With cybercrime on the rise, it is imperative for IT professionals and cybersecurity experts to fortify their systems and stay confident that company and customer data will be secure in the face of any data breach and risk incident. While antivirus software, password security providers, and firewalls may give you and your customers the assurance they need, you need a comprehensive information security management system (ISMS).
This is why the ISO 27001 compliance standard was developed, and most organizations implement it.
ISO 27001 is an international information security standard. It was published in collaboration with the International Electrotechnical Commission (IEC) by the International Organization for Standardization (ISO). ISO 27001 is a part of the ISO/IEC 27000 series of standards for information security. Its full title is ISO/IEC 27001 – Information Security, Cybersecurity, and Privacy Protection — Requirements for Information Security Management Systems.
As you begin your journey for your organization to attain certification for ISO 27001 compliance, this article will help in understanding what ISO 27001 is, why it is important, who needs it, what the benefits of certification are, the requirements, how long it takes to get certified, and how much it can cost your organization.
What is ISO 27001?
ISO 27001 is a global security and compliance standard that outlines recommended practices for information security management systems (ISMS). It is built on rules and mechanisms organizations can use to accomplish their information security goals.
The ISO 27001 standard demands that you have procedures in place to cover the following areas of the ISMS:
- Risk management for information security includes the various risks and how you manage them.
- Monitoring, analysis, and evaluation, including how the information security management system’s efficiency is assessed.
- Enhancement, including how non-conformities are assessed and rectified.
What is an Information Security Management System (ISMS)?
An Information Security Management System (ISMS) is a set of regulations, protocols, and other controls a company implements to implement the necessary processes and technology to safeguard sensitive data.
These ISMSs are evaluated regularly by highly trained ISO 27001 auditors to increase their performance and provide enterprises with a risk-based and technology-neutral method of keeping their data assets secure and preventing breaches.
Why is ISO 27001 Important?
The ISO 27001 compliance standard not only offers businesses the knowledge they need to protect their most precious information, but a company can also become ISO 27001 certified and demonstrate to its customers and partners that it protects their data.
Individuals can also become ISO 27001 certified by taking a course and passing the exam, demonstrating their expertise in building or auditing an Information Security Management System to potential employers.
ISO 27001 is easily recognized worldwide because it is an international standard, expanding the commercial potential for organizations and people.
While not a legal requirement, ISO 27001 is considered almost compulsory in certain businesses. It could be a prerequisite for customers before they issue a purchase order. In those businesses. The following industries are more likely to have ISO 27001 as a requirement:
- Banking and financial companies;
- Organizations dealing with the government;
- Healthcare institutions, particularly when patient data is stored;
- Telecoms and technology businesses; and,
- Pharmaceutical and medical research and development firms.
What are the Three ISO 27001 Principles?
The primary purpose of ISO 27001 and an Information Security Management System is to safeguard three aspects of data:
- Confidentiality: Only authorized individuals to have access to information.
- Integrity: Only authorized individuals can alter the information.
- Availability: Only authorized individuals can access the information at all times.
Who Needs ISO 27001?
ISO 27001 can assist any organization experiencing growth in foreign markets that wants to demonstrate to customers that they are protecting the confidentiality, integrity, and availability of information through a risk management approach. The major goal is to enable organizations to establish, deploy, maintain, and constantly enhance their ISMS.
What are the Benefits of ISO 27001 Certification?
ISO is today’s data security landscape’s leading information security management system. With its accreditation recognized worldwide, ISO 27001 even meets any EU security guidelines your company needs to adhere to, such as GDPR, etc., thereby lowering monetary and reputational costs in the face of a data breach.
Here are five more benefits of getting ISO 27001 certified:
- Avoid penalties of a data security incident
The stringent criteria of ISO 27001 ensure that your systems are developed and implemented securely, reducing the likelihood and effect of a costly breach.
- Develop a competitive edge
Demonstrating your commitment to security through a well-respected third-party certification, such as ISO 27001, can provide a significant competitive edge over non-compliant competitors. Having a certificate also shortens the sales cycle by removing security and compliance as objections, and it opens up opportunities to sell upmarket by gaining the trust of larger organizations.
- Improve tech processes and systems
Preparing for a certification audit guarantees that you’re implementing security best practices in your organization and creating a security-focused culture.
Employee training needs, policy reviews, and internal audits are all excellent approaches to improving your organization’s overall risk management. Gearing up for an ISO 27001 audit can also reveal operational inefficiencies such as competing regulations, redundant tools, and outdated software.
- Avoid tedious security questionnaires
Answering hundreds of questions in lengthy security questionnaires can take significant time for your sales, IT, and compliance departments. ISO 27001-certified organizations frequently complete a significantly less stringent questionnaire, if at all.
- Get verified for your security posture by third-party organizations
While many people regard the audit process as just another step to certification, your auditor might be your most valuable asset. They provide an experienced, unbiased assessment of your security controls and procedures. They’re likely to spot something you’ve overlooked or have smart suggestions for how you may improve your overall security posture. .
What are the Requirements of ISO 27001?
The ISO 27001:2022 requirements consist of 11 clauses, the first part, from 0-10, and Annex A, the second part, a list of guidelines for 93 controls and their objectives.
The clauses 0-3 cover:
- Normative references
- Terms and definitions
These clauses describe the fundamentals of ISO 27001 and offer the context required to grasp the core principles. Clauses 4 to 10 outline the ISO 27001 standards organizations must achieve to comply with..
Clause 4: Context
Comprehending the organization’s context—its surroundings and relationships- is critical. Understanding the demands of internal and external interested parties pertinent to the ISMS and identifying the boundaries and applicability of the ISMS to create its scope will be among these factors.
Clause 5: Leadership
Leadership is essential to define the information security policy and objectives, decide on strategic goals, and guarantee that appropriate resources are available for the ISMS. They must also give duties and encourage continuous progress.
Clause 6: Planning
- Consider all risks and opportunities.
- Conduct a risk assessment to evaluate the realistic likelihood and occurrence of the identified risk and the level of risk.
- Select appropriate risk treatment choices and establish all controls required to implement the information security risk treatment options selected based on the risk assessment results.
You must develop a Statement of Applicability (SoA) that includes the necessary controls and justifications for inclusion, rationale for whether they are implemented, and reason for exclusions of controls from Annex A.
Clause 7: Support
Your team requires information to support their actions to comply with the ISO 27001 standard. This includes developing tools, training, and communication strategies that keep everyone informed and documenting important details.
Clause 8: Operation
Regarding effective information security risk management, processes keep everyone on the same page. You must create strategies that foster a security-first mindset and be sure to take charge of their execution. Unintended consequences will need to be assessed and mitigated as required.
Clause 9: Performance Evaluation
Assess the ISMS’s information security performance and efficacy and the methods for monitoring the ISMS. As your organization is pursuing ISO 27001 certification, you’ll also need to do internal audits at set intervals. Top management must assess your ISMS at planned intervals to guarantee its continuous efficacy.
Clause 10: Improvement
There is always room for improvement. Following your evaluation, you must act and resolve any issues you identify. Furthermore, continuous improvement must become an ongoing process as your organization evolves.
What are the Annex A Controls?
Annex A contains a list of controls that must be reviewed for risk mitigation, and it gives a list of 93 safeguards and rules that should be implemented to reduce risks. In the Statement of Applicability, the controls to be enforced must be designated as applicable.
How Long Does an ISO 27001 Certification Take?
The ISO 27001 implementation process will vary depending on the size and complexity of the management system, but small to mid-sized organizations can typically anticipate completing the process in 3-12 months.
Following a successful certification audit, an ISO 27001 certificate is valid for three years. However, a surveillance audit is required yearly for the next two years, followed by a full recertification. Frequent evaluations of the Information Security Management System (ISMS) must be conducted internally and externally by appointed managers, also referred to as Lead Implementers, to maintain certification, data handling, and processing systems.
How Much Does it Cost to Get ISO 27001 Certified?
The cost of ISO 27001 certification varies depending on numerous aspects, including an organization’s size, perceived risk, and accrediting certifying body. There will be costs associated with adopting and maintaining ISO 27001 and the certification audit.
In summary, it is a system worth investing in for businesses and organizations since it will provide many long-term benefits, as outlined in this blog.
ISO 27001 Compliance Readiness With Akitra!
Establishing trust is a crucial competitive differentiator when courting new SaaS businesses in today’s era of data breaches and compromised privacy. Customers and partners want assurances that their organizations are doing everything possible to prevent disclosing sensitive data and putting them at risk, and compliance certification fills that need.
Akitra offers an industry-leading, AI-powered Compliance Automation platform for SaaS companies. Using automated evidence collection and continuous monitoring, together with a full suite of customizable policies and controls as a compliance foundation, our service helps customers prepare readiness for ISO 27001 compliance standard, along with other frameworks like SOC 1, SOC 2, ISO 27701, ISO 27017, ISO 27018, HIPAA, GDPR, PCI DSS, CMMC, NIST 800-53, NIST 800-171, FedRAMP, and more such as CIS AWS Foundations Benchmark, etc. Our compliance and security experts will provide customized guidance to navigate the end-to-end compliance process confidently.
The benefits of our solution include enormous savings in time, human resources, and cost savings, including discounted audit fees with our audit firm partners. Customers achieve compliance certification fast and cost-effectively, stay continuously compliant as they grow, and can become certified under additional frameworks using a single compliance automation platform.
Build customer trust. Choose Akitra TODAY!
To book your FREE DEMO, contact us right here.