ISO 27005 is a comprehensive guidance document that complements ISO 27001, the Information Security Management System (ISMS) standard. While ISO 27001 focuses on establishing and maintaining an ISMS, ISO 27005 specifically addresses the risk management aspects of information security within an organisation. By adopting ISO 27005 alongside ISO 27001, organisations can enhance their risk management capabilities and ensure a more comprehensive and systematic approach to information security.
ISO 27005 provides detailed guidelines on conducting risk assessments, which involve identifying, assessing, and prioritising information security risks. It helps organisations systematically identify their information assets, evaluate potential threats and vulnerabilities, and assess the potential impacts on those assets. By following the guidelines provided in ISO 27005, organisations can establish a solid foundation for their risk management process.
ISO 27005 also provides guidance on the selection and implementation of risk treatment options. Risk treatment involves implementing controls or other measures to mitigate, transfer, avoid, or accept identified risks. The standard helps organisations evaluate different risk treatment options and select the most appropriate measures based on risk appetite, cost-effectiveness, and other relevant factors. This ensures that organisations make informed decisions and allocate resources effectively to manage their information security risks.