An authentic industry guide to ISO 27001 certification cost in Australia can help businesses understand their financial capability and opt for affordable services based on it. Knowing the cost is the first step toward getting ISO 27001 certified and securing their information asset.
ISO 27001 certification
ISO 27001 is an internationally recognised standard or specification for the information management systems of business, offered by the International Organisation for Standardization (ISO). It offers security controls and requirements organisations must comply with to overcome vulnerabilities and achieve system security.
It is proof that an enterprise has invested in fulfilling all the requirements to protect its information systems, product, and data while complying with the standard policies. ISO 27001 certification is available for organisations as well as for individuals.
Methodology & requirements for ISO 27001 certification
Below are the key requirements for businesses to achieve eligibility to get ISO IEC 27001 2013 certification
1) Risk assessment & Penetration testing
An information security consultant checks for various areas in the management system that can compromise its security. Penetration testing is ethical hacking that will be conducted either by cyber security consultants or pen testers to check the system’s resilience to a cyberattack. This will help them locate loopholes that might cause a threat to data, systems, web framework, access control, internet, and cloud networks.
Based on their study, they will offer a robust plan to enhance the information management system (ISMS) architecture and assist businesses in achieving them. They must check for compliance with standards and government policies to check for gaps and overcome them.
2) Documentation & Reports
Consultants must document their processes, plan of execution and risk assessment requirements. They must document findings, loopholes and hassles overcome. They must also create and maintain reports on compliance of systems with standard policies.
3) Internal audit review
To check for the efficiency of internal audits, businesses must perform internal audit management reviews. They also must audit the corrective actions and treatment of nonconformities.
4) Maintain systems & Compliance checks
Companies must sustain their systems and do regular compliance checks to sustain their security.
ISO 27001 Certification cost
The ISO 27001 certification cost can be divided as below for Australian businesses to understand how to invest.
1) Consultation and gap assessment cost – $10k to $30K
2) Auditors cost – $15K to $150K
3) Software cost – $30K per annum
4) People bandwidth cost – 3 to 6 months
5) Cost incurred on recurring audits, and cyber security consultation to maintain compliance with regulatory policies.
Factors influencing ISO Certification Cost
The various factors influencing ISO 27001 certification cost are as follows:
1) Salaries of senior staff and information security consultants
2) Cyber security architecture scaling cost
3) External auditors’ fees.
4) Cost incurred on training staff
5) Reduction in work productivity during audits will add to the cost.
6) Legal fees
7) Recurring costs for continual improvement and maintaining compliance with policies that include fees of consultants and auditors, expenditure on internal training programs, and system architecture upgrades.
Benefits of ISO Certification
1) ISO 27001 certification is essential to secure your computer systems against scaling information security threats and cyber-attacks, and promote its effectiveness.
2) It increases the reputation of companies in various industry circuits.
3) It guarantees customer trust.
4) ISO 27001 certification gives an edge to businesses when it comes to getting tenders and contracts.
Importance of internal auditing for businesses
Internal auditing helps to analyse various factors that might be creating a blockage in the security of the management systems. Evaluation of weak areas can help in overcoming them thus boosting your organisation.
Below are the key reasons why internal auditing is necessary for businesses:
1) Monitor internal controls
By monitoring internal controls like the examining policies and procedures, businesses can greatly reduce exposure to theft and fraud. Here experts can examine credit lines that have been extended to the customers to prevent financial loss. Enterprises can design and maintain a credit policy on the extension provided to the consumers. With the help of regular internal audits, experts can check if credit extensions comply with the policy to prevent or reduce debt.
2) Fraud and theft detection
Businesses lose millions every year due to fraudulent employee activities like tampering with data, altering money transaction records, misusing company credit cards and inaccurate payroll information. To overcome this theft, an enterprise must create and announce a policy for internal auditing financial transactions. This will instil fear among employees who practice the above mentioned fraudulent practices.
3) Improvement of operational processes
Internal audits are performed on the various operational procedure of a business to evaluate its efficiency. This excludes the financial department. Inefficient work processes add no profit to the company and cost a waste of time. With the help of internal audits, auditors can find loopholes where a process is lacking and suggest solutions to overcome them. They can also help in spotting and letting redundant processes that are not good for the overall development of the organisation.
These audits also help in checking if a business is complying with the government regulation and policies. The technical support team can overcome any issues and take care of areas falling short of compliance with the law. This will help in preventing any legal processes and fines on the enterprise. The auditors also analyse and monitor whether their company’s policies are complying with the human resource law whenever a new employee joins.
Is ISO 27001 certification mandatory in Australia?
ISO 27001 standard has been dominating the Australian marketplace for information security management. It has been adopted by the government and various industries, especially the state level ones have made it mandatory. It is also compulsory for ICT and data centre hosting industries. ISO 27001 certification is an advantage to businesses certified with it. It creates brand awareness, guarantees quality assurance, and boosts confidence to get better business opportunities.
How long does it take to become ISO 27001 certified?
It can take around 6-12 months to complete the ISO 27001 implementation process depending on the complexity of the available management system and the size of an organisation.
Are We Getting Complacent in an Artificial Economy?
With perpetrators constantly striving to find better ways to hack systems, information and global networks, cyberattack and their impact have seen a massive rise. APRA takes into consideration the risk management processes of a business to understand how it records, maintains, and adheres to its obligations. This will give APRA an overall understanding of the integrity of the risk management framework’s suitability to manage risks.
ISO 27001 Training Course curriculum
Below is the ISO 27001 Training Course curriculum to give you a glimpse of what you will learn in the course.
1) Understanding the operations of ISO/IEC 27001 based Information Security Management Systems.
2) Learning about ISO/IEC 27001, ISO/IEC 27002, regulatory frameworks and other standards. You will also get acquainted with the interrelationship between them.
3) Understanding the various roles of an auditor like planning, leadership, monitoring and taking follow-ups on information management system audits in compliance with ISO 19011.
4) Learning key team leadership and auditor skills.
5) Communication skills required to interpret ISO/IEC 27001 requirements in the context of an ISMS audit.
6) Document auditing process and draft reports on findings.
Who shall pursue an ISO 27001 Training Course?
An ISO 27001 training course is for the following professionals:
1) Auditors seeking to perform and lead Information Security Management System (ISMS) certification audits
2) Cyber security consultants or managers aiming to master the audit process of an Information Security Management System.
3) Technical experts who are aspiring auditors
4) Information security consultants and expert advisors.
5) Individuals who take care of the maintenance of conformance with ISMS requirements.