Risk Assessment
The systematic process of identifying, analyzing, and evaluating risks to an organization's information security.
A risk assessment is the foundation of any information security programme. It is the systematic process by which an organization identifies threats to its information assets, analyzes the likelihood and potential impact of those threats materializing, and evaluates the resulting risks against the organization's defined risk tolerance. The output informs decisions about which security controls to implement.
In the context of ISO 27001, a risk assessment must be performed before implementing the ISMS and repeated at planned intervals or when significant changes occur. The process involves defining risk assessment criteria, identifying assets and their owners, mapping threats and vulnerabilities, calculating risk levels, and selecting risk treatment options (accept, mitigate, transfer, or avoid). All steps must be documented.
Risk assessments are also a core requirement under the NIS 2 Directive, which obliges essential and important entities to implement risk management measures proportionate to the risks they face. A well-documented risk assessment provides the evidence base for these measures and is essential during supervisory inspections or after a security incident.
Legal Basis
ISO/IEC 27001:2022 (Clause 6.1); EU Directive 2022/2555 (NIS 2 Art. 21); ISO/IEC 27005
Practical Example
An online retailer conducts an annual information security risk assessment. The team identifies key assets (customer database, payment systems, internal ERP), maps potential threats (ransomware, insider threats, DDoS), and assesses likelihood and impact. High-risk items — such as insufficient encryption of customer data at rest — are escalated to management with recommended mitigating controls. The results feed directly into the organization's security investment planning for the coming year.