No matter what the size of your organization, how you spend your money is an important decision. ISO 27001 certification is not mandatory. However, it can provide extraordinary value to any organization that deals with sensitive data. Whether you need to convince people in the C-Suites or whether you are trying to convince yourself it is worth it, you can learn why you should invest the time and funds in ISO 27001 Certification below.
What is involved in ISO 27001 Certification?
To qualify for ISO 27001 Certification, an organization needs to do the following:
- Define their security policy.
- Define the scope for their information security management system.
- Perform a risk assessment, where any risks that involve their data will be identified.
- Manage any risks that are identified during that assessment.
- Come up with control objectives, as well as controls that the organization will implement.
- Create a statement of applicability.
While each of these steps is an inherent part of the certification process, they also have other benefits for your organization. There are many reasons that going through the ISO certification process is valuable. Four good reasons to consider ISO 27001 Certification:
1. It’s a foolproof way to stay in compliance everywhere else.
Most businesses have regulations or standards they need to comply with. If you do business in the UK, you are probably familiar with the Data Protection Act of 1998 and the more recent General Data Protection Regulation (GDPR). If you work with financial information in the US, you are bound by the Gramm-Leach-Bliley Act. Those who handle healthcare and medical information must comply with the Health Information Portability an Accountability Act (HIPAA). If you handle credit card data, you have an obligation to your processor to handle data correctly. Plus, you will also have to comply with applicable state and local laws.
The problem is, many of these requirements do not come with an audit process in place. ISO standards, on the other hand, do. If you can show certification that you are ISO 27001 compliant, you increase your chances of adhering to your other compliance commitments, as well.
2. You’ll have smoother, more efficient processes.
Often, when businesses experience fast expansion or changes in personnel, the cost can be uneven processes and standards. It’s easy to lose track of who has access to what data, who is responsible for specific information assets and how access to information is managed.
When you apply for ISO 27001 Certification, you need to be able to show that you have clear security processes in place. You need to show who is responsible for what. You also need to demonstrate what you are doing to manage any risks and how you handle a breach if one is detected.
This, in turn, creates smooth processes where everyone knows their responsibility and how they should handle every process that involves a client or partner’s data. In the end, you’ll wind up with processes that are more standardized. You’ll save time since everyone will know what is expected. You’ll also be sure that the job is done right every time.
3. You’ll protect against loss of reputation.
Most people in IT understand that data losses can be expensive. Between fines, the actions required to recover from a breach and even increased insurance costs, a data loss can easily head into six figures.
However, the other serious cost associated with breaches and data loss are losses to reputation. Large fines tend to make the news. When the public sees that a company has handled sensitive data poorly, they are less likely to trust that company. This, in turn, leads to damage to the company’s reputation and a harder time convincing people to trust that business with their business and their sensitive data.
4. You’ll get an edge over your competitors.
The cost of cyber attacks and data breaches go up every year. According to a report from Internet Society released in February, 2018, the annual cost of cyber attacks is up to $600 billion. The risks have left everyone from individual customers to enterprise-level companies wary of who they share their data with and where they choose to do business.
Getting ISO 27001 certification shows that you are serious about protecting stakeholders’ data. You show that you are taking deliberate actions to make sure that vital data is safe. When customers are choosing between you and your nearest competitor, that earnest attention to detail can be what makes all the difference between the choice to do business with you or with someone else.
Can an ISO 27001 certification help your business? We can help you audit your processes, make the changes you need and get you ready for certification. Get in touch with I.S. Partners today for a free, no-obligation consultation. You can call us at 215-675-1400, request a quote online, or contact us with any other questions.