Overview: ISO 27001 requirement 8.3

1. What is the information risk treatment plan?
   
   
2. What are the four risk treatment options?
   
   
3. How to implement information security risk treatment
   
   
4. Benefits of having an information risk treatment plan

Information security risk treatment is the process of selecting and implementing controls to reduce the likelihood and impact of information security risks. It is an essential part of any information security management system (ISMS) and is required by the ISO 27001 standard.

Clause 8.3 of ISO 27001 requires organisations to implement the information security risk treatment plan and retain documented information on the results of that risk treatment.

This means that organisations must have a plan in place for how they will address the risks that have been identified, and they must keep records of how they have implemented that plan.

Here are some of the things that are involved in requirement 8.3:

• Identifying and assessing risks
  
  
• Developing and implementing risk treatment plans
  
  
• Monitoring and reviewing the effectiveness of risk treatment plans
  
  
• Retaining documented information on the results of risk treatment

Organisations can use a variety of methods to implement requirement 8.3, such as:

• Using a risk management framework such as ISO 27005
  
  
• Using a risk management software tool
  
  
• Hiring a consultant to help with risk management

What are the four risk treatment options?

There are a number of different risk treatment strategies, but the most common are:

• Avoidance: This involves taking steps to eliminate the risk altogether, such as by not using a particular technology or process.
  
  
• Mitigation: This involves taking steps to reduce the likelihood or impact of the risk, such as by implementing security controls.
  
  
• Acceptance: This involves accepting the risk as it is and taking no further action.
  
  
• Transfer: This involves transferring the risk to a third party, such as an insurance company.

The best risk treatment strategy for a particular risk will depend on a number of factors, including the likelihood and impact of the risk, the cost and effectiveness of different controls, and the organisation's risk appetite.

The benefits of having an information risk treatment plan

In addition to being required for the ISO 27001 certification, a risk treatment plan also has a number of other benefits, such as:

• Reduced risk of information security incidents: An information risk treatment plan helps organisations to identify and manage their information security risks effectively. This can help to reduce the likelihood and impact of information security incidents, such as data breaches, malware attacks, and denial-of-service attacks.
  
  
• Improved compliance: Many regulatory requirements require organisations to have an information risk treatment plan in place. Having a plan can help organisations to demonstrate to regulators that they are taking steps to protect their information assets.
  
  
• Enhanced customer confidence: Customers are more likely to do business with organisations that they trust to protect their data. Having an information risk treatment plan can help organisations demonstrate to customers that they are taking information security seriously.
  
  
• Reduced costs: Information security incidents can be very costly, both in terms of financial losses and reputational damage. Having an information risk treatment plan can help organisations to reduce the risk of these incidents, which can lead to significant cost savings.
  
  
• Improved business continuity: Information security incidents can disrupt business operations and lead to lost revenue. Having an information risk treatment plan can help organisations improve their business continuity by reducing the risk of these incidents.

In addition to these benefits, having an information risk treatment plan can also help organisations to:

• Make better decisions about information security investments: By understanding their risks, organisations can make more informed decisions about where to invest their resources in terms of information security controls.
  
  
• Improve communication and collaboration: An information risk treatment plan can help to improve communication and collaboration between different departments within an organization. This can lead to a more effective and efficient approach to information security.
  
  
• Raise awareness of information security risks: An information risk treatment plan can help to raise awareness of information security risks among employees. This can lead to more informed and responsible behaviour in terms of information security.

Overall, an information risk treatment plan is an essential tool for any organisation that wants to protect its information assets and improve its information security posture.