Information and knowledge play a crucial role in the growth and sustainability of most organizations. The exchange of digital data is becoming more common these days, and the risk of information breaches is also a huge threat. Organizations that understand the risks attached to data exchange employ an Information Security Management System (ISMS) to help deal with these risks.
To ensure that you’re equipped with relevant information that will help protect your organization against breaches, we’ll provide a detailed guide to this management system. We’ll explain what ISMS is and how it relates to ISO 27001. We’ll also discuss the importance of ISMS and how it works. Finally, we’ll reveal the benefits of this system to your organization.
Information Security Management System Explained
Hackers and data thieves are on the lookout to steal valuable information from organizations. When an organization sets up a group of guidelines and action measures to combat such illegal actions and secure information assets, it can be said that an ISMS has been implemented. An Information Security Management System describes and shows how an organization manages privacy and information security. With this system, a company can determine and deal with the dangers as well as opportunities related to crucial information assets.
With such a setup, your company has a lower possibility of suffering from breaches. It also helps to reduce the effects of disruptions the company might encounter. Implementing this structure ensures your company’s compliance with certain regulations, such as the ISO 27001 certification and the General Data Protection Regulation (GDPR). ISO 27001 is concerned with the elements of information security.
Elements of Information Security
When you’re dealing with the management and protection of sensitive data, five elements determine the efficiency of your procedures. If any of these elements are missing, it can lead to a breakdown in data transfer and might also cause a breach in the system. Below are the elements your ISMS must be based on:
Confidentiality
Data must only be used and accessed by authorized users. Therefore, third parties must not have access to such data. Even if an individual is part of the organization but not one of the authorized users, they must not have access to such data.
Integrity
This refers to the data record being error-free. In other words, there must be no room for the facts and figures to be tampered with. Furthermore, integrity includes the storage of the data in a safe location.
Availability
As much as you want to prevent unauthorized users from having access to confidential information, the data must always be available to authorized users. The process of gaining access must not be difficult or complex. A good ISMS must have a secure setup and simple access for authorized users.
Non-repudiation
This involves the keeping of accurate records of data transfers. The system must detail and store the details of the sender, receiver, when it was delivered, and message receipt. This will ensure that no party can repudiate the data transfer.
Relationship Between ISMS and ISO 27001
ISMS exists because of ISO 27001, which itself is a global standard for information security management. This standard enforces the protection of data assets. With compliance with such a standard, shareholders of your organization will be confident that their data and details are protected and safe with you.
The increase in cyberattacks has led to the implementation of the ISO/IEC 27000 family of standards. They exist to protect organizations from potential cyberattacks. ISO 27001 is the most well-known among this family of standards when it comes to data management requirements and systems.
Furthermore, ISO 27001 offers a group of information security controls that companies must implement. These controls are determined as a result of interested parties’ requirements and risk assessments. That means, to counter risk, a blend of several control types must be implemented.
The Importance of ISMS
Recently, many companies have begun to give priority to increasing data security standards. This, in turn, has resulted in more people paying attention to ISMS because of how vital it is to maintain data confidentiality. Organizations that have intricate supply networks deal with more strain to meet these security requirements. Automotive industry SMEs are an example of organizations with intricate supply networks.
Regulated businesses, e.g., banking and insurance organizations, especially the more tech-based ones, also face this demand to protect customer information. The healthcare industry also has very strict information security rules that must be completely adhered to.
While the above deals with industry-specific needs, there is a need for general information security regardless of the organization’s industry. This is why ISMS is important to ensure your company’s important details are protected. The following are the reasons why businesses are having their information security closely examined:
Cybercrime is a Threat to Business
A data breach can be very expensive, and many businesses cannot cover up such a loss. A business could lose about $4 million because of a single breach. This is why cybersecurity is very important in today’s world. So, to avoid shutting down, many companies prefer to invest a lot in cybersecurity because it is cost-effective.
 More Processes are Becoming Automated
The era of paper documentation is almost a thing of the past. Everything we do in business nowadays is almost completely automated. While this has made things easier, it has also opened us to certain risks.
Codes are the foundation and building blocks of automated systems. You can visit https://www.freecodecamp.org/ to find out what code is and the different coding languages. Anyone who is well-skilled can hack into your system by decoding the codes. So, as more processes become automated, the more exposed an organization becomes if there is no ISMS structure in place.
Increasing Range of Vulnerabilities
Hacking is in no way limited to servers, websites, and computers. Several systems are now vulnerable to the actions of these hackers. This can be attributed to what we just discussed about the increase in automation of most processes. Power grids, automobiles, and airline systems are just a few examples showcasing the increasing range of digital vulnerabilities in society.
How ISMS Works
The management of a company is responsible for the setup of an ISMS. The approach begins from the top and flows down the organizational chart. Although management can delegate certain aspects of the implementation, the entire responsibility falls on the management’s shoulders.
Since the management is solely responsible, they must choose the action measures and methods that will be implemented. They must have a general overview of the business’s activities to determine the measures that can be taken to manage potential risks in different areas. There must be a regular examination of the scope, strength, and progress of the action measures by the management.
When an ISMS is being set up, the target is to first look at and determine the potential risks in the company’s current and future processes. The impact of each potential risk is also assessed. Then, action measures are developed and implemented to counter those risks. As such, an ISMS is not an attempt to attain maximum data security, but to deal with projected risks and breaches.
Benefits of ISMS Implementation
It’s been discovered that businesses that are ISO 27001-compliant experience overall growth. This means that implementing an ISMS brings benefits to your company. Let’s list these benefits quickly:
- Offers your firm the chance to secure new businesses.
- It becomes easier to comply with GDPR.
- You are guaranteed regulatory and legal compliance.
- Your company gets an edge over your competitors.
- Increases cyber resilience to errors and attacks.
- Your company’s information can be managed and safeguarded in one system.
- It enables your organization to adapt to ever-changing security threats.
- Enhances company culture.
- Reduces infosec-related costs.
Conclusion
With an ISMS, you reduce the risk of your company’s information being accessed by unauthorized users. Since the possibility of a data breach is reduced to the barest minimum, your stakeholders become more confident in the organization’s management. This, in itself, can lead to better investment and support.
Furthermore, a properly implemented ISMS opens you to new opportunities. When doing business with suppliers, many of them insist on working only with companies that have an ISMS in place. This is a display of the value many firms place on information security. If you aren’t compliant, you’ll lose the chance to do business with reputable suppliers.
Furthermore, new investors are very particular about the safety of their details. So, if you’re wondering why you’ve not secured great investors, it might be that your lack of ISO 27001 compliance is putting them off.
