THE COST OF DATA BREACHES: WHY YOUR BUSINESS NEEDS ISO 27001
Data breaches are occurring frequently, and it is not just large corporations that are affected-small and medium enterprises are also at risk. Financial loss, legal concern, and reputational damage could take a big toll.
That is why businesses in Singapore must take a long hard look at considering certification of ISO 27001. What do businesses stand to lose whenever there is a breach?
A business stands to lose substantially in terms of:
1. Financial loss-All costs incurred in investigations fines, and compensation sum up to huge amounts
2. Legal concerns-Different industries have their own data protection regulations, and if found wanting on compliance, the penalties could as well run into thousands.
3. Customer trust-Most clients will move elsewhere for business, feeling that their data is not secure
How ISO 27001 Protects a Business?
ISO 27001 is an internationally recognized standard for information security management systems that has helped businesses:
To recognize and analyze security risks before there is a breach.
Establish controls to pre-empt cyber threats.
Continually monitor and improve on their security measures.
Why ISO 27001 Certification?
Getting certified would show the clients and partners of your business that their data is in safe hands. It also ensures compliance with some regulations and greatly reduces the possibilities of running into legal trouble.
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