Securing sensitive files and data is a matter of priority for most organizations, both big and small. Since hackers are continually using new technology to find easier ways to compromise sensitive data, it’s time for companies to step up their game too.
Many organizations only follow a shortsighted approach that deals with the security of certain IT areas. The problem with this is that it leaves their other IT and non-IT assets easy to access by malicious groups.
A standard called ISO 27001 was developed and introduced to organizations to overcome this problem. Here’s everything you need to know about it and why it’s essential to have.
What is ISO 27001?
ISO 27001 is an international information security standard developed by the International Organization for Standardization (ISO). It acts as a framework and guideline for establishing and managing an information security management system (ISMS)
One way organizations can benefit from ISO 27001 is by presenting their certification to customers, partners, and shareholders, showing that they’ve taken steps to protect their data. You can find an ISO27001 Certification Service – Loop Secure, to help you get certified quickly and easily.
Let’s look at a few major benefits and reasons why every organization should comply with the standard.
1. Preventing Financial Loss From Security Breaches
The cost of a data breach globally averages up to around $4.35 million. So if you think ISO 27001 compliance might cost a lot, the potential costs of service interruptions and a breach of data could be much worse.
Implementing new information security might seem like an expense at first but it soon becomes a worthy investment when you experience less frequent or no incidents at all. You’ll be able to reduce expenses otherwise spent on resolving those incidents.
2. Gaining a Competitive Edge Over Other Companies
Being ISO 27001 compliant helps you demonstrate better security practices, improving your relationships with clients and partners. In such a competitive market, it isn’t easy to differentiate yourself from competitors, so being certified for ISO 27001 should enhance your value proposition and make you unique.
In some countries, ISO 27001 compliance is a major requirement. With it, you’ll be able to access most global markets and compete with international competitors. Being certified can also significantly improve your credibility.
3. Improving Processes and Strategies
It is essential to build a security culture in your organization and have evidence to provide customers that may need reassurance to determine if you’re an asset or a security liability.
The ISO 27001 framework is purely policy-driven, meaning it requires the creation and establishment of information security policies. Naturally, the policies are only effective if they’re properly followed, but setting a vision for how you want to secure the organization is also important.
4. Serving as a Proactive Approach Against Cyberattacks
With technology constantly evolving, organizations need the ISO 27001 framework to support forward planning based on risk assessments. It can be used to create new processes and security controls that work to protect the organization’s vulnerabilities and weaknesses.
The ISO 27001 framework not only considers security but also includes business continuity planning and incident response. This ensures that the organization is prepared to address any form of attack, based on risk assessments and known weaknesses.