ISO 27001 Information Security Management System

Insight on the ISO/IEC 27001 – Information Security Management System

ISO (International Organization for Standardization) is the world’s largest developer of voluntary International Standards that was founded in 1947 in Geneva, Switzerland. The standard of ISO have published more than 21000 International Standards covering almost all aspects of technology and business. ISO International Standards ensures that products and services are safe, reliable and of good quality. For business, they are strategic tools that reduce costs by minimizing waste and errors and increasing productivity.

IEC (International Electrotechnical Commission) Founded in 1906, is the world’s leading organization that prepares and publishes International Standards for all electrical, electronic and related technologies.

ISO/IEC 27001 formally known as ISMS (Information Security Management System), is an excellent framework which helps an organization to manage and protect its information assets such as financial information, intellectual property, employee details or information entrusted by the third parties which remains safe and secure.

What is ISMS?

An ISMS (Information Security Management System) is a systematic approach to managing sensitive organization information so that it remains secure. It includes people, processes and IT systems by applying a risk management process. It can help small, medium and large businesses in any sector to its information assets secure.

Purpose of ISMS

The purpose of an Information Security Management System (ISMS) is to preserve the confidentiality, integrity and availability of information, by applying risk management process. Its purpose is also to be part of, and integrated within the organization’s processes and overall management structure, and that information security is considered in the design of processes, information systems and controls. An Information Security Management System can be used by internal and external parties to assess an organization’s ability to meet its own information security requirements. Its purpose is also to maintain compatibility with other management system standards, and should assess and treat information security risks tailored to the needs of the organization.

ISO/IEC 27001 is to provide organizations with requirements for establishing, implementing, maintaining and continually improving an organization’s information security management system within its own context.

ISMS Standard as per the Context of Nepal

Organizations in Nepal are gradually being aware of the ISO 27001 – Information Security Management System. It’s been clear that organizations are more inclined towards this standard, as Information Security Management System can protect and preserve an organization’s information in a systematic way which can further lead to a strong foundation for information security.

Along with the impact of natural disaster, organizations today are suffering from different risks of attack, error as well as other vulnerabilities inherent to its use, which hinders the functioning of operations, and ultimately has become the reasons for downfall. Today information security breaches are on rising trends, which has resulted in cyber-attacks no matter whether the organization size is big or small. In such increasingly challenging environment, companies have no choice but to protect their information. So, the Information Security Management Systems (ISMS) is your first line of defence.

Now, in order to avoid risks to happen in an organization, the organization has to maintain its information security system. Therefore, the top management are showing more concern in this regard as they have been aware about information security risks, and threats that may arise in an organization, and also they have the knowledge about preventive action to overcome all those risks and threats.

The development and implementation of Information Security Management System helps in fulfilling organization’s requirement by creating a secure information system, which is applicable in maximum area of operations. It also helps the organization to function effortlessly in an efficient manner.

Importance

When an organization maintains its ISMS standards, the established guidelines will help the organisation to effectively handle problems, and provide appropriate solutions towards its risks. The standard addresses incorporating perspectives from around the world, which will help to serve diverse consumer preferences with the aim to gain high level of satisfaction. Furthermore, since the ISO:27001 standard is a global benchmark, it facilitates the organization to compete in the international market. With its increasing competition, the need for a system has become a must to drive the organization towards success.

Different organizations have different systems as per their size and nature. The absence of the specific system does not indicate that an organization is unable to meet the standard requirement. Nevertheless, the existing system must establish according to the set of requirement of ISO standard.

The need to identify, fulfill and satisfy customer requirements has driven the organization towards generating new ways to accomplish the organizational objectives. In this scenario, ISO 27001 Standard can be the best element in attaining the pre-determined objectives as standards not only help to create an Information Security Management System but it also helps in maintaining compliance and sticking to the policies which steers the organization towards continual improvement. Various organizations around the globe have been able to sustain and grow with the implementation of the ISO 27001 standards. Therefore, international standard has been proven to be beneficial for its organizations.

Benefits of ISO 27001 information management

The international standard for information security management delivers clear business returns.

– Safeguard your valuable data and intellectual property

Information is the lifeblood of any business. This is especially true if your clients have entrusted their valuable data to you. Implementing and maintaining an ISMS to globally recognized standard, ISO 27001, is the most effective way to reduce data breach.

An ISMS is a systematic approach to managing the security of sensitive information. It identifies, manages, reduces and prevents your information from range of threats.

– Win new business and retain your existing customer base

ISO 27001 proves that you are taking cyber security threats seriously. Your prospective customers are naturally concerned about the security of their data. Compliance with ISO 27001 is proof that you are following international best practice to mitigate threats.
ISO 27001 demonstrates credibility when tendering for contracts. Conformity to the Standard can make the difference between winning and losing tenders.
ISO 27001 gives you a proven marketing edge against your competitors.
ISO 27001 helps you to expand into global markets. An ISO 27001 is often a supply chain requirement.
ISO 27001 helps you to demonstrate good security practices, thereby improving working relationships and retaining existing clients.
ISO 27001 removes the need to complete detailed security questionnaires and respond to auditors for each new client.

– Protect and enhance your reputation

When it comes to security breaches, loss of customer confidence can have far more serious consequences for an organization than the fines levied by the Information Commissioner’s Office (ICO) or the Payment Card Industry (PCI).
Cyber-attacks are increasing in volume and strength daily. And the financial and reputational damage by an ineffectual information security posture can be fatal.

– Build trust internally and externally

ISO 27001 improves company culture. The Standard’s holistic approach covers the whole organization, not just IT, and encompasses people, processes and technology. This enables employees to readily understand risks and embrace security controls as part of their everyday working practices.
ISO 27001 improves structure and focus. When a business grows, it doesn’t take long before there is confusion about who is responsible for which information assets. The Standard helps businesses become more productive by clearly setting out information risk responsibilities.

– Avoid the financial penalties and losses associated with data breaches

Data breaches are not only damaging to business, but excessively costly.
ISO 27001 is the accepted global benchmark for the effective management of information assets. This enables organizations to avoid costly penalties and financial losses.

– Comply with business, legal, contractual and regulatory requirements

ISO 27001 is the only auditable international standard that defines the requirements of an information security management system (ISMS).
The Standard is designed to ensure the selection of adequate and proportionate security controls that help to protect information assets.