System Guides

After completing a business impact assessment, the next step is to complete a strategies and solutions for response to the disruptions in the services or dependencies. Below is a brief description of the fields for mapping strategies to the business impact and dependencies assessments where users will identify and select to map required strategies to the impact assessment. For detailed planning of the selected strategies, complete the business Continuity planning linked to the strategies to setup appropriate measures that mitigate risks and enhance the resilience of the overall system.

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Information Security Risk Assessment is a critical process that helps organizations identify, analyze, and mitigate potential risks to their information assets and systems. By conducting a thorough assessment based on ISO 27005, organizations can proactively identify vulnerabilities, evaluate the impact and likelihood of risks, and implement appropriate controls to safeguard their sensitive information. This tutorial is about Conducting and compelting an Information Security Risk Assessment using the system with the brief description of the fields as below.

1. ISRA ID: This is a unique identifier for the Information Security Risk Assessment (ISRA) being conducted. It helps track and reference the assessment when needed.

2. Date: Specify the date when the assessment is being conducted or documented.

3. Asset ID: Provide the identifier of the specific service asset that is being assessed for information security risks. This could be a system, application, database, network, or any other relevant asset.

4. Vulnerability: Describe any known vulnerabilities or weaknesses associated with the asset. Identify potential areas of concern that could be exploited by threats.

5. Threats: Identify and describe the potential threats or risks that could exploit the vulnerabilities of the asset. Consider internal and external threats, such as unauthorized access, data breaches, malware attacks, etc.

6. Risk: Summarize the overall risk associated with the asset, considering both vulnerabilities and threats. Provide a general description of the potential negative impact or consequences of the identified risk.

7. Risk Impact: Assess the potential impact or severity of the risk on a scale of Very low-1, low-2, moderate-3, high-4, and very high-5. Evaluate the extent to which the risk can adversely affect the confidentiality, integrity, or availability of the asset or the organization's operations.

8. Risk Likelihood: Evaluate the likelihood or probability of the risk occurring on a scale of Very low-1, low-2, moderate-3, high-4, and very high-5. Consider factors such as the existence of controls, historical incidents, threat landscape, and other relevant information.

9. Risk Rating: Calculate the risk rating by multiplying the risk impact and risk likelihood values. This helps determine the overall risk level and prioritize mitigation efforts.

10. Risk Ranking: Assign a rank or priority to the risk based on its rating. This can be a numerical or descriptive ranking system, indicating the level of attention or importance given to the risk.

11. Risk Owner: Identify the individual or department responsible for managing and mitigating the identified risk. This could be a specific role within the organization, such as an information security officer or a risk management team.

12. Risk Treatment: Choose an appropriate treatment option for addressing the identified risk. The options can include Avoid, Retain, Reduce, or Transfer/Share. These options represent different strategies for managing or mitigating the risk.

13. Reason for Retaining: If the risk treatment option chosen is "Retain," provide a brief explanation or justification for the decision to accept or retain the risk rather than implementing further measures to mitigate it.

14. Additional Description: Provide any additional details or information relevant to the risk assessment or specific risk being evaluated. This can include contextual information, impact analysis, or any other relevant factors.

15. Organizational Control: Describe the organizational controls or measures in place that contribute to managing or mitigating the identified risk. These can include policies, procedures, governance frameworks, or any other organizational-level controls.

16. People Control: Specify the people-related controls or measures in place to address the identified risk. This could include training programs, awareness campaigns, access control policies, or any other controls related to human factors.

17. Physical Control: Describe the physical controls or measures implemented to address the identified risk. This can include security systems, surveillance, access controls, or any other physical safeguards in place.

18. Technological Control: Specify the technological controls or measures employed to manage the identified risk. This could include firewalls, encryption, intrusion detection systems, backup systems, or any other technological safeguards.

19. Specific Treatment: Outline the specific treatment actions or measures that will be implemented to manage or mitigate the identified risk. Provide details of the steps, resources, and timelines involved in the treatment plan.

20. Attachment: If applicable, indicate any attached files or documents relevant to the risk assessment.

21. Additional Details: Provide any additional information, comments, or observations regarding the risk assessment, mitigation efforts, or any other relevant aspects.

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