Many companies operate online and have channels through which they collect the personal information of consumers. This information helps them sell products or deliver the best service to their customers. It is a valuable asset that helps businesses grow, but it can be misused if it falls into the wrong hands.
Data breaches, leaks, and misuse are unfortunately common and this can profoundly affect consumers whose personal data are part of the leaks. This is why government bodies have data privacy regulations that govern how companies should treat their customer’s data. Non-compliance with these privacy regulations can result in fines, lawsuits, sanctions, and business closure. It can also affect a company’s reputation in the public eye.
The International Organization for Standardization (ISO) has standards and guidelines for protecting consumer personally identifiable information that companies can adopt. This is called ISO 27701, and if companies follow its guidelines, their customer’s data will be safe. They will also be compliant with data protection laws.
Benefits of ISO 27701
ISO 27701 gives companies a framework they can use to manage, process, and protect consumer data. It is crucial for cybersecurity and is built on an existing standard called ISO 27001. ISO 27001 was also created by the International Organization for Standardization, and it guides businesses to better manage their information security management systems. ISO 27701 focuses on safeguarding consumer data and is aligned with the EU’s General Data Protection Regulations (GDPR).
The GDPR is the gold standard for data privacy and protection, so complying with the regulations will benefit both companies and consumers in the following ways:
Low likelihood of data breaches
Cybercriminals frequently target businesses that keep huge volumes of consumer personal information in their database and servers. ISO 27701 has directives and guidelines that, if implemented properly, will make it almost impossible for bad actors to gain unauthorized access to this data.
Enhanced reputation
Consumers know the implications of their personal information getting into the wrong hands, so most of them are cautious and will refuse to give it to companies with a bad security reputation. Businesses that adhere to ISO 27701 will have minimal security incidents, if at all, making them appealing to the public. This enhanced security reputation will attract more customers and increase their revenue.
Rapid response to security incidents
ISO 27701 teaches businesses how to handle security incidents. This makes them respond quickly to data breaches, unauthorized entry attempts, and lapses in their security system. It is crucial for companies to rapidly respond to security incidents and apply mitigation measures because a moment’s delay can make the cyber attack successful.
Endnote
Companies should strive to be ISO 27701-compliant because it will make them more attractive to consumers. It will also reduce business disruptions and make their operations run smoothly. The government mandates that organizations keep their customers’ data private. Adhering to ISO 27701 will help them comply with those regulations and avoid fines, sanctions, and penalties. After implementing ISO 27701 standards, companies should reach out to accredited certification bodies so they can be audited and certified to be ISO 27701-compliant.
