Many providers and companies advertise that they are ISO 27001 certified. This certification is a well-known international standard for information security. But should your business go through the lengthy process and get certified?
This post tackles why ISO 271001 certification is important.
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Importance of Information Security Management
With increasing cyber threats, information security must be a top priority for any business handling digital information. New cyber threats continue to emerge, and the financial costs of a data breach don’t come cheap. Statista warns that the average cost of a data breach reached USD 9.48 million in the United States and USD 4.45 million globally. ISO 27001 provides a framework created by experts to manage sensitive data securely.
ISO 27001 is about more than just implementing a set of controls. It revolves around creating a continuously improving and effective information security management system.
Getting through the ISO 27001 certification process also helps identify potential cybersecurity weaknesses. At the same time, your organization gains a more resilient stance, empowered to identify and defuse potential risks. Doing so steers your business clear from suffering significant financial losses as a result of a severe breach.
Why ISO 27001 Certification Is Important for Your Business
Getting ISO 27001 certified is a strategic move with long-term business benefits. Let’s break down the reasons for achieving ISO 27001 certification in detail:
Protect your data better
If your business has achieved ISO 27001 certification, it means that it follows best practices in information security and has closed the gaps in its security policies. Your company has implemented the recommended security controls that protect sensitive data from unauthorized access and other threats.
Comply with federal and global security regulations
Businesses in specific industries are regulated by strict data protection laws and regulations. Examples of these are the General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA). ISO 27001 isn’t required by these regulations, but it helps your business meet their strict requirements.
Gain a competitive advantage
ISO 27001 certification sets your business apart from other businesses without certification. It shows customers and partners that you will do whatever it takes to secure the data they entrusted you. If a client has to choose between two businesses with similar services, ISO 27001 could be the decisive factor, especially in industries where information security is a significant concern.
Save on operational costs
Investing in ISO 27001 certification can save your business money in the long run. The global average cost of a data breach has increased by 2.25% in 2023, and any business can incur millions in losses because of this problem. ISO 27001 helps you proactively protect your data and avoid the high costs associated with data breaches.
Become more efficient
ISO 27001 certification forces you to improve your company’s ISMS. This results in improved operational efficiency and lessens the possibility of service disruptions. Your business can reduce the time and resources spent on managing data security when you have standard security procedures and have successfully automated your monitoring tools.
Why Is ISO 27001 Important for Customers
Given all the benefits of ISO 27001 for businesses, the importance of ISO 27001 for customers cannot be overstated. A company that benefits from ISO 27001 can also serve its customers better and gain their trust. The process of obtaining certification may be lengthy but absolutely worthwhile for any business that values its customers.
Here’s why:
ISO 27001 assures customers that their data is safe
Customers want assurance that their personal information will be safe if they entrust it to you. A person’s credit card numbers, medical history, social security number, and the like shouldn’t be fodder for cyber attackers.
ISO 27001 certification serves as an added guarantee, showcasing how your business is committed to safeguarding customer data privacy.
ISO 27001 shows you comply with data privacy regulations
If your business is in a regulated industry (e.g., healthcare, financial services), customers and business partners require you to comply with specific data security regulations. Your 27001 certification helps demonstrate that you meet high standards of information security.
ISO 27001 provides transparency and accountability
To get ISO 27001 certified, you need to accomplish detailed documentation and continuously monitor your data security practices. This transparency assures customers that you are accountable and proactive in addressing potential data security issues.
ISO 27001 helps you gain customer trust
Trust is an essential factor in business-customer relationships. ISO 27001 certification serves as additional proof that you are a reliable business that’s committed to maintaining high standards in information security.
By getting certified, your customers will be more satisfied with your service, which can lead to long-term business relationships.
