Building a startup isn’t easy; in fact, it is always a learning process for everyone, whether the startup is being built by a new entrepreneur or by a person who has already built numerous businesses in the past. However, every business has its own challenges, so any two startups can’t have the same experience with –

• Funding,
• Product Development,
• Client Acquisition, or
• Other Aspects of Launching a Company.

However, in a similar manner, startups’ compliance needs can also vary considerably. Because there are numerous regulations and standards for businesses in technology, businesses in healthcare, and so on.

In some cases, a business may need to document its compliance with several standards. But if you’re in a business that uses secure data in any way, then obtaining ISO 27001 will be among them.

The Basics of ISO 27001 

In simple words, ISO 27001 is an information security standard that was developed by the “International Organization for Standardization.” However, the key focus of this security standard is your “Information Security Management System.” Putting it in other words, this information security standard has been designed to determine whether you have security controls in place for properly securing the data you use.

For What Kinds of Businesses Is ISO 27001 Certification Needed?

ISO 27001 is not a law, which means it isn’t legally required. But it is also true that most organizations, whether they are potential customers of your business or potential business partners, won’t be interested in doing business with your organization if you do not have ISO 27001 certification.

That means businesses that meet the following criteria should work towards getting ISO 27001 compliance and certification –

• If your business collects, stores, transmits, or processes any form of data in any way,
• And if you want to do business outside your country.

How Can You Get ISO 27001 Certified?

The process for acquiring ISO 27001 certification is a multi-step process. However, depending on multiple factors, the process can take longer; for example, how prepared you are and how thorough your ISMS already is, etc. But in general cases, organizations are required to follow the steps below to get certified.

Assess Your ISMS

Before you hire an auditor, you’re required to be confident enough about your ISMS, i.e., whether your ISMS will pass the ISO certification assessment or if it requires some modifications. The best way to begin the assessment process is with your own assessment of your ISMS against the ISO 27001 controls so that you can see how you stack up.

You can call it a “gap analysis.” However, at Socly.io, we can automate this for you by evaluating your ISMS while giving you a clear checklist of which controls you meet as per the ISO certification and which you don’t meet.

Fix Your ISMS

Once your gap analysis is done, you will have a clear idea of what you need to do to bring your ISMS in line with ISO 27001 standards. You can then use this checklist to prioritize and update your ISMS so that you can be confident it will pass a formal ISO 27001 audit.

Choose an ISO 27001 Certification Provider

It’s important to know that ISO has developed ISO 27001, but the organization does not provide certification. This means you can only obtain ISO 27001 certification from third parties such as Socly.io.

However, the ISO organization has a list of standards that all third parties, their auditors, and certifying organizations must adhere to. Therefore, you need to ensure that you choose an ISO 27001 certification provider that complies with all ISO requirements.

Complete the Auditing Process

Your ISO 27001 certification provider then starts a two-step auditing process where –

• The first step is an informal readiness assessment, which takes a cursory look at your ISMS to check whether it meets ISO 27001 standards. If your system passes the readiness assessment, you move on to step two, which is the formal audit.
• A formal audit can take a few weeks because the auditor thoroughly investigates your Information Security Management System. At the end of the audit, you will either pass or fail based on the auditor’s findings.

If you fail, you will need to bear the additional expense of paying for a new audit after fixing the identified issues. If you pass, your auditor will provide your full report along with your ISO 27001 certificate. Your customers or partners may ask for both documents, so you should keep them secure.

Maintain Future Compliance

ISO 27001 compliance is not a “do and forget” thing; it isn’t something you complete once and then forget. You are required to undergo assessments each year to keep your compliance active. For the next two years, your auditor will assess only a few aspects of your ISMS randomly to verify continued compliance.

If these assessments are passed, you can maintain your certification. If not, you may need to undergo another full audit to determine whether your certification remains valid. After three years, a full recertification audit is required regardless.

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

In ISO 27001, 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 that want to be ISO 27001 certified, let us tell you that 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 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, healthcare companies handle the most sensitive patient information on a day-to-day basis, and a breach of this information could have some severe consequences for the company as well as for the individuals whose data has been leaked or compromised. That means 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 a massive ransom to recover it? As the healthcare sector is the most likely sector to pay the ransom, it has made them highly lucrative targets for hackers.

Attacks on Medical Devices: 

In this digital era, healthcare providers are quickly adopting IoT (Internet of Things), where medical devices and software exchange important information over the internet. However, there is no doubt IoT helps hospitals streamline their operations, but at the same time, their unmanaged devices can give attackers more vulnerabilities to exploit while gaining 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 ISO 27001 helps healthcare companies clearly state their policies and procedures, where they specify how they manage information. When healthcare companies ensure proper policies, it can help them prevent data breaches.

It Helps in Analyzing the Gaps in Your Information Security System:

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

It Reduces the Supply Chain Risks:

The ISO 27001 standard doesn’t only protect your organization from external threats, but it also helps your organization reduce supply chain risks, as this information security standard helps you integrate information security elements into your supplier contracts while minimizing 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 hacking activities like phishing, password attacks, and social engineering.

It Helps Identify and Prepare for a Variety of Security Risks:

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

It Helps with 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 are handling. Therefore, some of the most stringent laws, such as GDPR and HIPAA, have strict requirements for how companies should handle important health data. Implementing the ISO 27001 security standard will help you comply with these legal requirements.

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Making sensitive information secure should be a matter of priority for every organization, as hackers are becoming smarter nowadays and technology is also increasing its ability to access and compromise sensitive data. However, this increased focus on information security management has led organizations to implement controls in one form or another. However, the effectiveness of information security standards relies largely on how this implementation is monitored and how it is controlled.

Well, some organizations only introduce security controls that deal with specific IT areas, and non-IT assets remain unprotected. But this may result in a greater threat to these non-IT assets of Enterprisetech companies. However, to overcome issues like these, the ISO 27001 standard was introduced.

When your Enterprisetech company achieves and maintains ISO 27001 certification, then it gives your clients a guarantee that your organization has implemented best-practice information security methods.

There are numerous benefits of implementing ISO 27001 accreditation into your Enterprisetech organization, but we are here with our top four reasons for why your Enterprisetech company should comply with the standard.

Gain a Competitive Edge

In today’s competitive market, it has become hard to differentiate yourself, but when you become certified for the ISO 27001 security standard, it enhances your value proposition. Moreover, it can also provide a unique point of differentiation between your organization and your competitors’ organizations.

• ISO 27001 certification tells your customers that you care about their important information, and therefore you have a proactive approach in place for addressing emerging information security threats. In fact, your organization has adopted best practices for minimizing such threats.
• When you’re an ISO 27001–certified organization, it improves your credibility among your audience. Not just that, but sometimes winning or losing a tender submission can rely on having this specific certification.
• In fact, access to global markets also sometimes depends on having ISO 27001 compliance. The reason is that this certification allows you to compete with your international competitors.
• Last but not least, ISO 27001 compliance also removes the hassle of completing in-depth security questionnaires as well as responding to auditors for every new client.

Avoid Financial Loss Due to Data Breach:

If you’re thinking that gaining ISO 27001 compliance might cost you, then let us tell you the fact that not doing it might cost you more. So, we recommend that you weigh the cost of compliance against the potential costs that may occur due to a data breach and service interruptions.

When you consider these costs, you will be required to consider the following points:

• We know implementing the information security standard may look like an expense for many people, but in reality, it’s not an expense; it can become a great investment when you reduce the expenses required to resolve data breaches.
• Research shows that a data breach not only results in leakage of important organizational secrets, but it is also very expensive.
• The best thing is that ISO 27001 is a globally accepted standard for the security of important information assets. Hence, it can also help organizations avoid heavy fines and penalties.

Ensure Data Privacy and Integrity:

Maintaining data privacy and integrity is a top priority for most Enterprisetech organizations, as they hold personal data of their clients. However, implementing an Information Security Management System is one of the most effective ways of ensuring effective management of information security while reducing the risk associated with data breaches. You need to consider implementing your Enterprisetech organization’s ISMS based on ISO 27001 because:

• Do you know what the most reliable way is to store data, control its access, use it safely, and destroy it effectively? It is possible through ISO 27001.
• ISO 27001 has a systematic approach that helps identify, manage, and reduce the severity of regular threats to your organization’s important information.
• In fact, when you’re an ISO 27001–certified company, it ensures the protection of your information assets, which can further reduce the probability of losing your clients’ trust due to data breaches.
• ISO 27001 procedures also enable your organization to promptly detect a security breach incident and immediately take the required action.
• The information security standard also ensures data integrity with the help of access control, data backup, and data organization procedures. This allows separation of affected data from the rest.

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The FinTech industry is growing rapidly, and not just that, but the FinTech companies have captured almost 15% of the market revenue. However, this staggering growth also comes with some challenges and it is especially true when it comes to information security.

With a reliance on the online platforms, the FinTech companies are now more vulnerable to data breaches.

However, the question here is that, as a FinTech company, how would you ensure that your data is safe and secure? Well, that is where the ISO 27001 certification comes into the picture, which is an international standard for information security.

In the following blog, we have put together the information that will help you understand the critical security challenges that you may face as a FinTech company. Here, you will also know how the ISO 27001 certification would help you set the processes to tackle them.

What Security Challenges the FinTech Companies Face?

Information is power for every industry, but it is especially important for the companies that manage large volumes of sensitive information. However, because of this reason, the FinTech companies must be prepared and alert for any vulnerability that may happen and be ready to defend against those malicious attacks from hackers.

Well, here are a few challenges that a FinTech company may encounter:

Data Breaches

Data breaches expose the data to unauthorized people, and it can also cause some significant financial losses. However, they usually happen due to technical issues or weaknesses in your system.

Digital Identity Fraud

Digital identity fraud can also take place in the FinTech industry. However, it happens when hackers create some strong fake identities and steal important customers’ digital identities for their benefits.

However, most of the FinTech companies use digital identities for authorization and authentication, so if digital identity fraud takes place, then it can be a severe issue because someone can use the stolen credentials to make payments.

Malware Attacks

Malware attacks are malicious software, i.e., spyware and ransomware. However, these software try to steal information or hold data for ransom, and these attacks are usually among the most common threats the FinTech companies face.

So, now you know what type of security threats you may face in the FinTech industry, but how would you use the ISO 27001 certification to avoid these circumstances and reduce the chances of such attacks?

How Can ISO 27001 Certification Help with Information Security of the FinTech Industry?

ISO 27001 is an internationally recognized information security standard that outlines the best practices for managing the most important information. However, the ISO 27001 certification includes providing the companies with a blueprint of policies, procedures, as well as controls for setting up an effective ISMS (Information Security Management System).

So, ISO 27001 certification proves that your ISMS has been approved and certified by an independent certifying body.

Now let’s check how ISO 27001 certification can help.

It helps you set up transparent processes that are aligned with the security best practices for your company to manage important information. However, on your journey of getting ISO 27001 certified, you can also be able to define:

• What information you want to protect,
• Set up the processes to handle all sorts of data breaches, and
• Continuously monitor the system for knowing the emerging threats and gaps.

ISO 27001 Helps You Comply with the Laws and Regulations

Some mandatory laws, such as the UK GDPR law, are enforced for the companies that handle personal data. However, with the ISO 27001 certification, your company will be able to have an up-to-date ISMS, and also you’ll be conducting regular audits for ensuring that your company will have the best practices.

ISO 27001 Helps You Analyze Gaps in Your Current ISMS

Using the gap analysis techniques of ISO 27001, you will be able to compare how you currently protect your information against the requirements of ISO 27001. And when you do this, you’ll know if your system is still up to date and follows best practices.

ISO 27001 Helps You Track, Manage, and Protect Your Assets

In the journey of ISO 27001 certification, asset management is a process that will help you take account of all the essential tangible as well as intangible assets in your company. It will enable you to prioritize what assets need protection and how.

ISO 27001 Helps Identify Security Flaws and Set Up Processes to Prevent Them

Risk assessment in the process of ISO 27001 lays the groundwork for information security while helping you recognize, analyze, as well as decide how to respond to these information security threats. However, along with ISO 27001 certification, you are required to also ensure that your team and your company culture align with the information security goals of your organization.

How Can SOCLY.io Help FinTech Companies Securely Manage Their Important Data?

Complying with the ISO 27001 certification can initially seem challenging, and it especially looks more challenging in highly regulated industries such as financial services. However, at Socly.io, we empower the FinTech companies to implement and obtain ISO 27001 certification. However, we help the FinTech companies with services such as:

• Asset protection
• IT management
• Policy on security
• Threat reduction
• And more.

Are You Interested in Getting ISO 27001 Certified?

If you’re a FinTech company or another organization that is looking to get ISO 27001 certification, then schedule a meeting with our experts or check out our website’s ISO 27001 Certification section to learn more about the certification.

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