Since its establishment in 2005, the ISO/IEC 27001:2013 has been implemented across small, medium, and large businesses across the world.
Over 36,000, to be exact, in 2020, according to this survey by the ISO.
The ISO 27001 is supposed to make an organisation as secure as Fort Knox. But then why are more organisations not implementing it?
Because there are challenges that the process brings with it. Here are a few.
Can be expensive
Investing in ISO 27001 covers preparation, implementation, and maintenance costs. Your final bill depends on multiple factors like the maturity of the current information security management system (ISMS), the kind of technology and tools in place, the size of the organisation, etc. Given these aspects, some businesses might find the implementation expensive.
Prioritising is difficult
For SMBs with limited budgets and resources, prioritizing an endeavour of this magnitude is difficult. Most often, an ISMS like the ISO 27001 is seen as a nice-to-have rather than a must-have.
Complexity of the process
Implementing ISO 27001 demands time, skills, changes in processes, leadership as well as employee buy-in and a host of other requirements. This can appear daunting.
Low visibility into ROI
Perhaps the most significant challenge is the lack of a clear answer to the question – ‘how does this benefit us?’ Broadly, a business is safer and more secure but is it really worth it? Businesses struggle to look beyond factors like expenses, the need for time and resources to see the real impact of having an ISO certification.
Why businesses should prioritise an ISO 27001 certification
Security breaches are increasing
The year 2021 saw huge security breaches like Kaseya, Colonial Pipeline, Log4Shell, Microsoft Exchange, etc. making headlines.
How much does a data breach cost on average? Around US$4.24 million, according to a report from IBM. It was also the highest average cost recorded in 17 years.
Organisations paid heavily, not just in terms of money, but also trust, brand reputation, legal penalties, and sales, among others.
Shockingly, in a recent global survey by machine identity management firm Venafi, 82% of CIOs admitted that their software supply chains were vulnerable to cybercrime.
This surely emphasises the need for a consolidated, comprehensive risk management framework and strategy which can identify, prevent, and respond quickly to threats.
That’s where the ISO 27001 certification plays a big role.
The benefits of getting an ISO 27001 certification
According to a BSI survey, opting for an ISO 27001 certification reduces business risk by 75% and increases trust in the business by as much as 80%. The benefits don’t stop there. Here are a few.
Improve brand presence
Getting an ISO 27001 certification demonstrates a commitment to data protection, compliance policies, and prioritising the customer. This considerably boosts client/customer confidence which helps in higher retention. Having an ISO-certified tag also sends a message of resilience, efficiency, and threat-responsiveness, which enables you to stay a head above competition, and attract new customers.
Prevent loss of reputation and money
Data breaches are a PR disaster waiting to happen. They are not only embarrassing, resulting in loss of business, but also quite costly. A 2019 Aon report classifies reputational damage as the number one risk for UK businesses.
This is where it becomes clear that reacting to a security threat is important but proactively avoiding one is more critical.
Laying down documentation and policies is a part of the ISO implementation, which helps businesses identify vulnerabilities and take measures in advance.
Avoid paying regulatory fines
Part of the expenses caused by a data breach is paying regulatory fines. And the figures run into millions. In 2021, Amazon paid a whopping US$ 877 million in GDPR fines for inefficient cookie consent management.
As data breaches grow, regulators and data protection enforcement turn more stringent, with penalties getting higher. Having an ISO 27001 certification ensures that your business is compliant with various regulations and standards like GDPR, SOX, HIPAA, etc.
Build a structured security ecosystem
The process of implementing ISO 27001 necessitates developing a robust security ecosystem from the ground up. It requires a cultural, structural, and operational change within the organisation and makes security the top prerogative with stringent and frequent assessments. Having a strong security posture that aligns with business goals promotes transparency and deep visibility into the organisational tech stack, incidents, and emerging threats.
Making the business case for ISO 27001
The ISO certification has multiple benefits, but you still need to get stakeholder buy-in for its implementation.
How?
By listing tangible ROI.
Monetary benefits
The biggest concern for all stakeholders would be financial profitability. How will the business make or save money, if at all?
It’s easy enough to demonstrate the economic impact. Create a list of
- the costs you would incur should there be an attack or incident, ranked from worst to best scenario
- the various security tools and measures in place
- Employees working on resolutions
- Penalties
- Equipment or tools that might need to be bought again
The approximate total of these expenses would be what you possibly save with an ISO certification.
Save reputation and build competitiveness
Developing a security-first approach strengthens your game in the market. It helps you sharpen your competitiveness as well as build a reputation as a business that has its priorities right.
Expand into new markets and industries
In a 2022 CISCO study, 90% of businesses surveyed said they would not partner with organisations that didn’t have sufficient data protection measures in place. Vendor due diligence requirements are now tighter and many require ISO certification. In fact, ISO 27001 is a mandatory requirement for certain industries in Asian countries including India and Japan. Getting an ISO certification enables you to plan new expansion strategies and partner with new industries which were closed to you until now.
How StackCyber can help
StackCyber gives companies complete support in implementing the ISO 27001 certification end-to-end. Partner with us to take advantage of our team of experienced certification management professionals, expert auditors, and a personalised, hassle-free experience. Get in touch with us today at hello@gostack.co.uk.