The risk of a cybersecurity breach is high in this day and age. As a business you have a responsibility to protect customer data and to keep company information safe. No longer is ISO 27001 Information Security Management System (ISMS) just a nice thing to have, it is essential if you take cybersecurity seriously.
Doing business online means you have to guarantee all customer information is secure and that includes credit card information you collect. A security breach can be disastrous to your organisation. One that can cost a lot of money to recover from, let alone the cost to your reputation. There are serious consequences if a hacker breaches your systems. The ISO 27001 certification shows the world you take cybersecurity seriously. The certification process provides a framework that identifies, manages, and controls risks to data and all organisational assets.
Implementing an ISMS simply makes good business sense. Other core activities include allocating security responsibilities to staff for continually managing and assessing the performance of information management through management reviews and internal audits.
Data Hackers Target Businesses
Business data is a target to hackers when it is of value to a third party. Different types of data are more valuable than others and pose different levels of risk to your business. Business data that is at risk includes the following:
- IT security data such as user names and passwords, the network structure and encryption keys.
- Financial information such as bank accounts, credit card numbers and expiry dates.
- Intellectual property which can include marketing material, logos, proprietary software, manuals and other material developed by your business.
- Personally identifiable information such as contact information and birth dates.
Stolen information has different values such as its use for identity theft and fraud. Intellectual property is valuable when sold to a competitor. IT security data allows a third party access into your computer systems.
Consequences of Data Breaches
Cybersecurity and ISO 27001 accreditation should be a top priority if you want to keep your data safe. It is vital to protect your organisation from the severe consequences of a data breach to not only your company but to your customers and suppliers.
Cybercrime is a big business expected to cost companies $10.5 trillion by 2025. Year by year, there is a higher risk of cyber attack. An Accenture study reported small businesses made up 43% of cyberattacks and as few as 14% were prepared for an attack, not just big corporate companies are at risk.
Here are some examples of data breaches:
- In 2019, a NAB worker faced the sack after uploading the data of 13,000 customers to a third party which cost NAB $687,878 in compensation.
- Victorian hospitals and medical centres faced a cyberattack which caused the postponement of non-urgent surgical procedures.
- Yahoo’s multiple data breaches between 2012 and 2016, which affected 500 million users, came to light as it was negotiating its sale to Verizon. The sale went ahead at a greatly reduced price and Yahoo paid out $117.5 million in compensation.
No matter the size of your organisation, cybersecurity must be a priority. Contact us for more information about an ISO 27001 certification. We can show you how to protect your information, earn consumer trust, and grow your business so it reaches its potential.