5 reasons why information security is an absolute essential for your business

As a business, there’s no doubt you have a significant amount of confidential information you need to keep safe. While moving documents from paper to online storage reduces certain risks, it introduces new vulnerabilities. In a report from 2023, The Australian Institute of Criminology (AIC) found: 

• In the year prior to the survey, 47 per cent of respondents experienced at least one cybercrime. 

• The combined losses of cyber scams in 2022 were $3.1 billion. 

• 76,000 reports of cybercrimes were financially motivated. 

• 22 per cent of small-to-medium business owners reported harm to their business from cybercrime. 

If you’re looking to secure your digital documents, your best bet is implementing an Information Security Management System (ISMS). In this article, we share five reasons why having an ISMS and becoming ISO 27001 certified is essential for your business.

1. Protect sensitive business information

Whether you run a small startup, a chain of businesses or a large-scale conglomerate, you’ll have confidential information that needs protection. This might include: 

• Employee information like home addresses, phone numbers, and bank details. 

• Customer or client information. 

• Sensitive financial information about the business. 

• Stakeholder or third-party information. 

• Intellectual property and assets.

An ISMS is designed to protect this information from potential breaches or threats. During the ISO 27001 certification process, an external auditor will complete an in-depth review of your existing information security, then identify any potential threats or gaps in your compliance. 

It’s important to note that ISO 27001 certification doesn’t guarantee information security breaches will never happen. However, with a robust Information Security System in place, risks will be reduced, and your business will have a clear process of what to do in the case of a breach.

2. Maintain business continuity

Information security breaches can be devastating with the AIC study showing 67 per cent of respondents lost money due to cybercrimes. In addition to financial loss, there are other pitfalls that come with cyberattacks including legal implications, legal costs, loss of intellectual property, stakeholders, and employees, and damage to your brand’s reputation.  Implementing an ISMS minimises these types of risks and, in turn, reduces the potential aftermath. 

3. Inspire confidence in your customers, clients, and stakeholders

ISO 27001 certification reassures customers, clients, and stakeholders that protecting their information and assets is the number one priority for your business. 

IT Governance recently completed a survey of businesses that had implemented the ISO 27001 standards. According to the results, 71 per cent of respondents said they received regular or occasional requests from key stakeholders to provide evidence of ISO 27001 certification. 

ISO 27001 compliance demonstrates your commitment to meeting ISO’s rigorous information security standards. Plus, maintaining compliance and certification over time shows you’re regularly reviewing your information security management system to ensure third-party information stays safe. 

This is a major confidence-building exercise for customers, clients, stakeholders, and third parties!

4. Provides a competitive advantage

In the same survey, IT Governance found 56 per cent of respondents implemented ISO 27001 standards to gain an advantage over competitors. With data breaches becoming all too common, businesses that can prove robust security measures are far more likely to win contracts, retain clients, and outshine competitors who can’t offer the same peace of mind. With ISO 27001, businesses can put stakeholders at ease that their investment and reputation are in safe hands.

5. Opens doors to opportunities

In the same vein, ISO 27001 certification opens up new avenues for partnerships, investors, tenders, and fresh stakeholders. ISO 27001 is an internationally recognised and respected standard, so there are opportunities to expand and make contacts all over the world. 

ISO 27001 certification is essential for modern businesses – and we can help you achieve this milestone 

Ready to begin your ISO 27001 certification process? The friendly team at Citation Certification make sure this journey is smooth and seamless – we’re by your side, at every step of the way. From arming you with the correct resources to taking the time to walk you through the standards, we’re here. Contact Citation Certification today.