ISO 27001: Why is it important?
Most companies will have some form of formal process in place to manage information security. These controls are necessary as information is one of the most valuable assets that a business can own. However, to make sure the process and policies in place are effective, we first need to determine how well they are organised and monitored. The ISO 27001 standard was introduced to address the issues and policies surrounding data and information protection in businesses. It covers everything from how removable media (USB, CD’s etc.) can be used, to security in a physical location. It shows your current clients and prospective ones, you care about them and their data.
ISO 27001 specifies a management system that brings information security under explicit management control. ISO 27001 mandates specific requirements. A company that claims to have adopted the ISO 27001 standard can formally be audited and certified compliant with the standard.
ISO 27001 requires that management:
Examine the companies information security risks, takes into account the threats, vulnerabilities and impacts.
- Designs and implements a coherent and comprehensive suite of information security controls and/or other forms of risk treatment to address those risks that are deemed unacceptable.
- Adopts an overarching management process to ensure that the information security controls continue to meet the companies information security needs on an on-going basis.
Benefits of ISO 27001 include:
Safeguarding your valuable data and intellectual property
- Information is the lifeblood of your business – if your clients have entrusted their valuable data to you. Implementing and maintaining an information security management system (ISMS) certified to the ISO 27001 standard is the most effective way of reducing the risk of suffering a data breach.
- An ISMS is a systematic approach to managing the security of sensitive information and is designed to identify, manage and reduce the range of threats to which your information is regularly subjected.
- Win new business and retain your existing clients
- ISO 27001 proves you are taking cyber security threats seriously.
- ISO 27001 demonstrates credibility when tendering for contracts.
- ISO 27001 gives you a proven marketing edge against your competitors.
- ISO 27001 helps you expand into global markets.
- ISO 27001 helps to demonstrate good security practises.
- ISO 27001 removes the need to complete detailed security questionnaires and respond to auditors for each new client.
- Avoiding the financial penalties and losses associated with data breaches
- Data breaches are not only damaging to business, but excessively costly
- ISO 27001 is the accepted global benchmark for effective management of information assets.
- Protect and enhance your reputation
- When it comes to security breaches, loss of customer confidence can have far more serious consequences for a company than the fines levied by the Information Commissioner’s Office (ICO) or the Payment Card Industry (PCI).
- Cyber attacks are increasing in volume and strength daily, and the financial and reputational damage caused by an ineffectual information security posture can be fatal.
- Build trust internally and externally
- ISO 27001 improves company culture. The Standard’s holistic approach covers the whole company, not just IT, and encompasses people, processes and technology.
- ISO 27001 improves structure and focus. When a business grows rapidly, it doesn’t take long before there is confusion about who is responsible for which information assets. the Standard helps businesses become more productive by clearly setting out information risk responsibilities.
- Comply with business, legal, contractual and regulatory requirements
- ISO 27001 is the only auditable international standard that defines the requirements of an ISMS.
- The Standard is designed to ensure the selection of adequate and proportionate security controls that help to protect information.
- Satisfy audit requirements
- By providing a globally accepted indication of security effectiveness, an ISO 27001 certification negates the need for repeated customer audits, reducing the number of external customer audit days.
Free Download: ISO 27001 Checklist
Get your business ready for ISO 27001 with our checklist masterplan.