Whether large or small, all businesses are vulnerable to information security threats, leading to costly damages to both profits and the reputation of the business. Therefore, being proactive in information security is crucial for any business.
Accounting for about 90% of businesses and 50% of employment worldwide, Small and Medium Enterprises (SMEs) play a crucial role in the economy by creating jobs, innovating new products and services, and generating significant growth for economies across the world (World Bank ).
Although the ISO 27001 standard is more commonly associated with large businesses, it is amenable and can be adapted by small businesses to cover their information security needs.
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ISO 27001 (ISO/IEC 27001 – Information Security – Security techniques – Information security management systems – Requirements) is an internationally recognized standard for information security.
It helps businesses manage information security needs through the policies and processes outlined in the ISO 27001 framework. Key to these processes is the implementation of an Information Security Management System (ISMS) within a business to cost-effectively and systematically protect information assets and data.
It is important to remember that ISO 27001 is an information security standard and is not restricted to Information Technology (IT) companies. It can be adapted by businesses in various sectors as the framework of best practices for protecting their information.
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Simply put, the framework provided by the ISO 27001 standard establishes, implements, maintains, and regularly reviews and improves the ISMS to better protect information assets.
Insufficient knowledge of information security and a scarcity of written policies on what to do in the event of an attack are the reasons small businesses are attractive targets. The ISO 27001 standard is one efficient way to combat this issue.
Central to the certification are the audits that are carried out to test the viability of your ISMS. Audits, both internal and external, verify the business’s compliance with the standard.
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After your ISMS is tested and verified, you need to prepare your documents to get the certification. Documents include your ‘Scope’ document, your Information Security Policy Framework, and your Statement of Applicability (SoA).
Compliance with ISO 27001 standards is a continuous process and a number of best practices allow you to regularly test your system and be updated on compliance guidelines. For example, businesses may choose to carry out network penetration tests , also known as ‘white hat attacks’ or ‘ethical hacking.’ These are done to identify vulnerabilities in your network and system to prevent future attacks and breaches.
Costs of cyber attacks are heavy, with IBM Security estimating that the global average total cost of a data breach was $4.24 million in 2021, an increase from 2020’s $3.86 million. Data from Accenture shows that approximately 43% of cyber attacks target small businesses.
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The United States Securities and Exchange Commission reports that more than half of small businesses that fall victim to data breaches permanently shut down within six months of the attack.
IBM Security further reports that while bigger businesses faced the highest costs due to data breaches, small businesses (categorised in this research as those with less than 500 employees) also saw a 26.8% increase in costs in 2021 as a result of data breaches. Complying with strong information security standards helps mitigate these adverse impacts.
Cost and reputation are important factors in deciding whether to implement the ISO 27001 standard in a small business. There are also several other vital aspects to consider when making the decision.
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Implementing the ISO 27001 standard in any business is often thought of as a costly and time-consuming task. Having a look at the many benefits the standard brings to a small business shows a better understanding of the cost-benefit analysis.
Customers from around the world can recognize the ISO 27001 standard as an international one which builds confidence in the business and increases its credibility.
Security standards for businesses vary across regions and it can be daunting for small businesses to navigate evolving security needs. The ISO 27001 standard provides products with greater global compatibility which opens up export markets to small businesses.
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By implementing the ISO 27001 standard, a small business can show all its stakeholders, from suppliers to customers, it is serious about protecting personal data and information assets. This competitive edge will help businesses grow and connect with new customers.
As a global standard, it provides all your stakeholders with the necessary assurance that their data is adequately protected and assists you in meeting the contractual obligations of customers.
Growth in a small business can happen fast. When you experience quick growth, gaps in terms of information security may arise within your business.
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These challenges include failing to meet customer service obligations and overlooking necessary information security standards. The methodology provided by ISO 27001 streamlines key decision makers and policies in a business which also increases the overall efficiency of the business.
It also reduces the need for your business to be audited by other stakeholders as the independent ISO 27001 certification serves as a third-party, objective audit.
Information security attacks are costly and the research outlined above shows that the costs of data breaches for small businesses keep increasing each year.
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Preventing such attacks reduces the expenses that are brought about by them. The ISO 27001 standard helps small businesses to cost-effectively protect information assets comprehensively.
Keeping information safe is a responsibility common to both large and small businesses. Information security, data privacy, and protection regulations vary across regions and sectors. ISO 27001 helps small businesses comply with these regulations efficiently.
The return on investment that the benefits of ISO 27001 bring to your business, especially in light of increasingly costly information security attacks, will help you make the decision comparatively easier.
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Chandra Palan is an Indian-born content writer, currently based in Australia with her husband and two kids. She is a passionate writer and has been writing for the past decade, covering topics ranging from technology, cybersecurity, data privacy and more. She currently works as a content writer for , covering the latest cyber threats and trends. With her in-depth knowledge of the industry, she strives to deliver accurate and helpful advice to her readers.
Is an online media publication that covers tips, how-to advice, tutorials, the latest cybersecurity news, security solutions, etc. for cybersecurity enthusiasts.ISO 27001 (ISO/IEC 27001:2013) is the internationally accepted management system standard for Information Security. The standard is well recognised across the world, ranking as one of the most popular global information security standards. An ISO 27001 certification demonstrates that an organisation can protect their data systems and information assets, keeping them safe and secure. The certification is a common requirement for contracts with public sector bodies and large organisations and demonstrates to stakeholders that information security is a company priority.
With cyber-attacks and data breaches on the rise, information security is a top priority for many organisations. An Information Security Management System based on ISO 27001 is a practical management tool to help you stay on top of information security risks to protect the confidentiality, availability and integrity of information.
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ISO 27001 is system of processes including documents, technology, people and various other controls that sets the rules and procedures of an organisation’s information security.
Our implementation approach is shaped by pragmatism and years of experience in information security – we focus on what is required to manage information security well within your organisation, with ISO 27001 certification being a by-product of the implementation process rather than the main goal.
The ISMS must work for you as an organisation, otherwise it just becomes another drain on already limited resource. Our approach focuses on realising the true business benefits of the management system, whilst minimising any unnecessary bureaucracy and overheads. Once you have achieved ISO 27001 certification, we also provide services and support to help you maintain and improve your ISMS year-on-year so it grows as you grow.
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Maintaining the capability to performing your own ISO 27001 internal audits is often resource-intensive and typically places additional pressure on staff that have been allocated as internal auditors, especially if this is not their only role in the business. Engaging an external information security consultancy for your internal audits addresses this challenge, and you gain the expertise of seasoned information security experts to really drive continuous improvement and compliance within your ISMS.
Many organisations start small with ISO 27001 by only including specific areas in the scope of the management system. However, business needs, external commercial factors and ever-evolving security threats often lead to a requirement to extend the scope of the ISMS to cover other areas of the business.
Each scope extension maybe a small project in its own right. Our cyber security consultants will work with you to plan and execute your scope extension.
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