Red Clay renovations deals with many customers and handles their personal information. To ensure that assets are secure the International Organizations for Standardization (ISO) has created several standards and regulations. ISO/EIC 27001 was created to identify specific standards to manage information security. Information security management is an efficient method to secure and manage personal information. Health Insurance Portability and Accountability Act (HIPAA) also covers some rules to better handle personal information. By becoming ISO/EIC 27001 certified, Red Clay Renovations will be able to complete in the global market and doors will open up with new customers and revenue methods. According to Ponemon Institute, “2018 Cost of a Data Breach Study has found that the average cost of a data breach globally is a not-to-be-sneezed-at US $3.86 million – a rise of 6.4% from last years equivalent report.”(Cluley, 2018) The company is not able to afford to be a victim of a breach by no means.
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ISO/EIC 27001 Standard
In the ISO/EIC 27001 standard, there are several sections that explain step by step on creating and maintaining an Information Security Management System. The standard includes the outlook on who is involved and how their roles play part with the rest of the process. There is a lot of terminology and definitions that employees will have to learn. Some employees may not be technically experienced, therefore making them less knowledgeable on the possible dangers that arise when a company becomes targeted. There has to be a hierarchy within the company and the best people have to be given authority to make decisions. When beginning a new process, leadership becomes vital. When there are changes made at any level, it may potentially result in more work or exposing new challenges. The challenges take a lot of commitment from all levels to the process is done right and properly used. Planning is needed to identify and analyze security risks. Support has to be proficient and closely monitored in order to ensure the process is well maintained. To manage and document changes along with addressing and treating information risks, an operations department is required in any company. There have to be a way to measure the failure or success of this process. “The ISO management system standards helps organizations by creating an organizational culture that reflexively engages in a continuous cycle of self-evaluation, correction and improvement of operations and process through heightened employee awareness and management leadership and commitment.” (ISO, n.d.)
The main benefit to the company that ISO/EIC 27001 will bring is enterprise security. Implementing this standard will make the company undergo a systematic analysis to figure out how it handles vulnerabilities, information security risks, and impact to the company. The ISO/EIC 27001 standard is an honest and independent assessment of information security which increases customer confidence. Red Clay Renovations is in the service industry and depends on customer base. There can be potential loss of profits if customer confidence is down. The standard will demonstrate the proactive approach of information security that Red Clay Renovation is taking, to the customers. International and national laws recognize ISO/EIC 27001.
Support for Information Security Program
There are a lot of requirements that a company has to obtain to become ISO/EIC 27001 certified. The main requirement is for a company to establish an Information Security Policy. A proficient administrative process will establish procedures and guidelines to create and maintain an information security program. On top of that, there needs to be a risk assessment process and information risk treatment process. These processes will expose the potential risks and vulnerabilities. “All information security policies and plans must be documented.” (NLG, 2019)
Red Clay Renovations will greatly benefit with implementing the ISE/EIC 27001 Standard. Customers have to ensure that Red Clay Renovations handles their personal information accordingly and secures it. Over the years, breaches have been becoming more and more successful resulting in millions of dollars being lost. Every program must be rightfully supported by leadership and administrative process.
Cluley, G. (2018, 07 12). Average cost of a data breach exceeds $3.8 million, claims report. Retrieved from tripewire: https://www.tripwire.com/state-of-security/feature…
ISO. (n.d.). Management system standards. Retrieved from ISO International Organization for Standardization : https://www.iso.org/management-system-standards.ht…
NLG. (2019). Information Security Management System Policy. Retrieved from NLG next level globalization: https://nlgworldwide.com/isms/
Rouse, M. (2009, September). ISO 27001. Retrieved from whatis.com: https://whatis.techtarget.com/definition/ISO-27001