BSI, the business standards company, has revised its guidance standard for information security management systems, BS 7799-3 Guidelines for information security risk management.
BS 7799-3 specifically assists organizations regarding the risks and opportunities aspects in the internationally recognized ISO 27001 Information technology. Security techniques. Information security management systems. Requirements. BS 7799-3 provides guidance on defining, applying, maintaining and evaluating risk management processes in the information security context.
The standard is relevant to organizations which have, or are intending to have, an information security management system which conforms to ISO 27001. BS 7799-3 identifies two widely recognized approaches to risk identification and risk analysis: the scenario-based approach, where risks are identified (and assessed) through a consideration of events and their consequence; and the asset-threat-vulnerability approach, where risk identification takes into account the value of information assets and identifies applicable threats.
The standard recommends that for an organization to increase the reliability of estimating the likelihood of a security event occurring, they should consider using team assessments rather than individual assessments; employing external sources, such as information security breaches reports; unambiguous targets, such as “two a year”, rather than vague targets and timings; and using scales with at least five categories to ascertain risk, from “very low” to “very high”.
BS 7799-3 accounts for risks as diverse as whether the influences of a foreign actor are a threat to the organization; technology failure; influences of domestic crime, including fraud; and the probable skill of an attacker, and the resources available to them. The standard includes dedicated sections for information security risk treatment, with guidance on how an organization can monitor and measure their risk identification plan.
Recognizing that no two organizations have identical security concerns, BS 7799-3 is applicable for all organizations – regardless of type, size or nature. Notable changes between the revised BS 7799-3 and its predecessor include conformity to the latest version of ISO 27001; the term “risk owner” replaces “risk asset owner”; and the effectiveness of the risk treatment plan is now regarded as being more important than the controls.
Anne Hayes, Head of Market Development for Governance and Resilience at BSI, said: “Information security is the central nervous system of any organization. When it fails, the financial and reputational impact can be devastating for small and large organizations alike. Unsurprisingly, businesses routinely cite information security as their number one concern.
“BS 7799-3 was revised to work hand-in-hand with ISO 27001 in assisting organizations in evaluating their risk management processes. If ISO 27001 is the bread and butter of an organization’s information security management system, BS 7799-3 is the knife to spread the butter.”
BS 7799-3 is applicable for any organization, but will be of particular interest to governance, risk and compliance personnel; security managers; operational managers; auditors; and anyone responsible for implementing the requirements of the General Data Protection Regulation in their organization.
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