Identification of risks related to objectives

The organization has defined procedures for assessing and treating cyber security risks. The definition includes at least:

• Risk identification methods
• Methods for risk analysis
• Criteria for risk evaluation (impact and likelihood)
• Risk priorisation, treatment options and defining control tasks
• Risk acceptance criteria
• Process implementation cycle, resourcing and responsibilities
• The results should be included into the organization risk management process

The task owner regularly checks that the procedure is clear and produces consistent results.

The organization proactively seeks to list and assess the likelihood and severity of various cyber security risks. The documentation shall include the following:

• Description of the risk
• Evaluated impact and likelihood of the risk
• Tasks for managing the risk or other treatment options
• Acceptability of the risk

The organization agrees upon and implements a common information security risk management procedure and processes with stakeholders.

The organization should seek to integrate third-party risk management into its overall information security risk management. This should involve:

• Evaluating interdependencies
• Assessing risks related to contracts provided by third parties
• Addressing the scalability of risk management based on the organization's size and needs

The organization must determine an acceptable level for risks. The level is calculated based on the likelihood, impact and control of the risks.

The organization's risk outlook is reported to the organization's management regularly and at least once a year.

An organization must classify its information assets, such as information systems, data, units, key personnel, and other assets to be protected (e.g., equipment), according to priorities. Prioritization can be done, for example, based on the requirements for confidentiality, integrity, and availability of the information being processed.