ISO 27001-2013 is the latest version of ISO 27001, and it’s one of the most widely recognized information security standards. To demonstrate the strength of their information security management, increasing numbers of companies have been awarded ISO 27001 certification.
The goal of ISO 27001 compliance was to have a competitive edge. However, as ISO 27001certification is becoming the norm for best-practice security information security, it has become a minimum entry to tenders or contracts renewals. It can be the difference between winning and losing those important tenders if you adhere to the standard.
What are the top 4 advantages of ISO 27001?
Benefit 1 – Retain customers and win new business
Although the return on investment of information Security Management System may be high, triggers for this initial investment usually come from powerful customers.
A growing number of stakeholders are more concerned about how their sensitive information is handled. Data breaches are too risky to accept a handshake or a promise from a new supplier that they will be protecting your information.
The traditional belief that organizations protect data privacy and security has been discredited by the suspicion that data is being misused. Organizations must protect their businesses, which includes their supply chain. This is discussed in greater detail in our whitepaper, ‘planning a business case for an Information Security Management System’.
You will be able to position your company in a way that is more attractive and competitive.
ISO 27001 is also an indicator of strong security practices. This helps to improve client relations and client retention.
Our customers often feel that their desire to attain the ISO 27001 standard is driven primarily by client requirements. These clients can be existing clients or those who are tendering for new client business.
Each situation has a driver who must satisfy clients or potential clients. In all cases, there is a time-sensitive goal that is urgent and the need to obtain certification as quickly as possible.
ISO 27001 Experiences
The initial driver that reached ISO 27001 in 2012 was the request of a customer to verify the reliability and security of our information management system to continue doing business. We have heard this story time and again from customers. Find out more about our story.
Online customers realized that enterprises were seeking information security assurance. Amigo, ISMS. Online user recognized that there wasn’t one person who was dedicated to information security. They decided to automate and streamline the process. Thanks to ISMS. Online, they were able to achieve a smooth implementation and a successful ISO 27001 auditor in just 2-3 weeks.
Benefit 2 – Preventing fines or reputation damage
For the most serious data offenses, the Information Commissioner’s Office can issue fines as high as 4% of a company’s total annual turnover or EUR20, 000,000 (whichever is greater).
ICO says that any penalty we issue is meant to be effective and proportionate. However, each case will be considered individually.
Improvements in information security and data privacy are high up on the priority list of both business leaders and the general public.
Information security management will be more important than ever as significant fines are imposed for data breaches. Organizations need to not only look at their cyber security but also at those of their suppliers. This applies to even the smallest business, as there is risk in data handling and processing.
British Airways was fined PS183 million for violating the GDPR in July 2019. This is due to a data breach that impacted 500,000 customers last year. It amounts to 1.5% of the airline’s annual revenue.
Following the theft of the records from 339 million guests by hackers, a P100m penalty was imposed against the Marriott international hotel group.
Not only larger corporations are at risk from the ICO. Even smaller businesses are being fined. Privacy Affairs is compiling data on General Data Protection Regulation penalties and has found the smallest to be EUR194. This was a penalty imposed by a utility firm in Czechia earlier this year.
Even though a small fine may have been imposed, this will still negatively impact the business and make them less appealing to potential customers.
Companies are naturally motivated to increase their information security to avoid being fined. It is important to consider the potential impact on companies’ reputations if they receive warning notices, fines, or other negative publicity. This will likely have a long-lasting negative impact on their profit margins.
Benefit 3 – Improving strategies and processes
ISO 27001 Certification Australia not only improves the perception of your organization by your clients, suppliers, or other stakeholders but also benefits your organization’s internal systems, structure, and daily processes.
This is a benefit of having an information management system.
The operational procedures and responsibilities of information security management are crucial. There are specific requirements in the Annex A.12 framework regarding the documented processes and operating procedures that must be followed for change management, capacity management, development, and test, as well as operational environments and security controls.
