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24
Oct
2022
Securing Your Business Data with ISO 27001 Certification

Securing Your Business Data with ISO 27001 Certification

Data is the lifeblood not just of your business, but the entire business world. Chances are you collect data from a variety of sources, ranging from email addresses and phone numbers to valuable financial records. However, none of your data is fully protected from hazards lurking across the dark web. Hackers wreak havoc wherever they go. The consequences can be disastrous. IBM Security points out that data breaches worldwide cost an average $4.24 million last year². How can you keep your company’s data safe from phishing, ransomware, and other harmful activity? 

Enter ISO 27001. This international standard was developed to help businesses of every size in every industry protect their data in an organized manner while also reducing costs³. By encouraging organizations to adopt well-designed information security management systems (ISMSs), ISO 27001 certification helps companies prove to their clients and stakeholders that they make information security a top priority³. In this article, we will learn more about ISO 27001 and the benefits it has for your business. 

It is worth noting that unlike standards such as HIPAA (the Health Insurance Portability and Accountability Act) and GDPR, which focus on specific types of data, ISO 27001 encompasses all kinds of business data that are stored electronically⁴. If you have data stored in hard copies or even with third-party suppliers, ISO 27001 covers those as well⁴. Additionally, ISO 27001 certification ensures that organizations like yours identify and manage risks in an effective, consistent, and measurable manner⁴. Now, we will discuss how to achieve ISO 27001 certification. 

Earning the ISO 27001 certification is a straightforward, three-step process³. First, you must hire an auditing body to review your company’s security system in detail to check if it meets the standard’s documentation requirements³. Second, the certifying body performs comprehensive audits to determine how each component of the ISO 27001 certification aligns with your organization’s system³. Finally, once you achieve ISO 27001 certification, you will need to schedule periodic follow-up audits ensuring that you are still compliant³. Now that we know how ISO 27001 certification works, we will highlight some of its key benefits. 

One major advantage of ISO 27001 certification for your business is that it bolsters your brand’s reputation⁵. With fines and reputational damage increasing year after year, chances are you expect stricter information security requirements from your supply chain⁵. By installing an ISO 27001-certified ISMS, you can benefit from a more robust and efficient security system⁵. Both you and your customers will benefit, because with reduced risk of delayed orders and system crashes, customers will be more satisfied with their purchasing experience⁵. Indeed, a recent BSI Group survey points out that 51 percent of organizations saw increased customer satisfaction after implementing ISMSs meeting ISO 27001 standards⁵. 

Not surprisingly, this enhanced brand reputation benefits your bottom line. Forty-three percent of organizations reported increased sales after implementing ISO 27001⁵. This demonstrates that whether you sell blenders, garden tools, or financial services, ISO 27001 certification helps you build customer trust and significantly bolster your revenue. 

Another benefit of installing an ISO 27001-certified ISMS is that it helps make your IT systems more robust, so they can keep running without interruptions⁵. As outlined by the BSI Group survey, 47.3 percent of respondents reported reduced downtime for their IT systems after earning ISO 27001 certification⁵. Since a single hour of downtime cost over $300,000 for 91 percent of businesses in 2021, upgrading to an ISO 27001-certified ISMS can keep your business processes running like clockwork⁶. 

Yet another benefit of ISO 27001 is that it helps you comply with a variety of other frameworks, standards, and legislation, including GDPR, HIPAA, the NIS Directive, and the NIST SP 800 series³. By installing an ISO 27001-certified ISMS, you will avoid incurring the costly fines and penalties that accompany each violation³. This demonstrates that ISO 27001 is a certification your business must not go without. 

The greatest advantage of installing an ISO 27001-certified ISMS, however, is that it saves you money. ISO 27001 was created to prevent expensive cybersecurity incidents within your company³. With the average data breach for U.S. companies costing a record $9.05 million last year, the ISO 27001 will spare you from dire financial consequences². In short, adopting an ISO 27001-certified ISMS can help you focus on investing your money into providing predictably awesome experiences for customers and employees alike. 

Navitend can help you. Call 973.448.0070 or setup an appointment today. 

Sources: 

¹IMSM Inc. “How does ISO/IEC 27001 help keep your company compliant with US legislation and requirements?” by Kaytie Duffield. Retrieved from https://www.imsm.com/us/news/how-does-iso-iec-27001-help-keep-you-compliant-with-us-legislation-and-requirements/.  

²IBM Security. “Cost of a Data Breach Report 2021.” Retrieved from https://www.ibm.com/downloads/cas/OJDVQGRY.  

³BusinessTechWeekly.com. “ISO 27001 explained: What is ISO 27001?” by Malcolm Adams. Retrieved from https://www.businesstechweekly.com/legal-and-compliance/iso27001-certification/iso-27001-explained-what-is-iso27001/#:~:text=Certification%20to%20ISO27001%20allows%20businesses%20to%20prove%20to,of%20standard%20requirements%20for%20the%20security%20management%20system.  

⁴Forbes. “ISO 27001 Certification: What It Is and Why You Need It” by Michelle Drolet. Retrieved from https://www.forbes.com/sites/forbestechcouncil/2022/03/23/iso-27001-certification-what-it-is-and-why-you-need-it/?sh=2ccf1b0e41a6.  

⁵HIComply. “The Top 10 Benefits of Implementing an ISMS or ISO 27001”. Retrieved from https://hicomply.com/knowledge-insights/the-top-10-benefits-of-implementing-an-isms-or-iso-27001.  

⁶ITIC Corp. “ITIC 2021 Global Server Hardware, Server OS Reliability Survey Results by Laura DiDio. Retrieved from https://itic-corp.com/itic-2021-global-server-hardware-server-os-reliability-survey-results/.  

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