A recent ITRC report revealed that the number of data breaches so far in 2021 has already surpassed the total number in 2020 by 17%. 

With that said, data breaches have gained disrepute, as businesses of all sizes are increasingly reliant on digital data, cloud computing, and a mobile workforce. 

Businesses today deal with huge amounts of different types of information. While there are standards that regulate and secure specific types of information, data such as your company’s financial information, intellectual property, and company’s employee information are still at stake.

With the increasing demand for information security, the International Organization for Standardization (ISO) created ISO 27001. 

What is ISO 27001?

ISO 27001:2013 is the international standard that provides a framework for Information Security Management Systems (ISMS) that aims to protect vital information assets, such as employee and customer data. It dictates the specific requirements for establishing, maintaining, and improving the ISMS.

What is ISMS?

An Information Security Management System (ISMS) is a structured approach to managing highly sensitive data so that it remains secure. It strengthens the security across three pillars – people, processes, and IT systems to help companies of any size, from any industry, keep business information assets secure.

What are the 10 Key Benefits of Implementing ISO 27001?

The most recent ISO survey revealed that ISO 27001 has seen a 24.7% increase in worldwide certificates in 2020. This data shows that there is a growing need for information security in recent times.

If you’re still hesitant about whether or not ISO 27001 certification is important for your business, let us have a look at how ISO 27001 can benefit your business.

1. Enhanced Data Security

This is obviously one of the obvious benefits of ISO 27001:2013 implementation. It helps protect your company information from security threats – both cybercriminals and data breaches. With ISO implementation, you’ll get to know better about your security landscape and the latest digital defense mechanism.

2. Wins New Business

Getting an ISO 27001 certificate has a direct correlation to winning new business.

Implementation of ISO 27001 demonstrates your commitment to meeting the highest standards of Information Security to customers and stakeholders. Thus, they believe that you can be trusted with their information and business. This brings in new customers as well as retains the existing customers.

3. Gain Competitive Advantage

As an ISO 27001 certified business, you can showcase that you have met stringent security measures. 

If your sales team is fighting for business, getting an ISO 27001:2013 certificate for your business can often be a tipping point to differentiate from your competitors and close more sales. 

4. Prevents downtime  

Efficiency is crucial when running a business. A proactive data security plan will help prevent downtime in times of crisis.  As part of the ISO 27001 certification, any supplier you work with should have strong disaster recovery and business continuity plans. These plans help you deliver your service continuously despite a security crisis. This minimizes disruption and downtime for your customers and employees.

5. Protects Reputation

As already stated, by getting ISO 27001 certificate for your business, you convey to your clients and customers that you take the information seriously. This can enhance your brand reputation.

Furthermore, cyber-attacks are on the rise globally. If you become a victim of a cyber-attack, it can have a massive impact on your company and its reputation. An ISO-certified information security management system helps defend your company from potential security threats and keeps you out of the headline.

6. Helps in Risk Management

ISO 27001 is the basis of most companies Vendor Risk Management (VRM) programs and other third-party risk management standards (TPRM). 

If a third-party risk is a concern, ISO 27001 will ensure you deal with the risk you face. If you need additional third-party risk attestations, ISO 27001 helps in reducing the strain to complete such additional attestations.

7. Improves Process and Strategies

ISO 27001 certification provides a clear framework for Information Security management processes and strategies. Practices such as keeping the information security systems updated, anti-virus protection, data storage, and back-ups are clearly stated under ISO 27001 standards. 

With ISO 27001, you can create a system that has enough guidelines and flexibility to ensure that all personnel maintains their focus on information security tasks. Similarly, it requires companies to conduct annual risk assessments, which help you make changes to the process or strategy if and when required. 

8. Creates a culture of continual improvement

ISO 27001 had led to a shift towards a more transparent culture that focuses on information security with individual accountability. ISO 27001 implementation involves various departments like HR, IT, Finance, and more. This enhances awareness among all the departments leading so that they can meet new requirements and obligations.

9. Avoids regulatory fines

Being ISO 27001 certified proves that your business is compliant with other information security requirements for various other regulations like GDPR, SOX, and Data Protection Act.

Such regulatory compliances help you avoid the possibility of a paying heavy fine. 

10. Reduces Operational Costs

Another significant benefit of getting ISO 27001 certified is that it can be cost-effective. Improper information security practices can lead to random, irrelevant processes leading to a great amount of money being spent to recover from any security issues. 

Implementation of ISO 27001 leads to decreased security problems, thus saving operational costs.

What Next?

With the benefits of ISO 27001 been said so now you might be wondering how to make your business ISO 27001 certified. We recommend visiting a trusted ISO certification, training, and IT solutions firm like our team at IRQS to help you at every step of the way, from consulting to certification. 

To learn more about working with IRQS as a partner for getting an ISO certificate for your business, please get in touch.

We are here to take care of all your ISO compliance and certification needs.