5 Things that you must not forget to attain ISO 27001

In order to enhance the effectiveness of the existing management standards, the International Organization for Standardization has framed several ISO standards for various spheres of the economy. In this regard, ISO has very recently rolled out the 5th edition of the Information Security Management system (ISMS) standard, i.e. ISO 27000:2018.

All the information that is considered as a valuable asset for an organisation can only be protected with a competent and efficient Information Security Management system (ISMS). Everyone knows that the total security of all such confidential data can never be achieved in a single shot. To cope with this challenge, the ISO jointly with the International Electrotechnical Commission (IEC) has evolved numerous universal management systems standards solely dedicated to information security management. These are collectively brought under the Information Security Management system (ISMS) family of ISO standards. Of these, the most crucial standard is ISO 27001.

It is a well-known fact that the consumer preference is now largely governed by the global quality and safety benchmarks, rather than dominance from a handful of monopolists. This is very much evident in the case of Information Security as well. Over recent years, the world has noticed extreme nuisance due to relentless cyber-attacks and worldwide incidents of a data leak. In the view of the abovementioned challenge, the General Data Protection Regulation (GDPR) policy was implemented finally on 25th May 2018.

However, before being able to fulfil the general GDPR regulations, we as responsible technocrats must be familiar with the ground rules of Information Security Management.

In this regard, ISO 27001 is indeed deemed to be the golden standard for ISMS that most organisations adopt as a mode of demonstrating best practices for information security management.

Here are 5 most crucial tips to master the ISO 27001.

#1. How to Establish a framework for risk assessment?

Evidently, ISO 27001 emphasizes on a methodology risk assessments that is ‘consistent, valid and comparable’. Largely, this implies that your processes must be impartial, transparent and detectable, with a formalised strategy that will definitely yield desired results. This is to be consistently ensured even when the process is carried out by different risk assessors.

Now, in order to carry out such a process, you must start with the identification of the business, regulatory and legal requisites that you need to meet with respect to information security. Up to some this also means that you need to meet the requirements of the GDPR, along with the regular assessment of ISO certification. Next step is to Identify the risks.

#2. How to Identify the risks?

This is the most primary aspect.

Now, in the case of ISMS, the risks do exist with 3 important components:

1. An asset that needs security;
2. A threat i.e. the ‘Risk’ that generally affects the asset; and
3. A susceptibility, that allows the risk to occur.

For instance, a common asset can be the client database, which may include the financial or personally privy data. We all know that this can be a prime target for cybercriminals, and this might result in reputational damage and huge, substantial repair costs involved while dealing with a data breach. Next, we need to analyse the risks.

#3. When & How to analyse the risks?

Typically, the Risk analysis is a vast realm that involves the wide perception of the threat that might take place. This is what ISO certification 27001 focuses on. Now, this usually requires identification of a specific vulnerability of risk to your ‘asset’ and the risk that might use that vulnerability. You need to attempt this at every stage.

For each event you recognise, you must be able to make the assessment of the frequency of each and every risk and also assign them a specific score number or value. Now, we need to Evaluate risks.

#4. What should be the method of Evaluating the risk?

The best option is to take help of a risk assessment software that automatically gathers the results of the risk analysis, computes where each of the risks is placed on the risk scale on the basis of their score number and, finally, ensure whether the risk comes within your desired level of acceptable risk.

Here you must be very quick to identify your greatest risks and, thus, prioritise what risks should be addressed first. Now, to focus on risk management.

#5. How to choose the best risk management option?

After evaluation of all risks and their classification in the order of their priority, you must now decide how to tackle them. There are 4 common actions:

1. Moderation, by implementation security checks;
2. Retention, by accepting the risk;
3. Prevention, by stopping the related activity or threat;
4. Communication, of the risk generally through outsourcing.

Focusing on this strategy can surely help any corporate venture attain an ISO certification 27001.

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