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Why is information security so important for a business?

To answer this, we have compiled many facts and reasons in this blog which will help you learn why information security has become such a prominent aspect of business management.

Information in businesses is used in different ways or with different devices that will keep and use the information whenever a business wants. From using electronics and IT systems to collect and save data to recording statements in pen and paper, businesses use numerous ways to deal with their information. While businesses do not often have ownership of the information shared by their customers, employees, suppliers, or service partners, they cannot afford to lose or hijack any information that they possess. In short, information security is fundamental to businesses and ISO 27001 certification helps them ensure it. It validates the framework of information security laid by an organization and aids in protecting every information asset either possessed by them or their stakeholders.

Reasons Why Data Security is Gaining Prominence

Information used by businesses is not only insightful but also highly confidential. Therefore, the systems or devices that store and handle them needs to be firmly secured. Irrespective of size or kind of business, data security is paramount because:

• Data are Vital Assets: Any information about products/services provided by the company, such as financial deals, market situations, suppliers, or even employees are the assets of organisations. These assets are needed to make important operational decisions, to bring changes in the operations, to optimise revenue, determine marketing plans, and to identify any risks in business. So, there must be proper practices or measures implemented to protect these assets. Any information asset should have a definite system or application where it will be stored and its confidentiality will be maintained.

• Data Protection saves Business Reputation: Any business that fails to protect information shared by its customers, employees, or any partner will face huge damage to its reputation. Any kind of intentional or unintentional data abuse will affect the integrity of organisations as stakeholders will be likely to lose confidence. They may start losing business contracts.

Data security thefts or breaches can cause financial losses (due to loss of clients, legal fines, penalties, etc.). Failure to safeguard data puts customers, employees, and other stakeholders in the business at risk as their financial credentials, personal information, contact ids, and other crucial details may fall into the wrong hands. Therefore, flawed security has a lot of devastating consequences to anyone associated with the business.

How Businesses Can Ensure Data Security with ISO 27001 Certification?

Achieving ISO 27001 certification will act as a testimony to the organisation’s approach to information security. It makes the Information Security Management System (ISMS) implemented by them compliant with the highest international guidelines. Subsequently, the ISMS is proven to be competent in protecting information, supporting robust security practices, and restricting any risks of data breaches.

Several imperative measures for information security that ISMS help promote with ISO 27001 are:

Regular Data Backup

Backing up data is useful to retrieve data in case they are lost or breached! Organisations must routinely or daily back up their data, and properly copy, organize, and store all the data in a highly secured physical storage device, a dedicated server, or in the cloud.

Data Recovery

ISMS emphasises introducing processes/techniques for data recovery. This is most useful when organisations lose important data due to system failures, overwritten data, or some other unpredictable incident.

Use of Firewalls

Firewalls are a part and parcel of the ISMS. They are chiefly required for ensuring network security and regulating the information flow through tight security protocols. In technical terms, a firewall stands as a strong barricade between the internal and external network of an organisation. It scans whatever information is flowing in and out and allows information from trusted networks while restricting the ones with suspicious or malicious intent.

Prevention of Virus and Spam

Viruses or malware can disarm the information security controls and destroy data while accessing any private information. It can even cause the leakage of confidential information. Spam can also be generated as a result of a virus and damage the reputation of the business. A proper ISMS will take precautionary measures to prevent the spread of spam and other disruptions in the data security systems with anti-virus software and frequent security scans or assessments.

Restricted Access to Written Documents

Needless to say, information assets of business also include the documents or paper files that keep details of intellectual properties, company’s history, financial statements, legal rights, patents and ownerships, agreements, contracts, and so on. The ISMS will also ensure a proper physical storage system or cabinets to store these written documents and provide only restricted access to members of the organisation.

Summing it Up!

Businesses get formalised information security practices with the implementation of the ISMS. But, with ISO 27001 certification, it is established that their ISMS successfully abides with international data protection rules and regulations. It is therefore effective at maintaining the privacy of their stakeholders as well as their information assets.

Every business that goes an extra mile to protect their information and guarantee the confidentiality of the information shared by its customers, employees, or partners will gain a competitive advantage. So, if you want to do the same for your company, get in touch with our ISO consultants at Compliancehelp. We are an experienced team specialising in key ISO certifications including ISO 27001, and can help you prepare for and achieve certification fast and cost-effectively.

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