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Posted On 22 May 2023

6 Benefits of ISMS Implementation

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Remember when World Economic Forum said, ‘Cybersecurity is too big a job for governments or businesses to handle alone’?

Remember when World Economic Forum said, ‘Cybersecurity is too big a job for governments or businesses to handle alone’?

‘Cybercrime and Cyber security’ are listed as 8th biggest Global risk ranked by severity in WEF’s Global Risks Perception Survey 2022-23. The report predicted that Technology inequalities will worsen while the risks from cybersecurity remain a constant concern. The international non-governmental and lobbying organization also stressed on the need of stronger industrial policies and enhanced state of intervention when it comes to cybersecurity.

As every business deals with sensitive data and experimenting with infrastructure, it is certainly important to have security practices in place to protect the assets, avoid legal liabilities, and gain competitive advantage. Information Security Management System (ISMS) is a framework that is created by ISO and IEC to manage information security in organizations.

ISMS framework implementation involves establishing the scope, identifying risks, developing policies, implementing controls, and monitoring the effectiveness to constantly protect an organization's information assets from various security threats.

ISMS implementation is typically based on international standards, such as ISO/IEC 27001, providing a framework for implementing an effective information security management system. The ISMS implementation process involves several steps, including:

Establishing the scope of the ISMS. Identifying the organization's information assets and the risks to those assets.

Developing an Information Security Policy. Outlining the organization's goals and objectives regarding information security.

Identifying and assessing risks. Identifying potential threats to a business’s information assets and assessing the probability and impact of these threats.

Implementing Security Controls. Employing appropriate controls to mitigate the identified risks - including physical, technical, and administrative controls.

Training employees on Information Security. Ensuring that the teams and stakeholders understand their roles and responsibilities for information security.

Monitoring and reviewing. Examining the effectiveness of the implemented controls and periodically reviewing the risk assessment process to ensure that it remains relevant.

Planning Continual Improvement. Constantly improving the ISMS to adapt to changing nature of threats and evolving business needs.

In addition to protecting information from hackers, criminals with ill intentions, in the age of IoT and connected everything, it is important to have standardization and security risk management practices in place to protect sensitive data. That is where Information Security Management System (ISMS) implementation comes to our rescue. This goes beyond Cryptographic Hash Functions (CHF) and two-factor authentication (2FA). Let’s look at some of the key benefits of ISMS implementation.

Securing information in all forms

ISMS implementation provides a comprehensive framework that consist of policies, procedures, and controls that are designed to protect the confidentiality, integrity, and availability of all kinds of information regardless of their form. Whether it is data at rest, data in transit, or data in use; General Data Protection Regulation (GDPR) covers it all. It doesn’t mean ISMS treats all the data equally, but it with a central framework, ISMS implementation gives the organization an opportunity to dynamically apply policies based on complexity, level of threat, and cost of breach based on a detailed risk assessment.

Improving resilience to attacks

With a structured approach to managing information security risks, ISMS implementation enables businesses to identify potential vulnerabilities and foster effective strategies to mitigate them. Designed to protect the confidentiality, integrity, and availability of information, ISMS implementation provides a defined set of procedures for incident response and business continuity planning, dodging the significant financial and reputational costs associated with a data breach.

Making Information security affordable

Information security is not an all or nothing approach. There needs to be a control and balance. Too many defensive tools can lead to complexity and ambiguity instead of confidence and business continuity. ISMS implementation can save businesses from unnecessary expenditure on ineffective technology.

“Cyber Security budget need not go beyond 7-10% of entire IT budget.” 

Holistic organization-wide protection

Every organization deals with diverse teams, each using myriad of tools and platforms, collecting, processing, and distributing data through many applications on a day-to-day basis. It is fairly challenging to design a cybersecurity program that covers the entire organization with customized controls. By bringing in awareness and training, ISMS implementation makes it easier for the teams to adapt better to the structured approach of information security practices. In addition, ISMS implementation can help businesses ensure that all third-party vendors and partners are also aligned with the organization's information security standards and practices.

Retaining customers and winning new business

ISMS implementation demonstrates a commitment towards information security which establishes trust with the customers and end-users. Research by YouGov America shows that 72% of American adults feel that tech companies have too much control over their personal data. On the other hand, Norton’s Cyber Safety Insights Report 2022 states 75% of American adults have taken at least one step to protect their identity online. So, gaining their trust can make them more loyal to the business. Being vocal about cyber security and gaining various certifications of compliance, and making your customers participate in cyber security practices can give the head start.

Fostering a culture of safety

A study by Ponemon Institute stated that 55% of data breaches are caused by employee negligence, malicious insider, or human error. Implementing ISMS means not only bringing in policies and structures but also stakeholder training, auditing, conducting regular assessments, identifying areas to improve, and taking corrective measures consistently. ISMS implementation defines clear roles and responsibilities for information security and fosters a culture of accountability through that.

In today's rapidly evolving threat landscape, we cannot afford to have ad-hoc or inconsistent security practices. Standardizing our processes through ISMS implementation provides a consistent framework that allows us to effectively manage and improve our information security posture.

Do you often wonder if your organizational information is safe and secure? It is normal and it’s always the right time to assess security. We at Qentelli believe in creating a peer-led community that can solve business challenges and empower technological innovations in a trusting environment. Our experts are always just a call away for a no-strings-attached conversation if having a dialogue can help you gain more clarity.
Write us: info@qentelli.com