In our hyper-connected, technology-driven world, data breaches and cyber attacks remain a significant threat to organisations. On the basis that a lack of awareness of the risks involved is often to blame for data breaches, a newly-revised standard has been introduced to assist today’s organisations.
Protecting the security of a company’s information – whether it be commercially sensitive data or the personal details of clients – has never been more under the spotlight. New legislation such as the European Union’s General Data Protection Regulation means that organisations are under even greater pressure to ensure their information is secure, but adhering to the most appropriate technologies and processes can be a minefield for them.
The newly-revised ISO/IEC 27005:2018 Information Technology – Security Techniques – Information Security Risk Management provides salient guidance for organisations on how to wade through the detail by providing a framework for effectively managing the risks.
Complementary to ISO/IEC 27001:2013, which provides the requirements for an information security management system, ISO/IEC 27005 has recently been updated to reflect the new version of ISO/IEC 27001 and thus ensure it’s best equipped to meet the demands of today’s organisations.
It provides detailed risk management guidance to help meet related requirements specified in ISO/IEC 27001.
Edward Humphreys, convener of the ISO/IEC Working Group that developed both ISO/IEC 27001 and ISO/IEC 27005, has explained that the updated standard is a key tool in the ISO/IEC ‘cyber risk toolbox’.
“ISO/IEC 27005 provides the ‘why, what and how’ for organisations to be able to manage their information security risks effectively in compliance with ISO/IEC 27001,” stated Humphreys. “It also helps to demonstrate to an organisation’s customers or stakeholders that robust risk processes are in place, giving them confidence that they’re dealing with a robust and protected business.”
ISO/IEC 27005 is one of more than a dozen standards in the ISO/IEC 27000 Series that make up the ‘cyber risk toolbox’, led by the flagship ISO/IEC 27001 Information Technology – Security Techniques – Information Security Management Systems – Requirements. Others in the series include those for protecting information in the Cloud, dealing with information security in the telecoms and utility sectors, cyber security and auditing.
ISO/IEC 27005 was developed by Working Group 1 Information Security Management Systems of Technical Committee ISO/IEC JTC 1, Information Technology, Sub-Committee SC27, IT Security techniques, the secretariat of which is held by DIN, ISO’s member for Germany.