ISO 27001 in the banking industry: “One standard to rule them

  • What is ISO 27001?

    In ISO 27001 Certification in Qatar ISO 27001 is a worldwide recognized quality published by the International Organization for Standardization (ISO), which gives us a structure that companies of any dimensions and industry can make use of to execute a custom-made and efficient Information Security Management System.

     

    The framework is not designated to just manage IT security, but to take care of the information security comprehensive across the company by executing both non-technical and technical controls.

     

    ISO 27001 was improvised by the world’s best information security experts and it is the most popular information security standard globally.

     

    Information and regulation in banks

    According to ISO 27001 Consultant in Nigeria huge amounts of data are filtered and preserved by banks, most of information are very sensitive in nature. Banks must manage all that data in line with legitimate requirements, but at the same time also be accommodating with all the laws and regulations governing the security and privacy of all this data.

     

    A few standards and laws that are usual, or new, are:

     

    Sarbanes-Oxley Act-SOX

    PCI-DSS - Payment Card Industry Data Security Standard

    Payment Service Directive 2: PSD2

     NYDFS - New York State Department of Financial Services

    Privacy

    GDPR (EU General Data Protection Regulation)

    CCPA (California Consumer Privacy Act)

    LGPD (Lei Geral de Proteção de Dados – Brazilian data protection law)

    And there are many other specific country laws and regulations

    Encountering with so many different essentials make privacy compliance and information security a very tough task. Even though every industry has its genuine share of standards, regulations and laws, the financial and banking industry, together with healthcare, are amidst the most hugely regulated industries.

     

    And, as if this is not enough, the rapid developments in Fintech (financial technology), apart from many opportunities, introduce a lot of complication to compliance and governance. So, where and how does ISO 27001 resolved in?

     

    A single management system

    In ISO 27001 Services in Chennai ISO 27001 gives a framework that can bring together the different regulations, contractual requirements and laws in one ISMS. Its well-thought-out design has also guided to the fact that various data protection standards and laws use ISO 27001 as a base, which makes execution much simpler and easier.

     

    Using a single security management system needs better planning and design in the start-up phase, but once in place, it gives better administration, great efficient (less overlap), and high-risk control by supplying information across the board, gaps, opportunities, pointing out risks and priorities. Next to that benefit, the ISMS also enhances banks to certify against ISO 27001, claiming that an independent body has evaluated the efficiency and effectiveness of information security controls.

    Benefit of certification to ISO 27001 for banks

    In companies that are subject to so many regulations and laws, such as their vendors and banks, the main advantage is adherence. That means having ability to prove that controls have been executed in accordance with all the different regulations and laws from a single, independently certified management system. As mentioned prior, a lot of standards and laws are designated with ISO 27001 in mind, which makes working with supervisor authorities are much easier and simpler.

     

    Over the last few years, ISO 27001 has become a renege contractual requirement that banks adds in their agreements when choosing vendors – and for good reason. Vendor administration becomes less complicated when security management follows the same ISO 27001 framework approach.

     

    How to Apply for ISO 27001 Certification in Qatar?

     Do you want to get an ISO 27001 Certification in Qatar? then we are here to help you, we are the top company incorporation service provider in Qatar. feel free to send your inquiry to contact@certvalue.com or feel free to contact: 7975187793 or visit https://www.certvalue.com/