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Risk Assessment Methodology

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Guest post Created:   Jan 12, 2016 Last commented:   Jan 12, 2016

Risk Assessment Methodology

We are in the process of implementing ISO27001 and I am looking at the RA methodology. I have 2 questions. 1. We will likely be defining our RA methodology as the following: - List of Assets What are the vulnerabilities of each asset? What threats could exploit each vulnerability? What is the consequence? What is the likelihood? =Risk Level Does this make sense in the context of 27001? and; 2. In order to protect the C.I.A of information, should we conduct these Risk Assessments for each of confidentiality, integrity and availability? For instance: If our asset is company mobile phones, the vulnerability is asset security, the threat is theft, consequence is unauthorised access to information and likelihood is 1 for example (highly unlikely). Should we conduct separate assessments for the loss of each confidentiality, integrity and availability as theoretically it would affect all 3 in this case, or does the one with the highest risk level suffice?
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ISO 27001 RISK ASSESSMENT AND RISK TREATMENT METHODOLOGY

Define main rules for risk assessment and treatment.

ISO 27001 RISK ASSESSMENT AND RISK TREATMENT METHODOLOGY

Define main rules for risk assessment and treatment.

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DejanK Jan 12, 2016

Antoin,

Here are the answers:

1) Yes, this is a classic approach to risk assessment methodology, completely acceptable by ISO 27001; additionally you need to identify the risk owners as well. See also this article: How to write ISO 27001 risk assessment methodology https://advisera.com/27001academy/knowledgebase/write-iso-27001-risk-assessment-methodology/

2) ISO 27001 does not require you to separate assessments for impact on confidentiality, integrity and availability (in such case the highest value is your impact) - however you can separate them if you want your assessment to be more precise. Usually financial institutions are doing this more detailed approach to risk assessment.

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Jan 12, 2016

Jan 12, 2016