Should my business be ISO 27001 certified?

ISO 27001, one of the most common and internationally recognised security standards, aims to protect your organisation from the threats mentioned. In this article, we'll explain how ISO 27001 functions, if it is right for your business and the benefits it will bring to your company.

The Foundations of ISO 27001?

ISO 27001 is a globally acknowledged international standard for governing information security management systems (ISMS). It was established by the International Organization for Standardization (ISO) to assess a company's ability to keep its own and its customers' sensitive information safe.

It provides a framework for establishing, implementing, maintaining, and continually improving an organisation's information security management. The certification signifies that a business has put in place best practices to safeguard data, ensuring confidentiality, integrity, and availability of information.

What are the benefits of being ISO 27001 certified?

A business with ISO 27001 certified credentials can expect to see many benefits. Aside from keeping their data safe, customer trust can be improved, shareholder confidence can grow, and you can stay a step ahead of your competitors.

Protection from Cyber threats
Compliance with ISO 27001 relies on implementing and managing 114 controls divided into 14 different categories. By performing these best practices, the risk of a security breach in your business is lowered.

With such a wide band of security measures within ISO 27001 standards, it becomes difficult for hackers and other criminals to gain unauthorised access to your data.

Customer Trust
By demonstrating to your customers that you are committed to safeguarding their data, they will be more inclined to trust your company.

Competitive Advantage
If your industry relies on comprehensive data security, an ISO 27001 certification is essential in increasing your business opportunities. Many organisations prefer to work with companies with assurances in managing their sensitive information, which an ISO 27001 business would be able to provide - and with the global reach of ISO 27001, the growth opportunities will be endless.

Improved Business Reputation
What does it say about your business when you are ISO 27001 certified? By committing to protecting the most important information you hold and promoting the best security practices, you can boost your credibility with existing and potential clients, investors, and stakeholders.

Reduced Costs
In 2024, the average data breach cost in the UK was £4,960. The majority of the companies affected did not follow any sort of security guidelines, which demonstrates how investing in an ISO 27001 certification audit early can save your business money and inconvenience in the long run.

If your industry requires your company to be ISO 27001 compliant, you may be fined if you're found to not be following its procedures.

The effectiveness of implementing a security standard will streamline your internal security processes and make your risk audits more efficient.

Assessing your ISMS
ISO 27001 certification is based on a full internal audit which is carried out on your business once every three years. Due to the complexity of data security, it might be hard to fully grasp whether or not you've secured each aspect of your company to prevent any untoward access. However, with annual spot audits, you will be given the assurance that your data security posture is maintained, reducing any risks of a breach.

Is ISO 27001 certification right for your business?

Determining whether ISO 27001 implementation is right for your business requires careful consideration of several factors.

Alignment with Business Objectives
Businesses should consider their long term goals when deciding on pursuing ISO 27001 certification. If your company handles sensitive information or operates in an industry with stringent data protection requirements, being ISO 27001 certified will be extremely beneficial. If you choose to align your certification with business goals - strategic planning, risk management processes and business continuity will be enhanced.

Evaluation of customer and market expectations
Do you think your customers and clients would expect your business to take a pragmatic approach to data security? If the market in which your company operates demands a high level of information security, it may be pivotal to be ISO 27001 certified to do business. Depending on your sector, being certified may be a prerequisite.

Assessing resource ability and budget constraints
Before committing to implementing ISO 27001, it is important to assess whether or not your business has the time, resources, personnel, and budget, to implement and maintain a successful certification.

Short term cost vs Long term benefit
Although the initial costs of the ISO 27001 certification process can be significant, it is worth considering the benefits your company will receive in the long run. Enhanced security, reduced information security risks, improved consumer trust, and a competitive advantage can lead to increased revenue and market share.

What Businesses should have ISO 27001 certification?

Information Technology Companies
IT companies store, process and transmit vast amounts of sensitive data. By being ISO 27001 certified, it assures customers and clients that your company is committed to managing security risks effectively. Cloud service providers, software development agencies, and IT consulting firms are businesses that should invest in ISO 27001 certification.

Retail and e-Commerce
Retailers and e-commerce platforms manage customer payment and personal data (often login information) which must be managed securely to protect it from data breaches and fraudulent activity. This includes online shopping sites, brick-and-mortar companies with online features, and payment processing companies.

Healthcare
Hospitals, clinics, pharmaceutical companies, health insurers (or any insurer for that matter), and health software providers all store sensitive information about patients, medical records, and surgical history. This data must be protected to ensure privacy and comply with UK regulations, including the Data Protection Act 2018 and GDPR.

Finance
Financial institutions handle sensitive financial information for their customers and clients. By following ISO 27001 procedures, these companies can protect themselves against financial fraud, data breaches, and cyber attacks.

Telecommunications
Telecom companies are responsible for handling large amounts of customer data, including phone records, online communications, and telephone numbers, which need to be secured. These companies include mobile network and internet service providers, as well as VoIP providers.

Supply Chain and Logistics
Companies in the supply chain and logistics industry handle important company data, including inventory, shipping details, and customer information. These companies may include freight companies, logistics providers, and supply chain management lines.

Although ISO 27001 compliance is not mandatory in most sectors, it brings a competitive edge and boosts consumer trust to be certified, as demonstrating a commitment to protecting the data of your clients and customers is an important benchmark.

Streamline your ISO 27001 certification with Igentics

At Igentics, we specialise in supporting your business by implementing proactive security measures across your software, web development and hosting platforms, including working with you and your certification partner through the ISO 27001 certification process. With over 23 years in the industry, we have the knowledge and expertise to simplify your security process - with real-time monitoring, vulnerability scanning, and regular backups, we have all the tools to supercharge your security journey. Get in touch today and start securing your business data with Igentics.