How to successfully perform an ISO 27001 risk assessment

Every organization has information that they can’t risk ending up in the wrong hands. With an ISO 27001 risk assessment, an organization can establish which incidents may happen and how likely they are to happen. Next, they can figure out how to avoid those incidents and how to act once they occur.

Why is an ISO 27001 risk assessment important?

Performing an ISO 27001 periodically helps you to:

1. Identify weaknesses: Find out where your data security might be vulnerable. There are a lot of possible ways to extract information from an organization, so mapping out your weaknesses thoroughly is key.
2. Prioritize risks: Determine which risks need immediate attention and which ones are less critical.
3. Plan responses: Develop strategies to mitigate or eliminate risks.
4. Maintain compliance: A risk assessment is a mandatory part of the ISO 27001 certification process that auditors will regularly check.

The risk assessment process

Let’s break down the ISO 27001 risk assessment process into simple steps. The below process has been simplified, and will be done more thoroughly by a certified consultant.

1. Define the scope

First, decide what parts of your organization the risk assessment will cover. This could be:

• Specific departments in your organization
• Specific people
• Types of data
• IT systems

Clearly defining the scope helps focus your assessment efforts on the most critical areas.

2. Identify assets

Now it’s time to identify what things you’re trying to protect with this plan. These are your assets and can include:

• Data: Customer information, financial records, intellectual property — any data that holds value and you don’t want to fall into the wrong hands.
• Hardware: Servers, computers, and other devices.
• Software: Applications and systems used in your operations.
• People: Employees and contractors who access and handle important data.

3. Identify threats and vulnerabilities

Once you know the assets you want to protect, identify all the potential threats to them. Threats can be:

• Human: Hackers, disgruntled employees, or human errors such as sending a confidential mail to the wrong address(es).
• Natural: Floods, earthquakes, fires — anything that could physically destroy your data.
• Technical: Malware, software bugs, hardware failures.

For each threat, identify any vulnerabilities that could be exploited.

4. Assess risks

Now it’s time to assess the risks. This involves evaluating:

• Likelihood: How likely is it that a threat will exploit any of your vulnerabilities?
• Impact: How severe would the consequences be if the threat were to occur — without the right plan in place?

Combine these factors to determine the risk level. You can use a simple scale like low, medium, or high.

5. Determine risk treatment

Once you’ve assessed the risks, decide how to handle them. This is called risk treatment and can include:

• Avoidance: Eliminate the risk by changing plans or processes.
• Mitigation: Reduce the risk by implementing security controls.
• Transfer: Share the risk by outsourcing or insuring against it.
• Acceptance: Accept the risk if it’s within your organization’s risk appetite.

6. Document everything

Keep detailed records of your risk assessment process. Make sure to start doing this from the beginning, so you can keep your efforts as organized as possible. Document the following things:

• Identified assets, threats, and vulnerabilities
• Risk levels for every single threat
• Chosen risk treatment options

This documentation not only helps with ISO 27001 compliance but also provides a reference for future assessments.

7. Monitor and review

Risk assessment isn’t a one-time activity. Regularly monitor and review your risks and the effectiveness of your treatments. This helps ensure your organization remains protected as new threats emerge and your environment changes.

A risk assessment done in 2020 may not have accounted for cyber risks such as deep fakes or sophisticated spear phishing campaigns. Cybercriminals are developing new tactics to hack organizations fast. That’s just one of the examples why regular risk assessments are important.

Tips for a successful ISO 27001 risk assessment

• Involve all key stakeholders: Get input from various departments to ensure a comprehensive assessment.
• Stay organized: An ISO 27001 risk assessment is a heavy task that can get dizzying, so use tools or templates to keep track of your assessment activities and findings.
• Be realistic: Assess risks based on realistic scenarios and practical impact levels.
• Continuous improvement: Use lessons learned during the process to improve future risk assessments. Being ISO 27001 certified is an ongoing task. You will be audited regularly and will need to show that thorough risk assessments are a standard part of your organization’s routine.