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A centralised cyber security risk register is a document that includes information about an organisation’s threat environment.
It contains information on potential cyber security risks, and usually acts as evidence that an organisation has implemented an ISMS (information security management system).
Risk registers are especially important for organisations implementing ISO 27001, as it’s one of the first thing that auditors review when assessing the company’s compliance posture.
But how do you create a cyber security risk register? We explain everything you need to know in this blog.
How do centralised risk registers work?
A centralised risk register often takes the form of a spreadsheet, although there are dedicated software tools, such as vsRisk, that organisations can use to help complete the process.
However they are produced, they should contain a list of every risk the organisation has identified and their scores according to its risk evaluation process.
The risk register also prioritises risks depending on their scores and documents the status of existing controls to address the risk as well as plans to review or strengthen those controls.
By completing a risk register, organisations are not only meeting their compliance objectives. There are also major benefits to their security and operational efficiency.
For example, they provide central visibility over your complete threat landscape and the way security incidents may affect your business.
They also ensure that risks are assigned to an appropriate member of staff or team, and that these are reviewed whenever there are organisational changes or an employee leaves.
Another benefit is that it helps organisations prepare their risk treatment options, enabling them to invest in appropriate controls to reduce the likelihood of an incident occurring or the damage that it will cause if it does occur.
Developing a cyber security risk register
The cyber security risk register is developed in four stages, following the framework outlined in ISO 27005:
1. Risk identification
Your first task it to determine any risks that can affect the confidentiality, integrity and availability of information you store.
You can find out…