The ISO 27001 Risk Register is not only a powerful tool to prevent cyber threats, but an essential step in your business’ path to compliance. Simply put, it is a helpful document that identifies, evaluates, and prioritizes an organization’s security risks.
The ISO 27001 Risk Register follows the ISO 27001 standard, a universally-accepted framework for information security management systems (ISMS). Conducting an assessment using this register is a requirement for ISO 27001 certification, which gives your clients the assurance necessary to confidently do business with your organization.
In this article, we will cover what the ISO 27001 Risk Register is, what it looks like, and what steps you can take to achieve compliance.
What does this process entail?
The following steps provide a brief overview of how to conduct an ISO 27001 Risk Register:
- Identify: Create a list of your company’s information assets, particularly sensitive or confidential data with high risk potential.
- Evaluate: Determine the likelihood of these risks occurring and the impact it would leave on your business.
- Prioritize: It’s difficult to address all of these threats at once, so focus on the risks that have a higher probability of occurring and that could cause significant damage to your business.
For SaaS startups working toward ISO 27001 compliance, the risk register serves as a foundational step in the process. It helps identify security weaknesses, prioritize the most urgent controls, and guide decision-making before implementing security measures. As compliance efforts progress, the risk register continues to evolve, ensuring that security strategies remain aligned with the company’s growth.
What does the ISO 27001 Risk Register look like?
The ISO 27001 Risk Register is structured like an organized spreadsheet, with distinct columns evaluating various aspects of the identified risks. Some key components typically included in a risk register template are:
- Risk ID: A unique code that identifies the risk.
- Description: A brief explanation of what the risk is.
- Likelihood: The probability of the scenario occurring.
- Risk Owner: The person responsible for managing the risk.
- Risk Treatment Plan: A strategy of what you will do to combat the risk.
However, you can always modify the sheet to accommodate your business’ needs. Here is an example of what an ISO 27001 Risk Register can look like:
Identifying Information Assets
The first step in the process involves identifying your business’ information assets to see what could be jeopardized by external threats. Information assets include anything that stores valuable data—such as software, hardware, databases, and images—with a particular focus on those related to your clients.
If you are unsure about what kinds of attacks your organization could be vulnerable to, check out our Enterprise Cybersecurity page to familiarize yourself with these risks.
Evaluating Your Risks
After you determine what assets could be at risk, the next step is to evaluate how likely it is that they become compromised. It’s important to consider the consequences that come with these risks. Could there be any financial losses? Could your reputation be at stake?
To help measure the severity of the risk, it can be helpful to use a numerical scale (ranking from 1-10) or categorizing risks as “Low,” “Medium,” and “High” on your spreadsheet. If your business has access to historical data on the risk, you can refine your assessment with a more precise calculation.
Prioritization
Determining the likelihood and potential impact of risks will help you assess which ones pose the largest threats to your business.
Consider which risks are imminent, how they could disrupt your operations, and what measures are needed to mitigate their effects. Additionally, it’s good to factor in which risks matter most to your clients to create more confidence in your business.
How can you start?
Work with your team to address your business’ vulnerabilities and form a strategy moving forward. Regularly updating a spreadsheet evaluating these risks is a simple way to stay organized and, most importantly, ensure compliance.
