The ISO 27001 Assessment: What It Is and Why It Matters

BLOG 3 MINS | July 29, 2020
The ISO 27001 Assessment: What It Is and Why It Matters

In this series, we’re explore the leading industry standards, frameworks, and questionnaires that are relevant to third-party risk management (TPRM). Last week’s post covered ISO 27701, the privacy extension of ISO 27001. This week, we’ll review ISO 27001 in detail.

Who Developed ISO 27001?

The International Organization for Standardization (ISO) is an international standard-setting body headquartered in Geneva, Switzerland. The organization works in 164 countries and promotes global proprietary, industrial and commercial standards. To date, ISO has created over 20,000 standards to support their mission of bringing together global experts to develop international standards that help solve problems and drive innovation.

What is the ISO 27001 Certification?

ISO/IEC 27001:2013 – Information Security Management – outlines the requirements for establishing, implementing, maintaining and continually improving an information security management system (ISMS) within an organization. An ISMS works to protect the confidentiality, integrity and availability of information by applying a risk management process, giving confidence to any current or prospective stakeholders that an organization’s risks are sufficiently managed. The ISO 27001 standard can be leveraged by internal or external parties to assess the organizations ability to meet relevant information security requirements.

Who Uses the ISO 27001 Assessment?

ISO 27001 is arguably the most widely recognized security standard in the world due to the fact that its requirements are applicable to most organizations, no matter what size, industry, or geographic location. The standard not only helps an organization ensure that security risks are managed in a cost-effective manner, but it also demonstrates to customers and partners that the business is operating in a trustworthy manner.

Key benefits of ISO 27001 certification include:

  • ISO 27001 is the de facto international standard for ISMS
  • It demonstrates that an external, independent party has validated the organization’s compliance with a recognized standard
  • It showcases a commitment to information security management to third parties, internal stakeholders, customers and prospects
  • It helps ensure the proper assessment and treatment of security risks
  • It helps ensure the confidentiality, integrity and availability of information, which may relate to legal and contractual obligations
  • It helps with interoperability of security controls or measures between and within organizations
  • It provides a strategic and competitive advantage, as it demonstrates adherence to best practices for various regulated sectors

How Can I Use a Cyber Risk Exchange to Assess My Third Parties Against ISO 27001?

The OneTrust Vendorpedia Cyber Risk Exchange is a community of shared vendor risk assessments, complete with security, privacy, and compliance research on 60,000+ third parties. With the exchange, your team can request access to completed ISO 27001 assessments (along with other leading-industry standards).

Want to try it out? We’re offering an extended free trial that includes access to 10 free and completed ISO 27001 vendor risk assessments, as well as other leading-industry standards.