4 Reasons Why Information Security Management is Crucial for Business
Information security management lies at the heart of every business. It helps to instill confidence in their stakeholders that every data shared and used by organizations are protected. Explaining the importance of information security, many business visionaries have said that it is a shared responsibility of the organization. Employees need to be aware and active in properly implementing all the data security practices. To strongly enforce a uniform system for information security management, businesses should aim to achieve ISO 27001 certification. It defines the most effective or benchmark requirements for information security in organizations. Therefore, if you are successful in getting certified for your business, it indicates that your information security management system (ISMS) meets those requirements.
From a small local company to a big multinational organization, every business needs to have a sound ISMS and implement appropriate security measures. Here are the compelling reasons that explain why ISMS is a fundamental aspect of businesses.
Prevent Data Breaches
The first and obvious reason for a business to have a dedicated ISMS is to avoid data thefts or the intrusion of privacy. Every organization extracts information from its clients, suppliers, dealers, and employees for business transactions. Therefore, it is the supreme responsibility of the organization to keep all information and prevent them from passing on to the hands of intruders. Any kind of data breach will cause severe damage to the business. The most prominent ones are:
• Financial compensation as fines/penalties,
• Involvement in legal cases or lawsuits for regulatory noncompliance,
• Loss of trust from the stakeholders,
• Corporate reputation damage,
• Trickle-down effect on future profits.
Ensure Business Continuity
Today, most businesses operate in a data-driven environment. Data are the primary source of information or assets that help make crucial decisions at every level and smoothly deliver services. Missing or misplacing any database will halt the functioning of the organization. While data can be breached, accidentally lost due to system failures, or misused, backups are necessary to ensure continuity of the operations. A centralized ISMS will ensure that organizations have a policy for routine backups. Thus, data can be immediately restored in case of data thefts or infrastructure failure.
Curb Expenditures on Data Security
Many businesses fail to realize that ensuring robust information security management with ISO 27001 certification will help you control your expenditures. When you do not have a centralized framework for assuring data security across your organization, you will have to implement alternative security measures. You may invest in independent security protocols for each IT system, departmental database, client’s information, employee’s details, and so on. Instead, investing in a uniform ISMS and validating it with ISO certification is much simpler and more cost-effective.
Restrict Unauthorized Use of Data
With businesses relying more on Information Technology or ICT systems and software applications to store and process their data, security is becoming more vulnerable. Anyone with access to the organization’s IT systems or applications can use, manipulate, and misplace the data. The result of unauthorized access is incorrect information for the management, hampering the decision-making process and exploiting the database. The ISMS establishes extra layers of security for restricting access to data. This helps to consistently incorporate security techniques and methods (such as two-factor authentication, encryption of passwords) to prevent unregulated access to the databases.
Wrapping Things Up!
It is wrong to say that large companies in possession of vast information are vulnerable to security thefts and small businesses are not. The need for a comprehensive Information Security Management System (ISMS) is important in all organizations, regardless of their size or nature of operations. The type of data recorded and used by the business does not matter to the ISMS. Whether it is recorded in documents or stored in IT systems, the ISMS will implement appropriate security practices for both types.
To ensure your ISMS is effective in achieving ISO 27001 certification is essential. This certification is the benchmark to proving the competence of your ISMS in protecting the information assets and will provide competitive advantages to your business. Your partners and clients will gain confidence in making transactions with your company which will give way to more business opportunities.
Lastly, look for experienced ISO certification experts who will help you in the process of certifying your business with ISO 27001. At Compliancehelp Consulting LLC, we are experienced ISO consultants and can help you get ISMS certification for your company with lower investments. Get in touch today!
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