ISO/IEC 27005 is an international standard that provides comprehensive guidelines for information security risk management, forming a key part of the ISO/IEC 27000 family of standards. It outlines a structured process for organizations to systematically identify, assess, evaluate, and treat information security risks, supporting the implementation and continual improvement of an Information Security Management System (ISMS) as required by ISO/IEC 27001. The standard covers essential steps such as establishing the risk management context, conducting risk assessments (using qualitative, quantitative, or semi-quantitative methods), evaluating risks against defined criteria, and determining appropriate risk treatment options. ISO 27005 emphasizes the importance of involving risk owners, documenting decisions, and ensuring that risk management is an ongoing, organization-wide activity, adaptable to different industries and organizational needs.
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