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NIST SP 800-53 Rev. 5 · RA-3

Risk Assessment

US National Institute of Standards and Technology (NIST) · cited in 53 of our lessons

Explanation

What it asks for. The organisation must conduct risk assessments that identify threats and vulnerabilities, judge likelihood and impact, consider privacy risks to individuals, integrate supply chain and mission considerations, document results, review them, share them with stakeholders and update them when conditions change.

In practice. This means a repeatable methodology, a risk register with owners, treatment decisions and target dates, and assessments triggered by significant changes such as new systems or major threat developments. Auditors expect the methodology, completed assessments, the register and evidence of management review. ISO/IEC 27005, ISO/IEC 27001 clause 6 and NIS2 all build on the same approach.

Common gaps. Assessments are often generic, not linked to real assets, and not updated after major changes. Risk acceptance decisions frequently lack a named owner or expiry date.

Open SP 800-53 at NIST
The official text
a. Conduct a risk assessment, including: 1. Identifying threats to and vulnerabilities in the system; 2. Determining the likelihood and magnitude of harm from unauthorized access, use, disclosure, disruption, modification, or destruction of the system, the information it processes, stores, or transmits, and any related information; and 3. Determining the likelihood and impact of adverse effects on individuals arising from the processing of personally identifiable information; b. Integrate risk assessment results and risk management decisions from the organization and mission or business process perspectives with system-level risk assessments; c. Document risk assessment results in [Selection: security and privacy plans; risk assessment report; {{ insert: param, ra-03_odp.02 }} ]; d. Review risk assessment results [Assignment: organization-defined frequency]; e. Disseminate risk assessment results to [Assignment: organization-defined personnel or roles] ; and f. Update the risk assessment [Assignment: organization-defined frequency] or when there are significant changes to the system, its environment of operation, or other conditions that may impact the security or privacy state of the system. Discussion: Risk assessments consider threats, vulnerabilities, likelihood, and impact to organizational operations and assets, individuals, other organizations, and the Nation. Risk assessments also consider risk from external parties, including contractors who operate systems on behalf of the organization, individuals who access organizational systems, service providers, and outsourcing entities. Organizations can conduct risk assessments at all three levels in the risk management hierarchy (i.e., organization level, mission/business process level, or information system level) and at any stage in the system development life cycle. Risk assessments can also be conducted at various steps in the Risk Management Framework, including preparation, categorization, control selection, control implementation, control assessment, authorization, and control monitoring. Risk assessment is an ongoing activity carried out throughout the system development life cycle. Risk assessments can also address information related to the system, including system design, the intended use of the system, testing results, and supply chain-related information or artifacts. Risk assessments can play an important role in control selection processes, particularly during the application of tailoring guidance and in the earliest phases of capability determination.

From NIST SP 800-53 Rev. 5, a work of the US government in the public domain.

Lessons that cite it

Real incidents where this item mattered: the latest 12 of 53.