The ISO 27001 Certification is based on evaluating the manner in which businesses handle their information security management system (ISMS) issues. ISMS is the lifeline of any business in the current times, given the many types of cyber threats that we face. It is only those businesses that excel at ISMS practices that they will have a chance to manage the cyber threats that we face today.
If your business has put in place particular measures, procedures and systems as part of its ISMS, then you should consider getting this certification. Although this certification will not insulate you from cyber attacks, it will help your organisation in different ways. Here are five main reasons as to why you need the ISO 27001 certification for your business.
- As a requirement when you are bidding for projects
Some government tenders and other organisations are making it a requirement that private companies should obtain ISO 27001 certification. The rationale behind this new approach is simple: ISO 270001 certification demonstrates that your business meets best practice standards for securing confidential business information. More importantly, it shows that your ISMS has been evaluated and assessed to meet international standards.
Therefore, if your company is likely to bid against competitors for projects or deals, and will in the process retain sensitive customer information, than ISO 270001 certification is a must.
- To improve internal processes
An audit across ISO 27001 will tests the processes, architecture and procedures that you have put in place to help you safeguard critical business data. Throughout the course of business data cycle, there is a wide variety of business data that is collected and stored in various repositories. Critical business data might be set up in a secure document management system, but the processes around the storage of the data might be flawed. Consider the life cycle of a document in your company. It begins when the document is received, perhaps in hard copy, it might signed then scanned, left at the printer or disposed insecurely, forwarded by email to the team assistant who may download to the Desktop or upload to Dropbox. After which the file is then placed into the secure document management system.
This is a typical process that occurs millions of times a day. And it is inherently flawed. Amongst other things, it leaves confidential information vulnerable to unauthorised access. The manner in which you handle this data determines the level of security that your stakeholders can have in you as a company.
The ISO 27001 can help to pinpoint where the weak points are in your ISMS. Based on the results of the audit, you can design and implement particular corrective measures.
- To minimise impact in the event of a breach
Like any certification, the ISO 27001 may not shield you from possible data breaches. However, it can certainly strengthen your lines of defence. It’s even possible to avoid large fines as a result of being certified.
If any of your clients, customers or stakeholders are located in the EU, Australian businesses are still liable to comply with data protective measures enforced by those jurisdictions. For example, under the current EU data protection rules, service providers that process personal data on behalf of stakeholders located in the EU, are liable for fines up to €20 million or 4% of global annual turnover, whichever is greater, if they are subject to a data breach without having implemented appropriate technical and organisation measures to ensure a high level data controls.
Such fines can be avoided if the Australian business can demonstrate they have had a third party service provider engaged to conduct an ISO 270001 certification.
- To gain a competitive advantage
The ISO 27001 can be a source of competitive advantage to your business. When you have the certification, you send a clear message to potential business partners that your ISMS is functional. Therefore, you can use this to gain an edge over your competitors in business. It also sends a message to government regulators that you have appropriate controls in place to protect confidential information from unauthorised access. Such measures are required under AML/CTF regulation, ASX listing rules and the Privacy Act. When your business is subject to audit, whether external, government or as part of an M&A transaction, being certified will likely give your business the edge.
- As a legal requirement
It’s not just the Australian government, but likely that governments across the world will soon implement strict laws that control the manner in which businesses manage the data that they handle. When this happens, businesses, both small and large, will have to show they have the best processes and systems to manage the data that they handle. We believe it is more than likely that the ISO 27001 certification will play a key role in this new state of affairs. Therefore, it is in the best interests of your business to get this certification as early as possible.
With the recent passing of the Privacy Amendment (Notifiable Data Breaches) Bill 2016, the Australia Government has made data breaches a notifiable incident by law. If your business is indeed subjected to a data breach in the future, without having a ISMS and ISO 270001 certification, it’s unlikely you will be able to demonstrate to the Privacy Commissioner that you had sufficient processes in place to prevent such a breach.
These are some of the main reasons as to why you should get the ISO 27001 certification for your business. The bottom line is that the certification will help you gain a competitive advantage, improve your internal processes and ensure you comply with legislation and regulation.
For more information about our ISO 270001 services, please contact our team at [email protected]