An ISO 27001 certification becomes the norm for best practice information security, it’s a minimum entry to a tender or contract renewal. This standard can make the difference between winning and losing those all-important tenders.
ISO 27001 it the one standard that recognises the specifications for an information security management system (ISMS). Organisations must evidence they can be trusted for information security and privacy management and having an ISO 27001 demonstrates that an organisation has identified their risks and put in place some measures to protect the organisation from information security data breaches.
Benefit 1 – Retain clients and win new business
Return on investment can be lots from having an ISMS and causes for the initial investment generally come from external forces such as powerful clients. Stakeholders are much more interested in how their valuable information is being handled and protected. Aligning your organisation with the priorities and requirements of your customers will give you a competitive advantage and make you a far more attractive prospect. Furthermore, ISO 27001 certification demonstrates robust security practices, thereby improving client relationships and client retention.
For many of our customers, their desire to achieve the ISO 27001 standard is driven by their client requirements, whether existing clients or when tendering to win new client business. In each situation, whether the driver is to satisfy existing client or prospective client demands, there is usually always a time-sensitive goal with pressure to achieve certification quickly.
Benefit 2 – Preventing fines and loss of reputation
Under the EU’s GDPR (General Data Protection Regulation) the information commissioner’s office, in the UK, can now issue fines of up to 4% of a company’s annual turnover, or €20m for the worst data offences.
Having an improved information security and data protection is more likely on the list of priorities for the general public and business leaders alike.
Certain data breaches have hit front page headlines, although it’s the bigger companies we tend to hear about. In 2019 British Airways was handed a £183m fine for infringement of the GDPR following a data breach which affected 500,000 customers and a cost that amounted to 1.5% of the airline’s annual revenue.
It’s not just the big companies that get caught out. Smaller companies are incurring the fines too. Even if an organisation has incurred a fine, it still had a detrimental effect on them overall. It may make them less attractive to prospective clients.
Benefit 3 – Improving processes and strategies
In addition to improving how your organisation is perceived by your clients, suppliers and other stakeholders, ISO 27001 certification benefits your organisation’s internal systems, structure and day to day processes and procedures. Therefore, you would benefit from having an ISMS itself.
The processes required to meet the ISO 27001 standard results in good documentation and means all staff have clear guidelines to follow. In response this helps the organisation remain secure and free from attack. It might include policies around the use of external dives, safe internet browsing and using strong passwords.
Cyber-attacks and data breaches can always happen, but the forward planning that’s involved with ISO 27001 demonstrates that you have evaluated the risks, as well as your business continuity and breach reporting plan if things were to go wrong. Hopefully reducing any costs incurred.
Benefit 4 – Commercial, contractual, and legal compliance
The objective of Annex A.18 as part of ISO 27001 is to avoid breaches of legal, statutory, regulatory, or contractual obligations related to information security and of any security requirements.
Good control describes how all legislative statutory, regulatory, contractual requirements, and the organisation’s approach to meet these requirements should be explicitly identified, documented, and kept up to date for each information system and the organisation.
ISMS.online makes much of the compliance side of information security easier. The built-in approval processes and automated reminders for reviews make life much easier and offer up a ‘living plan’ to show auditors you are in control of it.
An organisation that has considered and put in place the necessary requirements to meet the Annex A.18 framework will be able to demonstrate to all stakeholders that its future-proofed its business.
The benefits of implementing ISO 27001 in your organisation are clear. It leads to a stronger business model, longevity, and an information security management system to be proud of.