Did you know that in 2013 personal details from over 3 billion user accounts were exposed in Yahoo's data breach, one of the most infamous cyberattacks?

In 2021, hackers scraped LinkedIn's website and exposed the identities of approximately 700 million users, affecting over 93% of the platform's 750 million user base.

But why should you even care about this, right?

Well, you must care if you are a part of an organization.

In this article, you will get to know how ISMS (Information Security Management System) is a life savior for many organizations and what ISO 27001 is.

You will also find out how to get ISO 27001:2022 certified, and why and how it helps your organization stay ahead of your competitors and develop as an organization.

So, let's get started.

Who is after your organization's reputation?

Some major cyberattacks in Nepal include a 2017 breach by "Paradox CyberGhost" that hit over 58 government websites, the 2021 hacking of the President's official website, and a 2023 attack that took down 1,500 government websites.

The motives behind these cyberattacks on Nepalese government websites or any other private/public organizations vary, but they generally include political reasons, attempts to disrupt government operations, or to steal sensitive information. For instance, the 2017 breach by "Paradox CyberGhost" appeared to be politically motivated, as the group targeted multiple government websites to expose vulnerabilities.

Attacks can happen for various reasons. A hacker might want to show the world that your company is vulnerable, or it could be a competitor trying to damage your reputation. Some hackers break into systems just for fun and leak the data on the dark web, while others target banks to steal money.

The types of attacks and attackers are countless, so it's crucial to keep your systems and organization secure and well-managed because your stakeholders believe in you.

Why should you protect your stakeholder's information?

When new customers sign up for your services or submit personal information, they believe that you will keep that information safe. The longer the customer lasts, the more information they share with you. It's your duty to keep that information safe and non-compromised.

Many companies prioritize sales, marketing, and product development over Information Security Management,/b>. While focusing on customer solutions is crucial, safeguarding clients', company's, and customers' data is equally important.

Here's why you and every company should protect stakeholder's information:

• Customer Loses Trust: IBM Security reports that a damaged reputation can cost $1.52 million in lost business. Companies with poor security practices often see nearly 60% closure rates after a breach.
• Media Coverage (Negative): High-profile cyber attacks attract media attention, especially if they involve well-known organizations or many customers.
• Financial Loss: Data breaches can hurt stock prices for years and lead to high costs for recovery, legal fees, and customer compensation.
• Decreased Business Opportunities: A damaged reputation can repel potential partners and investors.
• Employee and Recruitment: Cyberattacks can lower employee morale and make it harder to attract top talent due to negative publicity.

But the question rises, "How can we protect my organization's information?"

The Solution: Information System Management System(ISMS)

A great way to begin is by setting up an Information Security Management System (ISMS) in your organization. ISMS are internationally recognized standards for managing data security, offering a clear method for overseeing activities related to protecting your organization's information and all sensitive data.

The three main goals of an Information Security Management System (ISMS) are confidentiality, integrity, and availability. Confidentiality ensures sensitive data remains protected from unauthorized access, integrity ensures information stays accurate and unaltered, and availability ensures systems and data are accessible when needed.

Achieving these goals involves using various security measures, like access controls and backups, to protect against threats and maintain trust, accuracy, and continuous operation.

1. Why do organizations need ISMS?

A solid ISMS is crucial for today's organizations. It clearly shows your current information security status and the tools needed to protect it. Imagine your organization's data as a highly secured vault, with advanced locking mechanisms safeguarding its valuable contents. An ISMS helps with regular checks to ensure security measures are up-to-date, allowing only authorized personnel in and alerting you to any suspicious activity.

This constant attention keeps your information safe, highlighting why an ISMS is so important.

2. Benefits of ISMS

• Avoiding Penalties and Protecting Reputation
  An ISMS strengthens internal security and helps avoid unnecessary fines by improving data protection and compliance with regulations.
• Adapting to Evolving Threats
  An ISMS helps your business stay ahead of constantly changing cyber threats by adapting strategies and maintaining the best risk management.
• Optimized Processes and Security
  An ISMS optimizes and secures internal processes, enhances trust, and provides clear policies for better data protection.
• Ensuring Data Confidentiality
  An ISMS ensures data confidentiality by implementing strong controls like encryption and access management to prevent unauthorized access.
• Optimizing Security Spending
  An ISMS allows for targeted spending on essential security measures, avoiding unnecessary costs while protecting against breaches.
• Building a Security-Conscious Culture
  An ISMS helps to build a culture of security awareness and responsibility by integrating security practices into daily operations.

What is ISO 27001?

The first step towards implementing ISMS is the ISO 27001:2022 standard.

ISO 27001 is the world's most widely recognized and only auditable standard for information security management systems (ISMS). It sets out the requirements that an ISMS must fulfill and provides guidance for companies of any size and industry on how to establish, implement, maintain, and continuously improve their information security management system.

In critical sectors like banking and finance, where safeguarding sensitive financial data is crucial, ISO 27001 plays a vital role. It helps institutions defend against risks such as data breaches and cyber threats while ensuring compliance with regulatory requirements.

Banks that implement ISO 27001 have seen up to a 70% improvement in their ability to detect and respond to cyber threats, highlighting the standard's effectiveness in enhancing cybersecurity defenses.

"If you're unsure about the difference between ISMS and ISO 27001, here's a simple explanation: ISO 27001 is the standard that provides guidelines for establishing and managing an ISMS, whereas an ISMS is the comprehensive system or framework an organization uses to ensure information security."

How to get ISO 27001:2022 certification?

To achieve ISO 27001 certification, an organization must first develop and implement an ISMS that meets all the Standard's requirements. After the ISMS is in place, the organization can register with an accredited certification body for certification.

The certification body will then audit the ISMS to ensure compliance with ISO 27001 standard, and if compliant, issue the ISO 27001 certificate.

Organizations can seek assistance from consulting firms like Green Tick Nepal Pvt. Ltd., which offers ISO 27001:2022 certification & lead implementer training and helps clients meet all the requirements.

Before getting the certification, you must know the pros and cons of getting certified.

Benefits of ISO 27001:2022 certification

1. Expand Business Opportunities and Improve Your Market Position

ISO 27001 certification proves your commitment to excellent security practices, strengthening client relationships and giving you a competitive edge. Use your certification to:

• Compete for new contracts with credibility
• Prove to prospective clients that you prioritize security
• Stand out from competitors

2. Increase Trust and Minimize Risks

ISO 27001 certification reassures customers, partners, and shareholders that you have measures in place to protect data, reducing the potential financial and reputational damage from breaches.

3. Simplify Audits and Cut Costs

ISO 27001 certification serves as a globally recognized benchmark for security effectiveness, reducing the need for frequent external audits and lowering audit-related expenses.

4. Get an Objective Evaluation of Your Security

Certification involves regular internal reviews and external audits to ensure your Information Security Management System (ISMS) is effective and continuously improving. This independent review offers expert feedback on your security measures.

How long does ISO 27001 certification last?

Once ISO 27001 certification is achieved, it remains valid for three years. However, the ISMS must be continuously managed and maintained during this period. Auditors from the certification body will conduct annual surveillance visits to ensure ongoing compliance.

But what is more important: ISO Certification or Implementation?

While not all organizations pursue ISO 27001 certification, many utilize the Standard as a framework to guide their best practices in information security.

Most organizations are often focused on certification only rather than on implementing ISO 27001:2022 standard. However, this is not good practice.

To grow as an organization from all aspects, proper implementation is more important than certification alone.

1. The updated ISO 27001:2022 standard introduces new controls and attributes that go beyond just enhancing your Information Security Management System (ISMS). It supports the overall development of your organization, including organizational growth, individual growth, and other essential aspects.
2. While obtaining certification can initially build trust with clients, maintaining that trust requires the continuous application of ISO's best practices.
3. Displaying a certification without delivering on its promises can harm your reputation more than having no certification at all.
4. The updated standard benefits not just IT departments but also administrators, HR, and managers. It strengthens information security and enhances the overall functioning of the organization.
5. Organizations that focus solely on getting certified often complete audits and requirements once and then neglect them, stalling their growth. In contrast, those who prioritize ongoing implementation see continuous improvement and sustained growth.

Conclusion

The companies who want to be the best in the market should focus on implementing ISO 27001:2022 standard rather than on getting certified only. It will increase the productivity, efficiency, and reputation of the overall organization.