Managing valuable business data or information is critical for organisations to protect the confidentiality of their customers, investors, suppliers, employees, and other related trade partners. They need compliance with a strong Information Security Management System standard like ISO 27001 to safeguard their useful data and information assets from breaches or privacy threats. A specific Information Security Management System (ISMS) developed adhering to important guidelines of a standard helps organisations to identify, appraise, and address all types of information security risks. If your organisation can prevent security threats and breaches, it ensures fewer disruptions in your regular processes. However, that is not the only reason you need an ISMS. Having a viable ISMS provides your organisation with numerous advantages. The following section of the article points out the key reasons establishing an ISMS and achieving compliance with a relevant data security standard is important for your business.
But before that, let us understand what an ISMS should include. An ISMS, to be effective and capable of achieving compliance with a standard, should include:
• Appropriate risk assessment methods
• Measures to protect the data from identified risks
• Recovery or preventive actions for the potential risks that may arise
• Responsibility of the people at every step of the information security process
Having a properly shaped ISMS and ensuring employees are responsible for standard compliance by spreading awareness can benefit your business in numerous ways.
Here is a brief explanation of the factors which make an ISMS standard a prerequisite in your business.
Of course, the first reason to make ISMS compliant with an information security standard is to keep ‘information and cyber security’ at the front of your business. It primarily helps in strengthening your information security strategies and practices. To achieve compliance with a standard, you need to observe the gaps or nonconformities in your existing information security practices against it. Then, you need to replace them with best practices according to the standard’s guidelines.
To achieve compliance with a standard, you not only have to improve the processes but also need to map out specific information security goals and policies. Hence, it helps in framing objectives and providing a proper direction to your ISMS. Also, a key condition for achieving compliance is maintaining documents related to your information security strategies. Those documents serve as a universal guidebook or manual for the employees and bring uniformity in your information security practices.
With an ISMS enforced in your organisation that covers all areas, processes, and information systems, your organisation is able to manage risks efficiently by identifying them beforehand. Risk management is a key criterion for ISMS compliance. Hence, it calls for the initiation of appropriate measures or practices to address each of type of identified risk. Risk management also requires you to analyse intensely the different modes of communication, data storage systems, cloud platforms, and other information storage devices in your organisation.
A thorough analysis of all information related processes and systems give an overview of your organisation’s current preparedness for risks. Hence, you can find out what further measures are required to handle the potential risks. In short, the ISMS standard compliance enables you to have a systematic approach to risk management and so your employees are well equipped to tackle any risk that may come up anytime.
Implementing a compliant ISMS means your organisation adheres to all types of regulations, including the legislative, contractual, and industry regulations. An ISMS must empower your organisation to avoid any violations of the information security laws and norms enforced by any legal, authoritative, or regulatory body. By ensuring your organisation’s compliance to all types of obligations, the ISMS prevents it from litigations, public claims, or penalties. Also, your organisation can continually maintain its contracts/partnerships with other organisations by complying with all contractual requirements.
With different types of information and cyber security risks rising day by day, customers are reluctant to share their valuable personal information including financial credentials with a business. In such situations, having compliance with an ISMS standard demonstrates your organisation’s highest commitment to information security. Customers understand that your business has effective practices in place to protect the confidentiality of their data. Therefore, compliance helps in instilling trust in the customers and eventually retaining them as loyal customers.
Not only customers, but other key stakeholders like suppliers, investors, trading partners, etc. also feel the same and are able to trust your organisation with their information assets. Thus, in the long run, it benefits your business by giving your business new opportunities for trade or partnerships.
The success of any business lies in its efforts towards information security management. If they can win the confidence of stakeholders, it is better for their business. The only way to ensure that is the implementation of an information security management system standard (or ISMS standard). Firstly, it explicitly shows the organisation’s adherence to the best information security guidelines. Secondly, it leads to a major overhaul in the existing information security practices, asserting more on risk management. Therefore, an ISMS standard puts your organisation in a favourable position making it highly capable of addressing risks and ensuring the privacy of stakeholders.
If your organisation needs an ISMS standard, get in touch with Compliancehelp. We have a team of ISO standard experts who can assist you in implementing a compliant ISMS in the shortest possible time. Feel free to get in touch!
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