ISO 27001 Risk Assessments for SaaS & Information Technology Organizations

Posted September 27, 2020

In the past decade, there has been a growing number of reported cases of cyberattacks which have led to the loss of data and disruptions of business operations. Companies in different sectors have ended up paying lots of cash to repair the damage and recover lost data, while some attacks have led to irreparable consequences.

SaaS and information technology organizations have also fallen victim to phishing, malware and other potentially catastrophic threats. If your business is in this sector, it is crucial that you are aware of the risks.

The Need for ISO 27001 Compliance in the Tech Industry

Every day, tech companies launch revolutionary products into the market. Despite the growing popularity of these software-as-a-service deployments, security remains a critical hurdle that prevents prospects and clients from adopting them.

In today’s world, cybersecurity is no longer an option, or a unique selling point. Your business must demonstrate the company’s commitment to keeping your client and prospects’ data secure. They must be aware that you operate your SaaS offering reliably and in a highly secure manner.

ISO 27001 certification is the standard for information security that is globally accepted. It shows that the company focuses on achieving all cybersecurity best practices. If your tech company hasn’t acquired this certification yet, then your likelihood of attracting security-conscious prospects is low. What’s more, you are likely to experience higher attrition among your current customers.

ISO 27001 Best Practices for Tech Companies

Here are the ISO 27001 best practices for SaaS and information technology providers, summarized in three fundamental approaches:

Risk Management Structure – This is basically a framework comprising different regulations that guide procedures like identification and ownership of risks and how this affects the integrity, confidentiality, and availability of company and client information.
Risk Identification – This time-consuming risk assessment best practice involves active identification of any peril that could put your company data at risk. You can adopt the asset-based approach to come up with a list of data sources and check for threats. This includes hard copies, electronic files, and the intangible assets of the company like IP.
Risk Evaluation – Here, you’ll analyze risks and identify your assets’ vulnerability and any potential threats. You’ll then proceed to weigh every risk against your business’ acceptable intensity before coming up with an elaborate order of addressing all of them.

ISO 27001 Certification for Tech Companies

The growing need for digital solutions for all business functions created the need for technology-related security standards. As such, this certification was established to offer the right guidance for businesses to protect their data and that of their clients.

Here’s why companies in the SaaS and information technology sector should consider ISO 27001 Certification for their resources:

It helps ensure that regulation, management, and handling of business and client data is done using the right approaches.
You’ll have an active approach in the way the company handles and secures information.
Any risk that results from poorly handled data can be easily identified and mitigated
Acquiring ISO 27001 certifications ensures you always comply with any relevant regulations in the national or international level.
Clients, partners, and the relevant authorities will always be sure of the security of their sensitive data, and this earns your company the credibility score
It protects you from disruptions in company operations whenever you experience any data breach incident

Why You Need an ISO 27001 Risk Assessment

An ISO 27001 risk assessment will aid your company’s objective of identifying, analyzing, and evaluation of weaknesses in your information security systems and approaches. Here are the key benefits that you’ll get when you let GreyCastle Security conduct a risk assessment for your SaaS or tech company:

It makes you competitive – The information technology sector is highly competitive, and every company out there will leverage any opportunity that offers a competitive edge. Your competitors will most likely have an ISO 27001 certification – and so should you.
Regulatory compliance – This is the greatest reason for regular risk assessment. Through consistent GreyCastle ISO 27001 risk assessment, your company will meet every legal obligation regarding privacy, data protection, and IT governance.
It keeps the business organized – This may not be a visible benefit, but is very important for any business. Regular risk assessments are still crucial in handling critical business issues like data or system access, decision authorities, and the management approaches for the company’s data assets.
Reduced costs – Company data security is among those essential expenses with no returns. Through risk assessment, you will easily track any potential issue or threat then come up with practical approaches to deal with it before it hits. This translates to fewer disruptions in your operations and sealed loopholes that would lead to data leakage and other costly cybersecurity threats in the long run.

Customized ISO 27001 Assessment and Insights from Reputable Experts

Business offering SaaS and information technology solutions are among the most likely targets for cyberattack threats. Considering the nature of your operations, you must make information security a top security consideration.

But, it can be hard to get it right when you also have other business obligations to take care of. From boosting your customer satisfaction and retention to generating lead conversions to handling the company accounting books, there’s no limit to the number of tasks that may take your entire time. Hiring an internal expert to help with the process means an extra expense, and they may also lack the appropriate skill or resources for exhaustive work.

GreyCastle Security comes through as a reliable service for all your needs in terms of ISO 27001 risk assessments. We’ll relieve you from the hard job of keeping your client and business data safe, and provide advanced solutions to counter the constantly evolving cybersecurity threats.

We offer tailored ISO 27001 assessments for information technology providers and other specialized industries as well. Our inspections ensure that you are compliant with the available national and international regulations, and you’ll also benefit significantly from our valuable insights and apt guidance.

Whether you are a tech company, a healthcare organization, teaching facility, HIPAA covered entity, or a business associate, we can help you assess your system for risks and potential threats.

Contact us today for a customized ISO 27001 risk assessment for your tech company. If you require more guidelines on ISO 27001 certification specific to the SaaS and information technology sector, be sure to download our whitepaper!

Understanding ISO 27001

ISO 27001 is the only international standard for the governance of information assets, creating an effective and sustainable Information Security Management System (ISMS).

Is your organization looking to become ISO 27001 certified?

This white paper identifies the need-to-knows as you start your roadmap to compliance.

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