essential for maintaining and advancing security practices in response to an ever-evolving threat environment and the corresponding counteractions.
This article explores the key aspects of information security risk management in accordance with the international standard ISO/IEC 27005.

What is ISO/IEC 27005?

ISO/IEC 27005 is an international standard for information security that provides guidelines for information security risk management. It has been adopted in Ukraine as the national standard DSTU ISO/IEC 27005.

What are information security risks?

According to ISO/IEC 27001, risk is defined as the impact of uncertainty on an organization's objectives. In the context of information security, a risk refers to the negative effect of uncertainty on an organization's information security goals, such as ensuring the confidentiality, integrity, and availability of information.

Why is information security risk assessment important?

1. Optimization of Resources – An effective risk management process enables an organization to balance costs while achieving its information security objectives.
2. Compliance with ISO/IEC 27001 – Implementing an information security risk management process is a mandatory requirement for ISO/IEC 27001 certification and is a key element of an effective Information Security Management System (ISMS).
3. Trust from Clients and Partners – A high level of information security, achieved through proper risk management, helps organizations prevent data breaches, business disruptions, and reputational damage caused by security incidents.

Information security risk management process

According to ISO/IEC 27001, the information security risk management process consists of the following stages:
1. Context EstablishmentAt this initial stage, the organization defines the context of risk management and establishes methods for risk identification, which involve:
● Analysis of internal and external context – assessing the environment in which the organization operates and the risks inherent to this environment.● Identifying regulatory requirements and stakeholder expectations – considering obligations from shareholders, partners, clients, and regulatory bodies.● Asset inventory – creating a comprehensive list of assets and defining their owners.This stage lays the foundation for the following steps. Without a clear understanding of the risk management context, an organization cannot effectively identify, assess, or mitigate information security risks.
2. Risk IdentificationThe second stage of risk assessment involves identifying threats, vulnerabilities, and the potential impact of these threats on the organization's assets. The key steps include:
● Threat Identification – analyzing factors that could lead to negative consequences for assets (e.g., malware infections, unauthorized access, physical damage).● Vulnerability Analysis – assessing weaknesses in assets that could be exploited by threats (e.g., outdated software, weak passwords, lack of multifactor authentication).● Identification of Existing Security Measures – determining the security controls currently in place to protect assets.● Impact Assessment – defining the consequences of risk realization for the business (e.g., operational disruptions, financial losses, reputational damage).
As a result of this stage, the organization creates a Risk Register, which is used in the following risk management phases.
3. Risk Analysis and EvaluationAt this stage, the organization calculates risk levels based on the assessment of likelihood and potential impact. The key components of risk analysis include:
● Likelihood Assessment – determining the probability of a threat materializing due to an existing vulnerability, considering both internal and external factors.● Impact Assessment – analyzing how the realization of a risk will affect business objectives, financial performance, operational processes, and overall security posture.● Risk Level Calculation – determining risk quantitatively or qualitatively based on the likelihood of occurrence and its potential impact (e.g., using the formula: Risk Level = Likelihood × Impact).
As a result of this phase, the organization creates a prioritized list of risks, allowing for informed decision-making on whether to accept, mitigate, or transfer risks in subsequent risk management steps.
4. Risk TreatmentAfter conducting risk analysis and evaluation, the organization must determine which risks require further action. If a risk level exceeds the organization’s acceptable threshold, an appropriate strategy for mitigation or control should be selected. The four primary approaches to risk treatment are:
● Risk Avoidance – completely eliminating the threat by modifying business processes, technologies, or organizational policies.● Risk Reduction – implementing security measures, such as data encryption, multifactor authentication enforcement, or backup power solutions, to lower either the likelihood or impact of the risk.● Risk Transfer – shifting responsibility for the risk to a third party, such as through insurance coverage or outsourcing security services.● Risk Acceptance – choosing not to implement additional measures in cases where the cost of mitigation exceeds the potential damage from the risk materializing.
At this stage, the organization develops a Risk Treatment Plan, which includes a list of mitigation actions, assigned responsible personnel, timelines for implementation, criteria for evaluating the effectiveness of control measures.
This plan serves as the primary tool for ongoing risk monitoring and management within the organization.
5. Risk AcceptanceAt this stage, the organization makes a decision regarding residual risks that remain after implementing control and mitigation measures. Risk acceptance is based on an assessment of whether the remaining risks fall within the organization’s acceptable risk threshold.If a risk cannot be reduced to an acceptable level, the organization must:
● Define potential compensatory measures (e.g., enhanced monitoring, redundancy mechanisms, or stricter access controls).● Justify risk acceptance based on an impact analysis and potential consequences.
Risk acceptance must be formally documented and approved by management, ensuring accountability and alignment with the organization’s risk management strategy.
6. Monitoring and ReviewThis stage ensures continuous risk oversight, updates risk assessments, and adjusts security measures in response to changes in threats, vulnerabilities, or the business environment. Key aspects of monitoring and review include:
● Monitoring residual risks – tracking changes in threats, vulnerabilities, and the effectiveness of implemented controls.● Reviewing risk assessments – updating the risk register in response to new threats or shifts in the business environment.● Adjusting security measures – implementing additional controls or optimizing existing mechanisms when new threats emerge or existing solutions prove ineffective.
The outcome of risk assessment is the formation of an Information Security Risk Assessment Report, which includes all identified risks, their risk levels, and the mitigation measures applied.
Risk assessment and management is an ongoing process that requires regular reviews and adjustments to security measures in response to evolving threats and business conditions. It is recommended to review risk assessments at least once a year, but given the rapid advancement of technology and emerging threats, more frequent reviews may be necessary.

Information security risk assessment services

IT Specialist provides information security risk assessment services in compliance with the ISO/IEC 27001 international standard. As a result, clients gain a clear understanding of their information security risks, the likelihood of their occurrence, and the potential impact on their business. The IT Specialist team offers recommendations and guidelines to help mitigate identified risks, ensuring a reliable level of information security.

Information security risk management is an ongoing process that helps organizations optimize resources, enhance protection levels, and ensure compliance with ISO/IEC 27001 standards.

IT Specialist - secure integration into the future.

Author: Dmytro Chub, Director of Business Process Automation, Integration, and Audit


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Call Us

Office+38 (044) 390 81 90

Sales Department
+38 (096) 390 81 90

Write Us

moc.tsilaicepsti-ym%40olleh

Meet for coffee

Sigma Business Center,Vatslav Havel Boulevard, 6, building 3,Ukraine, Kyiv, 03124

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+38 (044) 390 81 90

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Бізнес-центр Sigma,
бульвар Вацлава Гавела, 6, корпус 3,
Україна, Київ, 03124

Illustration


Зателефонувати

+38 (044) 390 81 90

Написати

moc.tsilaicepsti-ym%40olleh

Приїхати на каву

Бізнес-центр Sigma,
бульвар Вацлава Гавела, 6, корпус 3,
Україна, Київ, 03124