ISO 27001 certification offers many advantages beyond information security. But you might wonder if the investment and time required to prepare for certification is worth it.
Here are seven crucial ISO 27001 benefits to show you why it is a must to get certified.
ISO 27001 Certification Benefits
What Are the Benefits of ISO 27001 Certification?
ISO 27001 certification requires a significant amount of resources. Achieving it requires securing the support of your employees and leadership teams. You should also complete detailed documentation, go through a thorough self-audit process, and select a certification body.
However, all of these time-consuming steps are worth it when you consider the advantages of ISO 27001:
1. Improved Data Security
ISO 27001 certification helps you apply best practices that strengthen your company’s data protection measures. Before getting certified, it is crucial to identify gaps in your information security policies and practices and complete a self-evaluation. These steps help you identify various risks and vulnerabilities that enhance data security.
For example, one of the best practices in ISO 27001 is implementing strict access control measures. This ensures malicious entities cannot access your devices, servers, and networks. A financial institution that’s ISO 27001 certified should use multi-factor authentication, encryption, and role-based access controls to protect customer data.
2. Regulatory Compliance
Many countries obligate companies to follow legal and regulatory requirements. For instance, Europe requires compliance with the General Data Protection Regulation (GDPR). The United States requires HIPAA compliance for healthcare organizations and providers that handle protected health information.
While ISO 27001 isn’t necessary to follow HIPAA or GDPR, it can be highly beneficial in helping you meet HIPAA or GDPR standards. The certification process requires your company to implement the best data security practices to help you comply with these regulations.
3. Competitive Edge
ISO 27001 certification advantages include differentiating your company from competitors. For customers, seeing that certification helps seal the deal. It showcases your organization’s commitment to safeguarding sensitive customer data. It’s also no secret that many customers are now hyper-vigilant about how companies handle, store, and process their data. Making transparency and trust a cornerstone of your operations can give your company a competitive edge.
ISO certification boosts credibility. Businesses in competitive markets, such as cloud service providers or e-commerce platforms, can attract more customers by offering ISO 27001 certified services. Stringent information security practices also enhance your chances of winning biddings for large enterprise projects and government contracts.
4. Customer Trust and Confidence
Building and maintaining your stakeholders’ trust is one of the most significant benefits of ISO 27001 certification. Obtaining your certificate shows that you are taking the necessary steps to protect your customers’ and business partners’ data.
For instance, an online retailer with ISO 27001 certification can assure its customers that their payment information and personal details are securely managed. Similarly, business partners and suppliers will be more willing to collaborate with you if they know their data will be handled securely.
5. Cost Savings
Unauthorized access to data and data loss cost significantly more than preparing for ISO 27001. Statista shows that as of 2023, a data breach in the U.S. cost an average of USD 9.48 million, an increase from USD 9.44 million.
Globally, the average cost of a data breach was USD 4.45 million.
These numbers don’t lie. Investing in ISO 27001 certification and mitigating cyber security risks in your company will save you millions of dollars. Putting off this critical step may help cut down expenses in the short term, but the potential costs of a data breach could easily outweigh your initial savings.
6. Operational Efficiency
Your business will operate more efficiently if you prepare for ISO 27001 certification. Without the best information security practices, business operations can be disrupted for a long time. For instance, outdated software due to poor data security measures can lead to a data breach and data loss. Your service might go down for an undetermined amount of time, and you might have to face a federal investigation.
Developing standardized security procedures will also reduce confusion in your company. ISO 27001 guidelines provide direction to staff on how to handle security risks and automate monitoring tools. This, in turn, leads to less time and effort in monitoring and responding to incidents.
7. Global Recognition
Lastly, ISO 27001 helps you achieve international recognition for following globally accepted security standards. A team of global experts developed the standards. While your own company might have a working security policy, nothing beats listening to experienced professionals who have worked with the best businesses.
ISO 27001 certification is recognized worldwide as a leading standard for information security management. Getting certified improves your reputation and opens the door to more international business opportunities while boosting your organization’s credibility on a global scale.
