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A Guide to ISO 27001 for Banks

Used every day by most people worldwide, the banking sector is the backbone of our global financial systems – however, this also makes banks extremely vulnerable to cyberattacks if their security defences are not up to scratch. This is why banking organisations need to ensure that their customers’ data is protected by following stringent security standards.

By implementing ISO 27001 for banks, your organisation can demonstrate your commitment to safely handling your customers’ data, strengthen your security systems to prevent and avoid attacks, allowing you to regularly maintain and improve your processes and policies

What is ISO 27001?

Developed by the International Organisation for Standardisation (ISO), ISO 27001 is a set of information security standards that require businesses to have a solid security system in place to protect all confidential data and information held by the organisation. When using an ISMS for ISO 27001 compliance, you can rest assured that your business is accurately handling your data with confidentiality and integrity. Compliance also demonstrates to customers and business partners that your organisation is serious about the security and privacy of their information – something that will help your business build confidence and place you in a position of trust. ISO 27001 allows your business to be more resistant to cyber threats, significantly reducing the risk of a data breach, which could have devastating effects both financially and on the company’s reputation. Additionally, ISO 27001 certification applies to other global data requirements, such as GDPR – meaning no extra work to meet these standards.

How important is ISO 27001 for banks?

By implementing ISO 27001 for banks, your organisation can focus on the specific security challenges of the financial sector by using a risk-based approach that allows you to prevent, detect, and address potential threats and vulnerabilities. The measures that would be implemented include access control, response planning, and asset management, in order to ensure your system is watertight. As hackers become more adept at exploiting vulnerabilities, security systems must constantly change and evolve to combat this. A core element of ISO 27001 for banks focuses on the need for regular improvement and strengthening of your information security policies and procedures so that your organisation can remain one step ahead of the attackers. With regular testing and audits required to remain compliant, your banking company will be able to adapt to the most up-to-date methods for securing sensitive data.

What are the benefits of ISO 27001 for banks?

Given the financial aspect of the information banks hold, the sector is one of the most targeted in the world by attackers. This means that organisations must take extra caution when ensuring that their security systems are strong enough to prevent risks and mitigate threats. However, there are several benefits of ISO 27001 for banks, including:

Building trust with customers

Compliance with ISO 27001 for banks will help your organisation maintain customer trust. A customer is unlikely to use a bank if they are aware that there have been previous, significant data breaches. By following the standards, banks can display their commitment to protecting the information of new and existing customers, which in turn builds confidence in the customer.

Instilling confidence with stakeholders and potential partners.

Similarly, many stakeholders and potential business partners will actively seek out banks who are ISO 27001 as it displays that the organisation is accountable and reliable when it comes to protecting information. ISO 27001 for banks will help to solidify your company’s reputation as a secure institution that is resilient against cyber threats.

Reduced risks of cyberattacks and data breaches.

When incorporating ISO 27001 for the banking sector, your organisation can be much more proactive when it comes to risk mitigation. By following all standards accurately, banks can systematically detect vulnerabilities, prioritise threats in order of severity, and monitor and maintain controls that safeguard sensitive information.

Compliance as you work with Hicomply

ISO 27001 for banks not only helps prevent the risk of attack by strengthening your security defences – it can also mean extraordinary benefits for your business. However, the process can be quite time-consuming, which is not ideal for busy financial professionals. At Hicomply, we offer a full ISMS solution that allows you to keep all your evidence and documentation in one place, allowing you to achieve compliance as you work! Contact us today for a demo.