Data. It’s the new buzz word. Big Data. Signficant Data. Data Scientists. The list goes on. But it’s here and it’s not going away. Read on to understand how it can affect you and your business.
You may already be aware of the recent headlines involving data security breaches, and the multinational conglomerates implicated with mishandling sensitive consumer information. The simple fact is that the landscape is changing and Data becomes a more valuable resource every day. Most local business owners in Australia may not see an immediate link between these international headlines about consumer information and their businesses. Yet new international regulations like the EU General Data Protection Regulation (GDPR) requires businesses operating with the EU or with EU individuals to implement further security controls on how they handle their customers’ personal data. In Australia, the recent Significant Data Breach Notification Scheme requires that eligible organisations declare notable data breaches that may cause harm to the individual involved. Heavy financial penalties apply in both of these regulatory frameworks.
If you operate a business that offers goods or services to the EU, having EU GDPR and ISO 27001 compliant systems in your organisation will help keep your operations up to date with current data safety regulations. This could mean avoiding fines that could equate to hundreds of thousands of dollars or more. Your organisation could currently be functioning either as a controller, or processor of personal data. According to current regulations, these defined roles come with responsibilities pertaining to the handling of personal and consumer data. Any business determining the purposes and means of processing personal data is considered a controller. On the other hand, if your organisation processes personal data on behalf of a controller, this would define you as a processor. If you think this applies only to companies based in the EU, you’d better think again. This applies to any company anywhere in the world.
How will an ISO 27001 Compliant System Help?
ISO 27001 can help your organisation with the protection of personal data that you could otherwise be held accountable for. The implementation of an ISO 27001 compliant system within your organisation will cover the majority of the EU GDPR requirements. An ISO 27001 compliant system gives you a way to ensure the protection of information security assets. It equips your business with a system that ensures technical controls, structured documentation, monitoring, and continuous organisational improvement that develops a culture of data security and incident reporting among your employees.
With an ISO 27001 compliant system, your organisation is offered an excellent framework for compliance matters associated with information security. Based on a risk management approach, as per many of the newer ISO standards, implementation of this standard provides further assurance of the protection of personal data, and minimises any risk of a breach. If you are genuinely concerned about how these data safety regulations could affect your business’ accountability, consider the financial impact and negative reputation that could surround any implicated organisation.
Being GDPR Ready
With an ISO 27001 certified information security system in place, an EU GDPR Gap Analysis could help you determine what other requirements your system needs to be GDPR ready. These additional EU GDPR requirements can be added to your information security management system, that’s set by the ISO 27001.
People Safe Consulting – Helping You Keep it Safe
With almost any company these days operating internationally, it could be a hassle to ignore the updated regulations. Being ISO 27001 certified provides your organisation with an internationally recognised standard that’s implemented across the world. If you are thinking of pursuing this option for your operations, call our team at People Safe Consulting today at 1300 155 605 or fill out our contact form for any specific enquiries. We are happy to help with any consultation or facilitation you may require.