Cyber Security: The Competitive Differentiator
Cyber security risk management is essential for the long term survival of a business and when used strategically, it will set you apart from your competitors. Why? Because (aside from all the internal benefits) it sends one clear message to existing and potential new customers: protecting your data is our priority.
Let ISO 27001 be what differentiates your business.
What is ISO 27001?
ISO 27001 is an international standard for information security management. It is a comprehensive framework that helps organizations manage and protect their information assets so that they remain safe and secure.
ISO 27001 provides the framework for you to effectively manage cyber risk, select security controls, and most importantly, a process to achieve, maintain and prove compliance with the standard.
Why achieve ISO 27001?
Organisations have a legal and moral obligation to preserve the confidentiality, integrity, and availability of their information and IT assets. As cyber risk is a moving target, the framework provides you with the tools to continuously monitor and asses your cyber risk.
Many industries and Governments have adopted ISO 27001 as the standard for information security management practices. It is often mandated in state government contracts and the demand for it in industries where information assets are managed by a third party is increasing.
What are the benefits of achieving ISO 27001?
Adoption of ISO 27001 provides real credibility that you understand cyber security and take it seriously. It demonstrates an organisations preparedness in the event of things going wrong. They have assessed the potential risks of a breach, they make sure any information they hold on suppliers and individuals is accurate and up to date, and they have taken sufficient steps to prevent data from falling into the wrong hands.
Benefits of implementing the ISO 27001 framework includes:
Compliance with commercial, contractual and legal responsibilities
Improved processes and strategies
Prevention of fines & penalties and damage to your reputation
associated with data breaches
Competitive advantage and new business opportunities
Case Study: LandMark White Touts ISO 27001 Certification
The Landmark White breach took place in 2019 and involved Australia’s largest property valuation firm. Due to a failure by Landmark White to enforce authentication requirements of API connections, a third party had accessed over 100,000 records including property valuations, information of borrowers, lenders, homeowners and property agent data and posted this on the dark web.
This resulted in a major loss of consumer confidence and caused trading on the ASX to halt. $7 million was lost in suspended contracts. Landmark White’s reputation was severely compromised which forced the company to rebrand and rename itself. In rebuilding and restoring trust with its customers, Landmark White adopted the ISO 27001 framework and achieved certification to demonstrate its ongoing commitment to cyber risk management. In it's its ISO 27001 announcement, the company said: “Following the criminal cyber-attacks targeting LMW earlier this year, LMW comprehensively reviewed all of its IT, software and privacy systems and undertook to further enhance these to provide its clients with arguably the most secure service in the industry..."