Wondering if ISO 27001 certification is something you should consider for your business? Is it really important? What benefits does it bring? And what’s involved in getting it done? Let’s dive in and find out!
What is ISO 27001?
If you’re already familiar, feel free to skip ahead. For everyone else, here’s the scoop:
ISO 27001 is the international standard for information security management. It’s part of the ISO 27000 series and provides a framework for organizations to establish, implement, operate, monitor, review, maintain, and continually improve an Information Security Management System (ISMS).
Why is ISO 27001 Important for Your Business?
Getting ISO certified tells the world (and your potential customers) that your operations are safe and secure. When pitching your solution, you can skip a lot of due diligence questions simply by showing you’re certified. This reassures prospects that they’re dealing with a mature, serious business. It also adds value if you’re aiming for an exit strategy, as it reduces the risk of unpleasant surprises post-acquisition.
Plus, during the certification process, you’ll uncover vulnerabilities and potential issues in your operations. Addressing these will definitely improve your security posture.
What Does It Take to Get ISO 27001 Certified?
Time Investment
How long it takes depends on your business size, number of locations, current security status, etc. For a mid-sized business (around 100 employees and $10 million in revenue), here’s a rough timeline:
- Preparation (6 months): Start by getting your ISMS together. This is a tedious process involving a lot of work to identify necessary implementations and align them with all business units.
- Certification Process (3 months): First, there’s an initial audit where an auditor assesses your controls and ISMS, providing a list of findings. You’ll typically have about 2 months to address these findings before the actual audit begins, which takes a couple of weeks. If everything goes well, you’ll get your ISO certificate.
The certificate is valid for three years, with annual checks, and then you’ll go through the whole process again.
Financial Investment
Besides the time (which equals money), you’ll need to pay a third party for the audit—roughly €15,000-€20,000, with the biggest chunk for the initial audit and smaller amounts for the second and third-year checks.
To streamline the process, you might want to invest in tools like Drata and Vanta. These platforms can automate many tasks and offer features such as automated policy generation, employee onboarding, compliance checks, infrastructure tests, version control, and identity provider integration. Budget around €35,000-€80,000 per year for these tools. In my experience, Drata can sometimes offer a better price, but it’s worth checking out demos for both and seeing who gives you the best deal. Since they’re big competitors, they might be willing to negotiate to win your business.
Conclusion
As your business grows, investing in compliance becomes essential. The sooner you start, the easier, cheaper, and more beneficial it will be. You’ll professionalize your operations and earn your clients’ trust. Yes, it requires time, energy, and financial investment, but the payoff is well worth it.