CHAPTER 2: RISK ASSESSMENT METHODOLOGIES

In this book we use the terms ‘method’ and ‘methodology’ interchangeably. A method is (as most standard dictionaries explain) simply a ‘way of doing something’. A method, in other words, will contain principles and procedures, describing both what must be done and how it must be done. A risk assessment methodology, therefore, is a description of the principles and procedures (preferably documented) that describe how information security risks should be assessed and evaluated.

An effective, defined, ISO 27001-conforming information security risk assessment methodology should provide the organisation (particularly its board and management) with an assurance that all the relevant risks have been factored ...

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