ISO 27001 Certification is Critical for Small and Medium-Sized Businesses
Cyberattacks are becoming more prevalent, affecting both large conglomerates and small-to-medium sized businesses (SMBs) alike. According to a recent survey, 43% of all cyberattacks targeted SMBs in 2022, and this number is expected to rise in the coming years. These attacks not only disrupt business operations but also have a significant impact on the corporate bottom line. The average cost of a cyberattack in the US reached $9.4 million last year, not including the additional time and effort spent to deal with the aftermath.
In light of this growing problem, businesses are actively seeking ways to demonstrate their commitment to cybersecurity. One effective strategy is to obtain ISO 27001 certification. The International Organization for Standardization (ISO) is a multinational federation of standards organizations that develops and promotes worldwide standards for technology, scientific testing, and working conditions. ISO 27001 is currently the industry’s leading standard for information security management systems.
ISO 27001 certification is not limited to large technology companies like Microsoft, Apple, and Google. It is applicable to businesses of all sizes and provides guidance for establishing, implementing, and maintaining systems to manage data security risks. This holistic approach to information security encompasses people, policies, and technology. Implementing an information security management system according to the ISO 27001 standard enhances risk management, cyber-resilience, and operational excellence.
There are several key benefits to obtaining ISO 27001 certification. Firstly, it reduces vulnerability to cyberattacks and helps companies respond to evolving security risks. It ensures that assets entrusted to third parties, such as financial statements, intellectual property, and employee data, remain undamaged, confidential, and available. Moreover, ISO 27001 provides a centrally-managed framework for securing all types of information, regardless of whether it is paper-based, cloud-based, or digital.
ISO 27001 certification also prepares organizations to face technology-based risks and other threats by aligning people, processes, and technology. This proactive approach saves money by increasing efficiency and reducing expenses associated with ineffective cyberdefense technology.
Furthermore, certification signals to potential customers that a business takes cybersecurity seriously. It demonstrates a commitment to investing in the infrastructure, staff, and policies necessary to protect customer data. This is particularly important for businesses in the IT and technology services industry, such as Managed Service Providers (MSPs), Software as a Service (SaaS) vendors, and cloud hosting organizations. Additionally, businesses operating in sensitive industries like healthcare and defense may be legally required to work with IT vendors who maintain ISO 27001 certification for compliance reasons. Certification can enhance a company’s reputation in these sectors and expand its customer base.
Miradore, a mobile device management company, recently obtained ISO 27001 certification. The company pursued certification to showcase its commitment to strong cybersecurity practices and protect its customers. Miradore has experienced positive results from this certification, including the ability to attract new business and provide assurance to existing customers that their data is protected by industry-leading security practices.
Given the increasing frequency and cost of cyberattacks, companies of all sizes must prioritize cybersecurity. ISO 27001 is a valuable tool for staying up to date with industry-standard practices. It not only protects data and clients but also fortifies the bottom line and future prospects of a business.
In conclusion, SMBs are just as vulnerable to cyberattacks as larger corporations. ISO 27001 certification is a critical step for SMBs to demonstrate their commitment to cybersecurity and protect their operations and customers from cyber threats. By adhering to this standard, businesses can enhance their reputation, attract new customers, and ensure the long-term sustainability of their organizations in an increasingly digital world.
About the Author:
Sami Mäkiniemelä is the Chief Security Officer at Miradore, a software company that offers mobile device management services. He can be reached on LinkedIn. Find out more about the benefits of mobile device management on Miradore’s website.