The ISO 27001 compliance standard provides a systematic approach for proactively managing information security, enabling you to protect data assets, including financial data, intellectual property, and customer information. It is largely acknowledged as being a very successful methodology for achieving these important functions.
The majority of firms that need to safeguard sensitive data from cyber attacks have put in place a variety of security measures, including firewalls, antivirus software, password managers, and other tools. Additionally, a lot of businesses have contracted much of their infrastructure and security to cloud service providers. This does not imply that they have an information security management system (ISMS) that is actually complete.
Herein lies the value of ISO 27001, which establishes the foundation for an ISMS. It describes a method through which firms can identify the threats, weaknesses, and effects they face, as well as the related risks. Following this, a system to mitigate those risks can be put in place.
If you’re trying to get ISO 27001 certified or recertified, you are likely to be dealing with a lot of queries and feeling frustrated. That is why we at Akitra decided to curate this blog that addresses the 4 most frequently asked ISO 27001 questions. Our intention is to provide you with relevant knowledge that will help you comprehend this complex compliance framework.
Earlier on, we had already covered the first part of our series of FAQs on ISO 27001 compliance , so if you want to take a glance at the first part of this guide, you can do so by clicking right here.
Let’s jump to it then!
A Brief Overview of the ISO 27001 Compliance Standard
The ISO 27001 standard was created by the International Organization for Standardization (ISO) to assist businesses in managing their people, processes, and technology to assure information confidentiality, availability, and integrity.
The Information Security Management System (ISMS) of a corporation, which outlines how information security is incorporated into business processes, is the subject of the ISO 27001 standard.
To be in compliance with the ISO 27001 standard, businesses must define the information security objectives, risks, and controls for their systems.
Internationally, the most widely embraced standard for ensuring the security of data and auxiliary resources is ISO 27001. SOC 2 is, in contrast, the most extensively applied such standard in the United States.
If you want to know more about the ISO 27001 compliance framework, what getting certified actually includes, which industries use it, the benefits of this standard, and the general process overview, click right here.
Most Frequently Asked Questions About ISO 27001 Compliance
Here’s what you need to know!
What is ISO 27001 “Scope of Registration”?
The definition of the ISO 27001 “scope of registration” is “the information you intend to secure.” You construct an information security management system (ISMS) around this information that is within scope. The scope is established after giving serious thought to the documentation needs outlined in Section 4 – Context of the Organization. The scope should be in line with business needs and value added to goods and services. The scope will significantly affect how quickly and how much it will cost to implement, certify, and administer the ISMS.
What is ISO 27001 “Asset Inventory”?
“Asset Inventory” lists all of the assets that are present within the scope. Typically, the scope statement comprises all underlying assets, such as personnel, networks, cables, infrastructure, hardware, software, etc. These assets gather, store, access, and distribute data. As a result, we must evaluate the risk to these assets and implement the necessary measures to reduce them. Including the asset owner and location, the asset inventory also reveals where controls should be applied.
What is an ISO 27001 “Risk Assessment”?
An organization must assess the risk (threats and vulnerabilities) to the assets within the scope in accordance with ISO 27001 Risk Assessment. Within ISO 27001, risk assessment is divided into two categories:
- Risk due to the loss of confidentiality, integrity, and availability (CIA) by information being compromised or lost; and,
- Risk of not adhering to contractual, legal, and regulatory obligations.
The Risk Treatment Plan (RTP), Statement of Applicability (SoA), and ISMS control such policies, processes, training, awareness, business continuity, etc., are some of the results of risk assessment.
How much does it cost to get ISO 27001 certified?
Based on the extent of the scope of registration, including the number of sites and the state of the existing information security program, ISO 27001 implementation costs can vary. The costs of employing a consultant, purchasing software, paying employees’ wages and benefits, implementing controls, conducting internal audits, etc., may also be included in the overall expenditures.
For a do-it-yourself approach using compliance automation platforms, the cost can be as low as a few thousand dollars, in contrast for a major firm that hires an external consulting firm, the cost can easily exceed US$100,000.
Getting ISO 27001 Certified 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 the organizations with whom they do business are doing everything possible to prevent disclosing sensitive data and putting them at risk. 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 become certified for ISO 27001, along with other frameworks like SOC 1, SOC 2, PCI DSS, HIPPA, GDPR and NIST 800-53. Our compliance and security experts will also provide you with the customized guidance you need to confidently navigate the end-to-end compliance process.
The benefits of our solution include enormous savings in time, human resources, and money — 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.
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