ISO 27001 Prevents Cyberattacks
Implementing an ISO 27001 Information Security Management System (ISMS) prevents cyberattacks. The Ponemon Institute in a 2017 study found that a typical firm experiences 130 security breaches each year.
Mitigating these breaches requires more than advanced IT practices, it requires a dedicated management system. ISO/IEC 27001 is such a system. It includes processes for human resource security, physical and environmental security, and dealing with information security incidents.
The Real Cost of Cyber Attacks
The Cost of Malicious Cyber Activity to the U.S. Economy , released by the Whitehouse in February of 2018, estimates that such attacks cost the U.S. economy between $57 billion and $109 billion in 2016. In 2021 an insurance company paid out $40 million in ransom. However, these attacks can inflict damage that is difficult to assess or quantify in dollar amounts. While most incidents are kept out of the public eye, a few attacks, like the Colonial Pipeline attack in May of 2021, do make headlines.
What is ISO 27001?
ISO 27001 is an international standard and widely accepted Information Security Management System. The role of an ISMS is to preserve confidentiality, integrity and availability of information. It accomplishes this task by applying risk management processes. An effectively tailored program can meet this challenge because it is part of the organization’s processes and management structure.
Implementation of an effective ISMS requires an assessment of the organization’s objectives, security requirements, and organizational processes. These assessments include a consideration of the size and structure of the organization so that the ISMS is scaled to meet the needs of the organization.
Once these influencing factors have been defined a risk assessment can be conducted. This process should:
- identify the information security risks
- identify the risk owners
- assess the potential consequences of an undesired occurrance
assess the realistic likelihood of the occurrence - determine the levels of risk
- establish priorities for treatment of the risk (e.g. implementation of information security controls)
The Advantage of Implementing an ISMS
Because ISO 27001 is configurable to your company’s requirements it is an effective means of organizing data security. This is because it includes a complete process and involvement of all stakeholders in monitoring and preventing cyberattacks. ISO 27001 also includes training to maintain a high state of awareness for all employees.
An ISMS can readily address numerous issues because centers it around policies and processes that are adopted from top management down and includes all stakeholders including third parties.
As and example, a continual challenge of organizations is to ensure that software is up to date. However, this can be a challenge in organizations because of segregation of tiers and organizational turf battles. With an effective ISMS these issues are identified and dealt with at a management level and communicated through policies, procedures, and work instructions. Additionally, because metrics are established for criteria, monitored, and analyzed, deficiency in processes can be identified and remedied.
The security of data is not only of great concern to your organization. It is of interest to your customers, investors, and partners. ISO IEC 27001 certification shows that your company is a responsible partner and maintains an active interest in monitoring and mitigating cyberattacks.
CVG Strategy Cyber Security Consulting and Training
Cyber Security Consulting
CVG consultants have over a decade of experience with ISMS, Quality Management Systems (QMS) and Export Compliance. We understand that each business has a unique set of requirements that demand tailored solutions. Developing these solutions assessing an organization’s culture and involving all stakeholders. Using this information, we can develop programs that are effective and can adapt as a business grows.