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No business is an island. Working in harmony with supply chains, customers and even competitors is essential to commercial growth, but how you work together is just as important as who you work with.
Building long-term meaningful working relationships means proving that your organisation is doing things securely and being responsible. From being a good employer and showcasing environmental responsibility, to bringing shared values and, of course, being a safe pair of hands when it comes to data protection and information security, trust doesn’t come without effort.
When it comes to demonstrating robust data protection, the ISO27001 certification stands out as a valuable seal of approval that other organisations will respect. But what exactly is ISO27001, and how can it benefit your business?
ISO27001 is the international standard for information security, setting out a framework and guidance for an effective ISMS (Information Security Management System). And as a global standard, it is recognised all over the world, indicating that your business’s ISMS is aligned with best practices for information security and data protection.
The standard therefore acts as a shorthand even in cross-border business partnerships, clearly communicating that your organisation takes data protection seriously, and won’t act as a weak link in a supply chain.
We all know data breaches can result in costly fines for businesses on the receiving end. Earlier this year, Meta Platforms Ireland Ltd was fined more than £1 billion for GDPR breaches, while in 2021, Amazon Europe suffered a £640 million penalty. In the past three years alone, big brands like TikTok, British Airways, H&M, and Vodafone have all had to pay out in the millions due to data protection failures.
However, a data breach doesn’t just cost you financially. Potential collaborators will think twice about a business that’s made headlines for putting staff and customer data at risk. An ISO27001 certified ISMS helps protect your business and stops you making the news for the wrong reasons.
The ISO27001 framework is designed to be both robust and flexible, and demands business continuity from its holders. As such, the accreditation requires organisations to conduct annual risk assessments, keeping cybersecurity compliance at the forefront of their business priorities.
Regulatory compliance is not just a matter of best practice but a legal requirement. ISO27001 aligns with numerous regulations and standards, helping businesses meet their legal and contractual obligations, thereby avoiding penalties and legal issues that could jeopardise potential partnerships.
Any business partnership carries with it a certain degree of risk. You benefit from their assistance, platform, and support, but also take on their potential baggage, including cybersecurity concerns.
However, by identifying, evaluating, and managing information security risks, ISO27001 reduces potential liabilities for all parties. This risk management is particularly crucial when handling sensitive data, intellectual property, or engaging in joint ventures where shared information is a key asset.
In order to achieve ISO27001 certification, your business must develop and implement an ISMS that meets all of the standard’s requirements. You can then register for certification with an accredited certification body.
Achieving the right ISMS takes time and effort, which is why seeking out the support of IT security experts can help you find a route to certification without hassles and headaches.
If you’re looking to achieve ISO27001 certification for your business, or have any questions about the threat of cybercrime on your organisation, don’t hesitate to get in touch. Click here to reach out to the SRM team and we’ll be happy to help.
