4 reasons why information security is an absolute essential for your business
Now more than ever, our digital documents are at risk. It's essential to become ISO 27001 certified and better protect your information.
As a business, there’s no doubt you have a significant amount of confidential business information you need to keep safe. Vulnerable paper documents are now digitised and stored on a computer or cloud, minimising the risk of losing information.
However, storing information on a computer or cloud has its risks, too.
In 2018, 62% of businesses experienced phishing and social engineering attacks. Data breaches exposed 4.1 billion records in the first half of 2019.
71% of data breaches were financially motivated.
25% of breaches were motivated by espionage.
Now, 68% of businesses feel their cybersecurity risk is increasing, which is why it’s important to implement an information security management system (ISMS). In this blog, we share the main benefits of implementing an ISMS and becoming ISO 27001 certified, including the protection of finances and assets. Read on.
#1. Protect sensitive business information
Whether you run a small startup, a chain of businesses or a large scale conglomerate, you will have confidential information that needs protection. This might include:
- Employee information like home addresses, phone numbers, and bank details
- Customer or client information
- Sensitive financial information about the business
- Stakeholder or third party information
- Intellectual property and assets
An ISMS is designed to protect this information from potential breaches or threats. During the ISO 27001 certification process, a certification specialist will complete an in-depth review of your existing information security, then identify any potential threats or gaps in your compliance.
It’s important to note that ISO 27001 certification does not guarantee information security breaches will never happen. However, with a robust Information Security System in place, risks will be reduced and your business will have a clear process of what to do in the case of a breach.
#2. Maintain business continuity
Information security breaches can be devastating. Studies show 29% of businesses end up losing revenue as a result of a data breach. Of those who lost revenue, 38% experienced a loss of 20% or more.
There is also the potential for legal implications and subsequent legal costs, loss of intellectual property, loss of stakeholders, loss of employees, and damage to your brand reputation.
Implementing an information security management system minimises risks and in turn, minimises the potential aftermath of these risks. You’re hoping for the best but preparing for the worst – a strong and reliable business continuity strategy.
#3. Inspire confidence in your customers, clients, and stakeholders
ISO 27001 certification reassures customers, clients, and stakeholders alike that protecting their information and assets safe is the number one priority for your business.
IT Governance recently completed a survey of businesses that had implemented the ISO 27001 standards. According to results, 71% of respondents said they received regular or occasional requests to provide evidence of ISO 27001 certification.
This is strong evidence of the importance of information security in an interconnected world.
ISO 27001 compliance demonstrates your commitment to meeting ISO’s rigorous information security standards. Plus, maintaining compliance and certification over time shows you are regularly reviewing your information security management system to ensure third party information stays safe.
This is a major confidence-building exercise for customers, clients, stakeholders, and third parties!
#4. Provides a competitive advantage
In the same survey, IT Governance found 56% of respondents implemented ISO 27001 standards to gain an advantage over competitors.
ISO 27001 looks good on paper. Stakeholders appreciate a business that does the right thing and takes the necessary steps to protect private or sensitive information. This puts stakeholders at ease – their investment and reputation are in safe hands.
In the same vein, ISO 27001 certification opens up new avenues for partnerships, investors, and fresh stakeholders. ISO 27001 is an internationally recognised and respected standard, so there are opportunities to expand and make contacts all over the world.
With an ISMS, all parties involved in the business can rest assured knowing their information is safe – meanwhile, you can achieve a competitive edge and expand your horizons.
ISO 27001 certification is essential for modern businesses – and we can help you achieve this milestone
On average, hackers attack 2,244 times a day – every 39 seconds. With all of our information now stored digitally, it’s essential to have security measures in place to prevent hacking and data breaches.
Get in touch with the team from QMS about information security management and ISO 27001 certification today.
Image: Unsplash