What is ISO 27001?
Firstly, before you can learn about the facts of ISO 27001, it’s probably worth explaining what it is! Think of ISO 27001 as a framework that drives all your information security management processes. ISO 27001 is an internationally recognised certification obtained by businesses of different sizes in a variety of industries. The certification demonstrates to potential customers, suppliers, and other stakeholders that your organisation is trustworthy when handling sensitive data. It also indicates that your company has had a third-party external assessment and met a set of requirements in order to become certified.
But what is the ‘ISO?’ you may be wondering. ISO stands for the International Organisation for Standardisation, and they are an independent, non-governmental body that publishes the standards. There are in fact thousands of standards that exist for different purposes, for example, ISO 27001 is to ensure information assets are protected, which reduces the likelihood of a data breach. On the other hand, other popular standards such as ISO 45001 (occupational health and safety management systems) exist to make the world a safer place.
Any company that deals with sensitive information or data should invest in ISO 27001 to ensure compliance with government legislation and regulatory and contractual requirements. By having the standard, you are committed to protecting your customers, employees, and other stakeholders’ information.
Cost Varies
The number one question on most decision-makers’ minds is ‘how much will this cost our business?’. It’s easy to say that you can’t put a price on securing your information, but the cost is an important factor to many businesses when deciding on whether to become ISO 27001 certified or not.
Many may not be aware that the cost of becoming certified can vary. The main factors considered are:
- Company size (employees, scope, locations)
- The extent of the existing Information Security Management System (ISMS), if applicable.
- Industry or sector in which the business operates
- The organisation’s operational structure
The most important thing to remember is the money that can be saved as a result of implementing the ISO 27001 standard. No business expects to be a victim of a cyber-attack, but as of 2022, the average cost of a cyber security breach in the previous 12 months in the UK was £1,200. It’s also crucial to note that this figure becomes greater as the size of the business increases. Can your business afford to not be protected? Needless to also say that the downtime, reputational damage, and sometimes even fines your company may face are often far worse…
ISO 27001 Offers Many Benefits
ISO 27001 stretches far beyond just ‘meeting stakeholders’ requirements’. Although that can certainly be part of it, and your suppliers may ask for the certification, it offers many benefits that can add significant value to your organisation.
Other major benefits include:
- Build trust with stakeholders – ISO 27001 provides an organisation with the information needed to protect valuable information by practicing good information security. The certification helps to build trust with stakeholders as security measures have been implemented to safeguard information.
- Protect your organisation from data breaches – we touched on this one earlier but as mentioned the cost of a breach can be significant. The ICO (Information Commissioner’s Office) shared in a report that many data security incidents show breaches due to human error. By having ISO 27001 you will have the assurance that staff regularly receive Information Security Awareness training, which reduces the likelihood of a data breach by human error. Fines and downtime aside, your business’s reputation may suffer as a result of the breach should employee or customer data be leaked.
Support with ISO 27001
Are you in need of support when it comes to information security management?
Candy Management Consultants have a team of expert ISO 27001 consultants ready to implement a bespoke information security management system for your organisation. We are proud to have an 100% success rate to date and serve clients nationwide.
If you want to protect your company’s information assets, implement ISO 27001 into your company and receive the benefits.
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