Monitoring of Risk-Generating Factors

Monitoring of Risk-Generating Factors

Information security risks are inherently dynamic; threat landscapes, technological architectures, and organisational objectives exist in a state of perpetual flux. Therefore, static, point-in-time risk assessments are fundamentally insufficient. ISO/IEC 27005:2022 mandates continuous monitoring and review of factors that influence risk to detect changes in the organisational context at an early stage and to maintain an accurate, real-time overview of the complete risk picture.

Organisations must continuously assess their risk treatment plans and the effectiveness of their ISMS by tracking specific risk factors. This involves setting up systems to identify new sources of risk, such as recently reported zero-day vulnerabilities in IT infrastructure, the emergence of innovative threat-actor tactics, or rapid changes in geopolitical stability. Monitoring must also include internal changes, such as adding new assets to the risk management scope, adjusting asset valuations in response to changing business priorities, and shifts in technology use that could create new attack surfaces.

Additionally, external systemic factors, such as changes in laws and regulations, emerging compliance requirements, and shifts in the organisation's overall risk appetite set by leadership, must be actively monitored. A key element of this process is the ongoing review of risks previously categorised as "low" or "acceptable." Since factors affecting likelihood and impact can change quickly, risks once considered benign may exceed acceptance limits. If an overall review indicates that low risks could lead to systemic, cumulative effects, these risks should be promptly escalated for mitigation. The insights gained from this continuous oversight should directly inform the risk assessment, prompting out-of-cycle reviews whenever significant operational or environmental shifts occur, thereby ensuring the organisation's risk profile remains aligned with current conditions.

Advanced Risk Management

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  • Course Motivation

0.0 Shifting from technical execution to strategic risk management.

  • The Strategic Imperative of the Security Function
  • IBM - Motivation for Risk Analysis in CyberSecurity (11 min)
  • Google - Security Frameworks (30 min)
  • Introduction: The Evolution of Security Management

1. Introduction to ISO/IEC 27005 and information security risk management

  • Introduction: The Evolution of Risk Management Standardisation
  • International Standardisation: ISO 31000 versus ISO 27005
  • The ISO Risk Management and other frameworks
  • The Psychology of Risk Perception and Decision-Making
  • The ISO 31000 Architecture: Principles, Framework, and Process
  • Review of Risk Assessment Methodologies (IEC 31010)
  • Scope, Context, and Criteria
  • Leadership, Governance, and Corporate Commitment
  • Quiz01 - Risk Management [Day01]

2. Information Security Risk Identification, Assessment, and Treatment (ISO/IEC 27005)

Delayed 1 day

  • Identification and description of information security risks
  • Identification of risk owners
  • Assessment of potential consequences
  • Determination of risk levels
  • Comparison of risk analysis results with established risk management criteria
  • Risk prioritization
  • Determination of required controls for risk treatment
  • Risk treatment plan
  • Quiz02 - Risk Identification, Assessment and Treatment [day2]

3 - Risk Acceptance, Communication, Monitoring and Review

Delayed 2 days

  • Key Take aways (Module 01 - Module 02)
  • Quiz03 - Recap - Session 1 & 2
  • Communication and Consultation of Results
  • Documentation of the Risk Analysis Process
  • Documentation of Results
  • Monitoring of Risk-Generating Factors
  • Deep Dive: Navigating Complexity with ISO/TS 31050 and the Risk Intelligence Cycle
  • Future-Looking Challenges for Risk Management and ISO/IEC 27005

4 - Risk Assessment Methodologies

Delayed 3 days

  • The Methodological Shift: Transcending Traditional Frameworks
  • Technique 1: STRIDE for Cloud and PaaS Architectures
  • Technique 2: Subjective Evaluation of Opaque AI Risks
  • FMEA, Red Teaming, and Risk Register Integration
  • Risk Monitoring Processes
  • Part B: Procedure to Execute an FMEA Analysis

05 - ISO 27005 Risk Assessment Using FMEA

Delayed 4 days

  • Process Overview - Lab: AI and Cloud Services
  • Quiz - Simulation exam
  • Quiz - summary