ISO 27001 Risk Assessment
Risk Assessment under ISO 27001 aims to help an organization or entity identify, analyze, and evaluate the weaknesses or loopholes present in its information security management system (ISMS) and its processes and procedures.
Completing a successful risk assessment help the organizations to:
- Identify and note the specific scenarios under which valuable data, information, systems, or services could be negatively affected.
- Decide upon the probability or likelihood of being found in these vulnerable situations.
- Analyze the impact each scenario may cause to the confidentiality, privacy, integrity, or availability of the data, systems, and services.
- Rank these risk scenarios based on a comparative scale to study the overall risk they can cause to the organization’s objectives
In order to ensure that the organization follows an effective risk assessment strategy, there should be an established risk management framework in place. This risk management framework should be used as a method document that conveys the policy or procedure for analyzing, studying, treating, and evaluating risks.