SECURITY AND BUSINESS PERFORMANCE USING ISO 2023 ISO 27001 Information Security Management System is an international standard.
Information security and cyber security SECURITY AND BUSINESS PERFORMANCE USING ISO 2023:
ISO certification is an external assurance to improve the confidence of new and existing customers. While it’s impossible to guarantee security against a wide variety of breaches, ISO 27001 greatly increases your chances of success.
Information security and cyber security is the main concern of the organization. Data has become the most important asset. Because data is available in both electronic and non-electronic formats, an ISMS provides control over its protection. Companies usually require ISO 27001 because they do business overseas and in many cases need to get certified.
In addition to being able to do business overseas, ISO 27001 has ancillary benefits such as increased productivity and efficiency throughout the organization. Codec Networks provides ISO 27001 Lead Auditor Training in Delhi and end to end ISMS implementation SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
IT HELPS CREATE NEW BUSINESS OPPORTUNITIES
ISO 27001 can be a unique selling point in terms of competitive advantage and shows that your organization understands what it takes to protect your clients’ sensitive data SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
THIS HELPS KEEP YOUR INFORMATION SAFE
Every business has an obligation to keep its data secure, whether it’s customer data, internal employee records or intellectual property. ISO 27001 gives you a way to protect all your data from potential threats, including natural disasters, employee negligence, fraud and even cyber attacks. An ISMS helps maintain information security through proper gap assessment, risk assessment, controls and measures.
IT HELPS REDUCE COSTS
If you think that increasing security won’t reduce costs, think again. Consider the cost of disruption to your business or what happens to your reputation if data is leaked to the public. Every time this type of event is mitigated, it saves your organization money SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
Assists in simplifying third-party vendor reviews.
ISO 27001 helps an organization simplify the evaluation of third-party suppliers. This system simplifies the process of third-party due diligence by your current and future business partners, and in return you reduce some of the burden of proof, such as providing all security documentation. ISMS makes your organization’s security validation process faster and more efficient SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
It helps you gain market share and improve your reputation.
ISO 27001 is a well-known internationally recognized safety standard. When an organization has a mature ISMS, it will be an assurance to all stakeholders, clients, customers about data security and secure information systems. It also helps to tailor proactive measures to smoothly handle any unforeseen events like cyber security threats, incidents, zero day attacks. This standard can be brought into compliance with various regulations such as GDPR, data protection laws, etc.
Information as an asset is as important as capital infrastructure and people. Enterprise security needs are changing rapidly. Businesses today need to see their organizational structures and processes holistically and take an integrated approach to securing their information assets, including IT, telecommunications and more. ISO 27001 is precisely tailored to meet all these information security and cyber security needs of an organization.
Fast facts about information security SECURITY AND BUSINESS PERFORMANCE USING ISO 2023
More malware is being launched than ever before: 230,000 new malware samples per day
A hacker attack occurs every 39 seconds
The average cost of a data breach in 2020 will exceed $150 million
Since 2013, 3,809,448 breach records are stolen every day, 158,727 every hour, 2,645 every minute and 44 every second of every day
By 2020, there will be roughly 200 billion connected devices
Why implement an Information Security Management System (ISMS)?
Organizations implementing ISMS see the results as follows SECURITY AND BUSINESS PERFORMANCE USING ISO 2023:
Secures all types of critical information assets (data and information, software, physical and hardware, services, people and intangible assets) through a risk-based approach
Consistency in performance through information security policies and procedures
Increases resistance to any potential cyber attacks
Protection of information assets throughout the organization and not just IT
Proactively monitor and respond to evolving security threats
Better incident planning and response
Constant improvement SECURITY AND BUSINESS PERFORMANCE USING ISO 2023
What are the relevant standards?
ISO/IEC 27001: ISO/IEC 27001 is one of the most common and widespread standards for establishing, implementing, monitoring and maintaining an information security management system (ISMS) worldwide. Through its stated requirements, the standard provides a holistic view of how any organization (IT or non-IT) can improve its information security posture by implementing the recommended controls.
ISO/IEC 27002: ISO/IEC 27002 provides guidance for an organization’s information security standards and information security management practices, including the selection, implementation, and management of controls with respect to an organization’s information security risk environment.
ISO/IEC 27032: ISO/IEC 27032 provides guidance for improving the state of cyber security, delineating the unique aspects of this activity and its dependence on other security domains, particularly information security, network security, internet security and critical information infrastructure protection. (CIIP). Covers basic security practices for stakeholders in cyberspace.
Business Beam helps in effective ISMS implementation SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
We will help you set up an Information Security Management System (ISMS) based on the ISO 27001, ISO 27002 and ISO 27032 standards for information and cyber security. Our highly customized and tailored approach helps organizations quickly and effectively secure themselves against threats and vulnerabilities.
The main features of our service are as follows:
Executive Consulting: Our experienced leaders are experts in managing organizational change. They discuss and understand your most important and complex service management issues and provide strategic advice for success.
Strategic alignment and security management: We ensure executive management buy-in and commitment through strategic information security policies, planning, goal setting, defining roles and responsibilities and supporting action plans SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
Security risk assessment and planning: In coordination with information asset owners, we conduct a thorough risk assessment. We also develop a comprehensive risk treatment plan to help identify and implement effective information security controls SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
Process Development: Successful process improvement efforts require a cohesive process architecture. We develop policies, procedures, templates and custom plans based on a flexible architecture. We will also help you identify information assets and their classification and establish information security roles and responsibilities.
Workshops: We are planning several informal workshops to raise awareness of security and control implementation for practitioners. Specialized courses like ISO 27001 Lead Implementer, CISM Boot Camp, CISSP Boot Camp etc. add value.
Implementation support: An information security management system is not effective if employees do not understand and adhere to it. We provide training, education and support to ensure the effective implementation of the developed information security management system.
Performance Management: Performance measurement is key to achieving business results for any management system. We help in designing a performance management system based on KPIs, KRIs, metrics and dashboards for corrective and preventive actions SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
We enable optimal results and informed decision-making.
Professional support during certification audits: If your organization chooses to pursue formal ISO 27001 certification, it will be conducted by a third party and your teams may require professional support at this stage. We provide extensive on-site support during the certification audit to give your team confidence and enable them to achieve successful results.
Nutrition support: Implementing a standard is just the beginning of the journey, maintaining it over time is an even bigger challenge. After successful implementation, we provide support that ensures continuous improvement and long-term culture adoption SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
The rapid development and widespread application of information technology can facilitate information management by companies; however, it also creates security challenges (Yaokumah, et al., 2019). Improper use of information technology can cause inadvertent disclosure of personal or company records, which can damage a company’s image and reduce business volume (Bidgoli, 2006); the protection of information security is therefore increasingly important SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
SECURITY AND BUSINESS PERFORMANCE USING ISO 2023 The ISO 27001 information security management system certification was issued in response to a business need for information technology and security management. ISO 27001 derives from BS 7799 British Standards Institution and was officially published by the International Organization for Standardization (ISO) in 2005 SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
ISO 27001 has received widespread attention since its introduction; by 2018, ISO had established 59,934 ISO 27001 sites in 125 countries and regions and issued 31,910 valid certificates (ISO, 2018).
ISO 27001 certification provides a scientific standard for defense against information security breaches and an organization’s information security assessment. It synthesizes, organizes and provides a set of detailed rules using best practices (ISO, 2013). In practice, the ISO 27001 standard is considered a precise and effective information security management tool.
The standard also coordinates the management of electronic transaction information from various perspectives to help businesses obtain credit for business transactions, and its adoption into the enterprise management system is expected to lead to improved financial performance.
Some scholars have debated the value of implementing information security management systems in enterprises. Hall (2011) discusses the relationship between information security and organizational capacity and suggests that an overall information security strategy can enable businesses to better respond to a dynamic business environment and maintain brand strength and business flexibility. Okoye (2017) applies a multi-case study to understand how to minimize the impact of information security threats on SMEs SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
. The results show that formulating an information security strategy can reduce the potential for harm to business performance caused by inadvertent disclosure and misuse of information. Davis (2017) highlights the importance of information security in US corporate governance and its effectiveness in addressing the problem of declining customer trust caused by security breaches. Edwards (2011) notes that improving information security systems can help businesses avoid the serious consequences of information security breaches,
including loss of assets, reduced business productivity and decreased efficiency. Spears (2007) provides evidence to suggest that institutionalizing information security risk management can address deficiencies in information technology assets and improve operational performance. In summary, most existing research focuses on the impact of information security strategies on improving operational performance SECURITY AND BUSINESS PERFORMANCE USING ISO 2023;
however, there is currently no direct evidence of a relationship between ISO 27001 certification and financial performance. Therefore, it is necessary to determine the impact of information security certification on the financial performance of the company. It is also important to understand the mechanisms of the effects of certification and the sustainability of these effects on a company’s financial performance SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
The immense organizational emphasis on information technology (IT), combined with the increasing impact of information security issues, has elevated information security to the top of management’s priority list. The ISO 27001 standard defines the requirements for an effective information security management system (ISMS). However, ISMS implementation not only directly maximizes firm performance, but can also have a significant impact in a variety of contexts
. In this study, we investigated whether ISMS implementation can benefit organizations financially by contributing to corporate reputation and branding. With a sample of 171 Pakistani firms, we examined firm performance after ISMS ISO 27001 certification. Consistent with our expectations, we found strong evidence that ISMS implementation benefited certified firms in terms of high corporate reputation, brand and brand, and financial performance SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
Information Security Management System (ISMS), ISO 27001, Company Reputation, Brand and Branding, Company Performance SECURITY AND BUSINESS PERFORMANCE USING ISO 2023
Share and quote SECURITY AND BUSINESS PERFORMANCE USING ISO 2023:
Bokhari, S. and Manzoor, S. (2022) Impact of information security management system on firm financial performance: A corporate reputation and branding perspective. American Journal of Industrial and Business Management, 12, 934-954. doi: 10.4236/ajibm.2022.125048.
Information security management system (ISMS) has emerged as a controversial topic not only in information security, but also in information management (Eloff & Von Solms, 2000; Susanto et al., 2011). Today’s manufacturing, financial and service institutions are integrating internal diverse workforces,
physical assets and process management with governance strategies and objectives to ensure competitive advantage for their businesses, as well as investing significant resources in the development and operation of information systems to support the previous operation SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
Firms increase overall productivity by sharing information through such informatization, but there are adverse effects that occur at the same time, such as provoking new criminal activity in that the information is a retrogression from the originally intended goals or consequences (Chang, 2013).
Firms often created technical information security mechanisms in the early stages to deal with the negative impacts of digitization, but their focus is increasingly shifting to management security in light of the nature of current information breaches.
They create information assurance systems consisting of five organizational information protection activities, particularly policy and organization formation, risk management, program implementation, and follow-up to provide the organization with adequate in-depth information protection systems (Eloff & Von Solms, 2000 SECURITY AND BUSINESS PERFORMANCE USING ISO 2023).
Increased situations of information security breaches, including phishing, intrusion, and identity theft, have attracted tremendous attention and highlighted the importance of information security as a governance issue (Hsu et al., 2016).
According to a recent study, the total costs of a single security incident are increasingly serious and include direct monetary losses such as operational damage or adverse stock market reactions (Goel & Shawky, 2009), reputational damage, and professional liability. ISO 27001 is a standard that was created and implemented by businesses around the world to help,
including Pakistan, with the implementation of information security management (Mastoi et al., 2021). This standard was originally published in 1995 and was amended again in 2005. ISO 27001 is a guideline that outlines a set of principles for implementing an appropriate information security management system. ISO 27001 has become the most widely accepted standard for information systems worldwide SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
Assuming information leakage concerns arise, accredited compliance with the ISO 27001 criterion can serve as an excellent presentation to the community that indicates a manager’s assessment of information systems or a positive approach to information security management. It also shows that the organization’s information management follows a global standard, making it more credible and trustworthy.
A number of academics have found that information security management system implementation has a direct positive impact on firm performance, such as operational performance (Hsu et al., 2016), financial performance (Chang, 2013; Wu et al., 2021), productivity performance (Velasco et al., 2018) and performance in IT skills and infrastructure (Tewamba et al., 2019),
but few scholars have investigated the indirect impact of IT capabilities (Kamdjoug et al., 2018) between information security management systems. and solid performance. Building on previous research, this study focuses on whether the implementation of ISO 27001 certification benefits a firm in terms of financial performance indirectly through the mediating role of corporate reputation (Iwu-Egwuonwu, 2010) and branding and branding (Rastogi & von Solms, 2012) SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
We believe that the link between an information security management system (ISO 27001) and a firm’s financial performance depends on contextual or situational factors (Bokhari et al., 2021), so we will examine the mediating role of corporate reputation and brand and branding between these two constructs between manufacturing, by financial and service firms in Pakistan.
Below is the structure of this document. Section 2 examines the current ISMS literature as well as past research on certification adoption performance in general. Based on this debate, we further construct our theories and develop our hypothesis. Section 3 discusses the research methodology and Section 4 discusses the empirical results. Section 5 concludes with contributions, limitations, and future research directions SECURITY AND BUSINESS PERFORMANCE USING ISO 2023.
Businesses are increasingly dependent on information security management systems (ISMS) to achieve a competitive advantage in various industries. Information technology has advanced and relies on industrial capacity, and information resources have become a valuable economic resource (Lele & Lihua, 2016). Various sectors have gradually taken advantage of digital technologies for business efficiency and consolidation;
however, attacks on enterprise information systems are becoming more common and diversified (Hung et al., 2019). An invisible vulnerability in information security can become more visible over time and affect a firm’s progress (Moghe et al., 2014; Wu et al., 2021). Inadequate corporate information security management systems cannot protect against data breaches and can lead to property damage; therefore, information security is a constant cause for concern (Dao et al., 2017). Existing insurance financing techniques can SECURITY AND BUSINESS PERFORMANCE USING ISO 2023
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