Developing an Information Security Management System (ISMS) or updating your existing security framework to build it into an ISMS is a big task involving planning, resources, costs and time investment. But, before that, you need to know what is an ISMS and why you need it? This blog will tell you that as well as some crucial facts to learn for creating and implementing the ISMS in your organisation.
An ISMS or Information Security Management System is a robust framework for information security practices establishing which helps you to protect your information assets and ensure the privacy and integrity of your business. It also demonstrates your organisation’s commitment to information security and creates an impression on the stakeholders that their vital data and sensitive information are safe in your hands. The key function of the ISMS is to identify the threats or vulnerabilities in your information systems, computers, or IT devices and consequently, address them with suitable controls and security practices. With a well-structured and suitable ISMS implemented in your organisation, you can protect your organisation from potential security breaches, thefts, or cyberattacks, preventing any disruption in your operations.
To develop a fully functioning and effective ISMS, you need to know about the main ingredients or components to build it. The components required to build the ISMS depend on several things such as your information assets, risk appetite, and so on. In order to properly shape the ISMS and meet your organisation’s unique security needs, you should consider your work procedures, information systems and manual data storage systems used, what sort of risks are commonly faced, and the people working with the systems.
However, the main components of the ISMS are:
• Risk identification procedures or methods
• Measures to control and prevent the identified risks
• Information security guidelines and rules to follow for employees
• Roles or responsibilities of the employees involved in the information security processes
The implemented ISMS would primarily support your company’s information security needs and goals. There are many ways it does that. Here are the intended outcomes of a well-established ISMS.
• Safeguarding of vital information assets
• Demonstration of the information security to stakeholders
• Providing appropriate risk management/treatment methods
• Keeping your organisation’s information security approach ahead of new risks, trends or opportunities
• Supporting the operational efficiency and development of your organisation
Apart from securing your information assets and ensuring confidentiality, there is one great benefit of having the ISMS. It also helps you to demonstrate your company’s obligations with international information security standards like the ISO 27001 and other necessary data security regulations. This is an actual reason why many businesses get an ISMS. Proving your organisation’s compliance with strict information security regulations is useful to win tender contracts, get profitable investments or partnerships, and attract new clients. In other words, the ISMS helps to strongly establish the credibility and integrity of your business and eventually, opens a gateway of opportunities.
The ROI (Return on Investment) of your ISMS further explains why you should have it. Apart from ensuring robust management of information security, it also provides financial gains by helping you avoid costly litigations due to noncompliance with laws or failure to protect client confidentiality. Also, there are reputational gains that your organisation gets with the implementation of an ISMS.
To measure the total ROI from your ISMS, you need to calculate or sum up the direct benefits of the ISMS, reputational gains, financial gains, and stakeholders’ expectations fulfilled. Whatever type of organisation you have, the ISMS always derives an ROI greater than the costs of resources (people and technology) used for implementing it.
While implementing the ISMS, make sure you are not making any blunders that may reduce its effectiveness or reduce the ROI. Some common mistakes that you should be careful about are lack of a holistic approach, absence of visibility, lack of leadership or authority, improper policy formulation, lack of documentation, and avoiding continuous improvement. If you are investing in the ISMS and expecting beneficial results from it, give it your valuable time and effort and avoid making any of these.
By now, you’ve seen the big picture of what an ISMS is and what it does in a business. A properly implemented ISMS would not just protect your organisation’s data and safeguard the privacy of your customers. It also builds trust in your other stakeholders and makes their relationships stronger with your business. It helps your company to remain compliant with all crucial regulations and standards. It prevents any financial costs or reputational damage due to information security failures. Clearly, the ISMS provides many benefits but most importantly, it helps an organisation to scale up its security level in today’s heavily threatened business landscape.
If you need any assistance with the implementation of an ISMS, get in touch with the consultants at Compliancehelp. We are dedicated ISO certification experts and have been assisting organisations with their management systems and preparing them for certifications for years. We can help you with the implementation of your ISMS. Get in touch today!
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