ISO 27001 or the ISO/IEC 27001 is an international standard for managing information security that was published by the International Organization for Standardization or the ISO in collaboration with the International Electrotechnical Commission. This was created to assist industries, big and small, in protecting their information. It provides a framework for enterprises to protect their information by implementing an Information Security Management System. Not only does it safeguard the organization’s most valuable information, but it also certifies a company to demonstrate to its clients and partners that their data is well protected.
Controls, also defined as safeguards, are ISO 27001 practices that must be followed in order to decrease risks to acceptable levels. Technical, administrative, legal, physical, and human controls are all examples of controls. To find out more about the benefits of having ISO 27001, below is a list of some of its importance and benefits.
Important Benefits on Why You Should Care About ISO 27001
Prevents Companies from Paying Fines
In the United Kingdom, the Information Commissioner’s Office can now impose fines of up to 4% of a company’s annual turnover if there is a breach in the company’s data. “Any punishment that we issue is designed to be efficient, reasonable, and dissuasive, and will be determined on a case-by-case basis,” they say.
In 2018, a group of hackers had breached the Marriott International security system, which affected the personal records of their 500 million guests. This had made a significant impact not only on the corporation but also on the customers. Personal information about individual guests was exposed to hackers, where it could be readily stolen. The corporation was fined hefty millions as a result of the data breach. Every company may experience this type of catastrophic event, especially if their security system isn’t that strong, which greatly affects the company and the customers.
Protects Your Brand
News about a company breach can also harm the company’s brand and reputation, which has an impact on how business is done. Even a minor breach can make loyal customers feel unsafe about sharing personal information with the organization, so rather than risk it all, they may seek out another company with a stronger brand and reputation. This would certainly be detrimental to the company, which may not attract a large number of customers.
Cybersecurity threats should not be taken lightly. Customers and stakeholders would always consider the security of the company to whom they would give their personal information. The dangers of cybersecurity and data breaches of any kind are just too severe to rely on a handshake and an assurance that a new provider will handle information properly. They would be concerned about how a corporation would handle and protect the valuable information they would be providing. Having a strong reputation for handling your cybersecurity boosts your company’s prospects of obtaining new clients and retaining existing ones. No customer would want to stay at a hotel that has a history of cybersecurity breaches because they would be afraid it will happen again, and their information would be taken.
Improves Process and Experience
Some of the important aspects of information security management are operational procedures and responsibilities. Certification of ISO 27001 helps the organization’s internal system, structure, and day-to-day processes and procedures. It includes the needs for change and capacity management, the construction and testing of operational environments, malware controls, and data backup, as well as the processes necessary for documenting operating procedures. This aids in the development of a clear framework for assessing security risks. This approach would result in better documentation, as well as a guideline for workers and staff to follow in order to keep the organization safe and secure from threats.
Complies with Legal, Business, Contractual, and Regulatory Responsibilities
One of the requirements for ISO 27001 certification is meeting a few regulatory, legal, and contractual requirements, intending to avoid information security-related legal, statutory, regulatory, or contractual issues. It should be identified, documented, and kept up to date with a good control outline on all relevant legal, statutory, regulatory, and contractual requirements, as well as the company’s strategy and action in order to meet these requirements, for each information system and the organization.
Compliance with ISO 27001 can be defined as a legal requirement in contracts and service agreements between public and private enterprises. Furthermore, nation-states might enact laws or regulations that make the implementation of ISO 27001 a legal necessity for enterprises operating inside their borders.