What are the Benefits of ISO 27001?

ISO 27001 is an international certification process for information security that is well-regarded as the gold standard for government and business data security. Here is some insight into what ISO 27001 is, how it works, and what the benefits are of this cybersecurity framework.

The basics of ISO 27001 

This is a framework for both evaluating an organisation’s current cybersecurity risk profile and suggesting improvements for achieving a higher level of security. Essentially, it’s an all-in-one process for creating and maintaining an Information Security Management System (ISMS), involving multiple stages that are subject to external audit to ensure standards are met. ISO 27001 is exceptionally comprehensive and involves all aspects of data management. This includes:

• Security policies
• Organisation of information
• Asset management
• Cryptography
• Compliance and governance
• Supplier relationships
• Prevention, detection, management, recovery, and reporting of security incidents
• Business continuity
• Reducing cybersecurity and data costs
• Data privacy, confidentiality, and integrity
• Ensuring fair and reasonable access to data

Why utilise ISO 27001? 

Now that you have an idea of what this data security management process and certification is all about, let’s look at the advantages it has that positioned it as the best option for businesses.

1. Improved compliance and governance – The aim ofISO 27001 is to certify that an organisation has reached the highest levels of global and national data compliance and governance. This is essential because the Australian government (along with international governments) are tightening data protection laws and increasing penalties for organisations that do not have sufficient cybersecurity. These are set to be as much as AUS $50 million or3x the value of any benefit obtained through the misuse of information or30% of a company’s adjusted turnover in the relevant period.

2. Reduced cybersecurity breach costs – ISO 27001 greatly reduces risks of penalties, downtime, loss of productivity, and loss of reputation by providing effective cybersecurity protections. This is important because the costs of data breaches are soaring – according to IBM reports, the average global cost for a data breach hit US$4.35 million in 2022 – a figure few businesses can afford. 

3. Improved cybersecurity strategy and investment –With every business becoming a digital business and the increased need to implement automation, AI, and IoT technologies, the threat surface of organisations in every sector is increasing. At the same time, cyber-attacks are becoming more common and more sophisticated, with ransomware-as-a-service and government funded attacks on the rise. Because it identifies areas of vulnerability as well as selecting solutions to improve protection, ISO 27001 actively guides cybersecurity investment and strategy. 

4. Increases cybersecurity and data management efficiency – When ISO 27001 is established, it creates quality management systems (QMS) that can be integrated with other ISOs, eliminating multiple, unnecessary tasks, updates, and audits. 

5. It is LEAN – ISO 27001 is a key component of a digital lean approach, maximising efficiency, eliminating wastage, and implementing continuous improvement. This is essential in all businesses, especially as the data management load and cybersecurity risk increases. Cybersecurity threats are highly dynamic, well-funded, and designed to keep searching for new entry points into your system – and as a result, ISO 27001 continually works to supply you with updated resources and tools to maintain your certification and its benefits. 

6. It supports consumer trust – When businesses talk about the impact of a data breach, the focus is often on penalties and downtime – but the most difficult damage to mitigate is outside your doors in the form of your reputation with consumers. People simply don’t want to work with organisations that can’t keep their data safe, with just 5% of people NOT concerned about how organisations gather, keep, and use personal data. At the same time, 4 out of 5 people are happy for organisations to use their data securely and responsibly. Having the leading international certification for data security is an essential way to show customers you are worthy of their trust and business. 

ISO 27001 is as complex as it is worthwhile – let us guide your compliance journey 

At Otto, we’re specialists in the ever-evolving world of digitisation and compliance – and our aim is to get your digital business processes where you want them to be without hassles or exorbitant costs.

Chat to us today about implementing best practice cybersecurity and ISO 27001 – and keep in mind that our MSP in Melbourne can also guide your full digitisation strategy, cloud migration, hybrid work solutions, tech support, and more.