November 1, 2020

How can a company benefit from ISO 27001?

Cyber Resilience By jamesam

How can a company benefit from ISO 27001?

ISO 27001:2013 is the only auditable global standard system that specifies strict requirements for an Information Security Management System (ISMS). An ISMS includes a set of policies, methods, processes and systems for proper handling of customer data, as well as resilience against cyber-attacks, hacking and data theft.

If an organisation is a certified ISO/IEC 27001 entity, it shows that the it has in place a well-defined set of information security systems. Even though not every organisation chooses to get certified, they may still consider 27001 as a best-practice framework for how to maintain information security.

Let us take a look at how ISO 27001 certification can help your organisation.

  1. Get new business & sharpen the competitive edge

Everyone who works in a highly competitive business environment will come to appreciate the importance of ISO 27001 certification; since the certification is an affirmation of good security practices, it generates well-defined working ties while retaining existing clients. It also gives a company that marketing edge against competitors.

  1. Avoid paying huge fines and losses linked to data breaches

According to a report by Ponemon, the average cost of a global data breach has leapt to a whopping $3.86 million. ISO 27001, being the accepted global standard for effective management of information assets, enables companies to avoid such massive financial losses caused by data breaches.

  1. Protect & enhance the company’s reputation

Cyber attacks are becoming more rampant, and it can bring about considerable financial and reputational damage to a company. By implementing an ISO 27001 certified ISMS, a company is protecting itself against such threats, and shows that necessary security steps have been implemented to ensure a safe business environment.

  1. Comply to legal and regulatory requirements

ISO 27001 is designed to ensure that companies take adequate and proportionate security controls in order to protect client data. As a result, this standard meets the rigid regulatory requirements presented by the EU General Data Protection Regulation (GDPR) and other national information security obligations.

  1. Improve in structure and focus

Very often, when a business grows rapidly it is accompanied by lack of ownership when it comes to information assets. The ISO 27001 standard ensures that companies remain productive by clearly setting out data risk responsibilities.

  1. Reduce customer audits

Since ISO 27001 certification comes with a worldwide-accepted recognition of how effective the organisation’s information security systems are, there is no need for regular customer audits. This, in turn, effectively brings down the number of external customer audit days – saving you time and money.

  1. Get independent assessment of the security system

Certification to ISO 27001 is accompanied by regular reviews and internal audits of the ISMS, to ensure compliance and continuous improvement. This independent review and analysis provides an insight into whether a company’s information security is functioning as it should be or not, by confirming there are no possibilities of security breaches.