Banks are investing in new technologies such as artificial intelligence, as key drivers to transform the financial and retail banking sector.
INFORMATION SECURITY MANAGEMENT SYSTEM
An Information Security Management System (ISMS) is a set of policies and procedures implemented by organisations to manage information risks such as cyber attacks or data theft. ISO 27001 is the auditable international standard that requires a company to establish, implement and maintain best-practice information processes via its ISMS. As with any other compliance standards, ISO 27001 follows the plan-do-check-act (PDCA) cycle. An accredited certification to ISO/IEC 27001 is essential to demonstrate world-class information security standards to customers and potential clients.
What are the benefits of ISO 27001 certification for your ISMS?
- Protect Your Assets and Reputation
An ISO 27001-certified ISMS helps to protect your organisation against information security threats like cyber attacks, data leaks or theft. Also, effective security measures minimise the financial and reputational damage that can result from weak security policies and catastrophic data breaches.
- Comply with the Latest Regulatory Requirements
ISO 27001 compliance within ISMS ensures the implementation of proper security controls in line with the latest business, legal, contractual and regulatory requirements. It also adheres to cybersecurity laws such as the General Data Protection Regulation (GDPR) or the NIS Directive.
- Minimise Penalties and Losses with Data Breaches
ISO 27001 minimises the risk of financial penalties and losses caused by data breaches due to non-compliance with information security requirements. A new report by IBM Security and Ponemon Institute set the average cost of a data breach in South Africa at R32.36 million, a 12% increase from 2016. (source: businesstech.co.za)
- Gain Competitive Market Advantage
ISO 27001 assists organisations to enforce good security practices in line with international standards and major certified players such as Google and Microsoft. The information security certification boosts market recognition, business growth, and customer retention through innovative and competitive policies.
- Enhance Security Audit Practices
ISO 27001 certification gives the organisation access to regular reviews, and internal ISMS audits to ensure continuous improvement and maximum security protocols efficiency. The global security standard accreditation means that audit extends to independent and unbiased external assessment at specific set intervals, reducing frequent customer audits.
SOME OF OUR MOST POPULAR MSXCYBER MODULES
Involve and engage people who may be affected by the decisions it makes or can influence the implementation of its decisions. They may support or oppose the decisions, be influential in the organisation or within the community in which it operates.
Provide for Audit planning and execution and report on different inspections. Can also be used for the carrying out of risk-based continuous inspections in support of ongoing mitigation of risk.
Manage meetings effectively, schedule, track and record all management review meetings with related documents. Easily keep track of scheduled meetings and trend on attendance and actions raised during meetings.
Manage and identify the causes of unwanted events.
Coordinate a structured change process and its associated benefits and costs.The overall objective is a lasting change within the company.
Manage, review, and publish all information security policies and procedures.
Assist in identifying risks, implementing controls and continuous monitoring of key controls. Improve the visibility, management and reporting of risk to prevent incidents and losses before they occur.
Define and manage company internal and external strategies and initiatives in line with the company’s policies and processes.
Evaluate and monitor objectives and their associated targets to ensure they are properly established, implemented, and maintained. Where required, link strategies and initiatives to objectives and targets.
Manage company assets, costs and disposal thereof.
Enable identification and documentation of quality events, routing of events appropriately, enforcing of structured cause investigations, and implementation of corrective actions.
Manage employee competencies and training requirements, thereby ensuring the right person with the right skills is assigned to the right job.
Ensure ongoing, up-to-date compliance with legislative and corporate requirements by tracking regulatory parameters and put legal requirements through the MSX legislation database.