For which industries is ISO 27001 really suitable?

Cyber-attacks can pose a significant threat to any organisation’s revenue and business continuity.
For which industries is ISO 27001 really suitable?

Such information security breaches have become rampant in this age of advanced information technology. To mitigate this problem, reputable institutions like Citation Certification provide IT-based companies with adequate training and certification for ISO 27001.

What is ISO 27001?

This is a framework for companies’ Information Security Management Systems. The standard guides a group of processes and policies regarding data usage and control. ISO 27001 acts as a compliance guide and doesn’t mandate the use of specific methods, tools or solutions.

Its ownership is shared between the International Electrotechnical Commission (IEC) and the International Organization for Standardization (ISO). Although the first set of ISO standards were introduced in 2005, the latest major changes to the ISO 27001 were affected in 2013.

The scope of ISO 27001

ISO 27001 is often mistaken for an IT standard that only applies to the IT industry. Although this is far from the truth, most information technology companies are ISO 27001 certified. This is because the certification is crucial to the companies’ operations. However, many organisations like health institutions and pharmaceutical companies, which are not obvious candidates for ISO 27001, are implementing the international standard.

A major reason for an influx of non-IT companies implementing ISO 27001 is the increased need for protecting their confidential information. Most companies that are prone to data breaches already have the necessary technical and security controls in place- e.g., backups, antiviruses, firewalls, etc. This is where ISO 27001 comes in.

The framework provides the methodology to identify any information security risk and defines procedures to mitigate such threats. Therefore, any business dealing with sensitive information, be it a corporate or small business, profit or non-profit, private or government-owned, can benefit immensely from implementing ISO 27001.

Industries that benefit immensely from implementing ISO 27001

IT Companies— IT support companies, software development companies, and cloud companies are the biggest beneficiaries of the standard. This is because they have to prove to their clients that they can safeguard any sensitive information. Most of these IT companies implement the standard to comply with contractual security requirements from esteemed clients.

Telecoms— Internet providers and other telecommunication companies find the standard essential to ensure top-notch security for the massive amount of clients’ data they handle. Naturally, such companies look forward to ISO 27001 implementation to reduce the number of outages caused by cyber threats.

Financial Industry— Numerous regulations and laws require financial institutions like brokerage firms, banks, and insurance companies to implement ISO 27001 as a compliance threshold. This is because the data protection legislation is primarily based on the standard. Another significant reason for implementing ISO 27001 is to mitigate the fiduciary risk faced by financial firms.

It is obviously cheaper to comply with the recommended standards than to deal with the consequences of data breaches. This is a typical approach in the risk management processes for financial institutions.

Get ISO 27001 certification from a reputable institution today

The list of industries that can benefit from ISO 27001 certification is endless. It is a critical tool for achieving organisational goals. Citation Certification is an accredited ISO certification body in Australia providing online training and certification courses to help improve your business performance.

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