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Why is ISO 27001 Beneficial to the Healthtech Industry?

Healthcare companies handle some of the most valuable information in the world such as pharmaceutical R&D information and the most sensitive patient data. However, this is the reason why all healthcare companies need to implement some of the strongest information security measures for protecting such important information of their patients from unauthorized access and some other cyber threats.

Well, the question here is that being a healthcare provider, how would you ensure the security of the sensitive information of your customers? However, this is where the ISO 27001 comes into play which is an international standard for information security. Do you know complying with this information security standard will help these healthcare companies set up a robust system for managing their valuable information in such a way that will meet the industry’s best practices as well as the regulatory requirements.

What is the ISO 27001 Standard?

ISO 27001 is an “international information security standard” that will help the companies manage their customers’ sensitive information. However, the ISO 27001 standard will provide a blueprint of the policies, the procedures, and the controls for helping you set up effective ISMS i.e. “information security management system”. 

In ISO 27001, the companies regularly identify, analyze, and evaluate the weaknesses in their systems. However, this entire process is known as a “risk assessment”. However, for the companies which want to be ISO 27001 certified, let us tell you that the ISO 27001 certification is done by an independent certifying body that will approve that you’ve put together your information security management system in line with the standard. 

However, getting the ISO 27001 certification is beneficial because it is an internationally accepted seal of approval that will help assure your stakeholders about the security of their important data and now they will know that you will be taking the safety of their information seriously.

Why is ISO 27001 important for healthcare companies?

As we mentioned earlier, the healthcare companies handle the most sensitive patient information on a day-to-day basis and a breach to this information could have some severe consequences for the company as well as to the individuals whose data has been leaked or compromised. That means, the healthcare companies have to deal with numerous cybersecurity threats, such as –

  • Ransomware Attacks –

Do you know, today a lot of healthcare companies are dealing with ransomware attacks where some bad actors hold the most important hospital data hostage and then they force them to pay the massive ransom to recover it. And, as the healthcare sector is the most likely sector to pay the ransom, it made them the highly lucrative targets for the hackers.

  • Attacks on Medical Devices –

In this digital era, healthcare providers are quickly adopting the IoT (internet of things) where medical devices and software exchange important information over the internet. However, there is no doubt the IoT helps the hospitals to streamline their operations but at the same time their unmanaged devices can give the attackers more vulnerabilities to exploit the devices while gaining the access to sensitive data.

How can ISO 27001 protect healthcare companies?

ISO 27001 certification protects healthcare companies in numerous ways. 

  • It Provides a blueprint of the policies and the procedures –

 An information security management system built according to the ISO 27001 helps the healthcare companies to clearly state their policies and procedures where they specify how they manage the information. And when the healthcare companies ensure proper policies, then it can help them prevent the data breaches.

  • It Helps in Analyzing the Gaps in your Information Security System –

When the healthcare companies integrate an ISO 27001 compliant information security management system in your company then you can easily identify any gaps that are there in your information security system and with that you can also test your existing security measures.

  • It Reduces the Supply Chain Risks –

The ISO 27001 standard doesn’t only protect your organization from the external threats but it also helps your organization to reduce the supply chain risks as this information security standard helps you integrate the information security elements into your supplier contracts while minimizing the risks.

  • It Ensures that the Staff is Well Equipped to Handle Cyber Threats –

When you comply with the ISO 27001 standard then you can ensure that your staff is well trained in identifying and dealing with the hacking activities like phishing, the password attacks, and the social engineering.

  • It Helps Identify and Prepare for a Variety of Security Risks –

With the ISO 27001 information security standard, you can easily identify the different types of information assets along with their unique risks. And, when you know what these risks are, you will be able to easily formulate the strategies through which you can deal with them effectively.

  • It Helps with the Legal Compliance –

As we all know the healthcare industry is one of the most heavily regulated industries in the world and this is because of the sensitivity of the information they’re handling. Therefore, some of the most stringent laws such as GDPR and HIPAA have some strict requirements for how these companies should handle the important health data. However, implementing the ISO 27001 security standard will help you in complying with these lawful requirements.

List of the benefits of being ISO 27001 compliant?

  • It Helps You Assure Your Customers about the Security of Their Data

Your ISO 27001 certification will provide your customers their peace of mind about your commitment to the security of their important data. However, with many high-profile security incidents in the healthcare industry, the potential customers may possibly have concerns about the safety of their data. 

But, by getting ISO 27001 certified, these companies can show them that you have invested your money, time, and efforts in protecting their data and you have already implemented a robust ISMS “information security management system”.

  • It Helps Your Organization Gaining a Competitive Edge in the Industry

Getting ISO 27001 certifications can also help you build the utmost trust while improving your reputation in your industry. Moreover, some of the companies only choose to do business with the ISO 27001-certified companies for avoiding the risks of data breaches, which means this certification will give you an edge over your competitors.

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