Celebrating our Latest ISO 27001 Accreditation

What is ISO 27001 (2022) for accountants

ISO 27001 (2022) is the leading international standard for information security. It covers information security, cybersecurity, privacy protection and Information Security Management Systems. Compliance is confirmed through an independent audit and accreditation.

ISO 27001 (2022) is part of a global framework designed to support best practices in information security management and privacy protection. It was developed to help organisations protect their information through an effective information security management system (ISMS). An effective ISMS protects an organisation from external data security threats such as cyber-attacks or data hacking; and internal threats such as the accidental loss or misuse of information.

Clauses 4 to 10 of the Standard set out the objectives of the ISMS in the overall context of an organisation. They discuss the organisation’s leadership, planning, support, operation, performance management and improvement towards information security.

The ISMS framework encompasses People, Systems, and Technology to protect an organisation’s information and data. An effective ISMS assists accountants in complying with ISO 27001 and applicable laws such as the Data Protection Act and GDPR.

ISO27001 (2002) focuses on the following aspects of information management:

• Confidentiality – data and information should never be available to any person or entity who does not have appropriate authority
• Integrity – information is complete and accurate and is free from corruption
• Availability – information is accessible and usable to authorised users.

Benefits of ISO 27001 for accountants

Accountants aim to comply with ISO 27001, as it ensures that the information is secure. Further, it also provides them with external accreditation to evidence their commitment to best practices in data security.

Here are some more benefits of ISO 27001:

• an effective ISMS will protect information in digital or paper format and when stored in the cloud
• maintaining an effective ISMS will help accountants safeguard client data from external threats such as cyber-attacks or external hacking
• it will also help manage internal risks around weak procedures or individuals who do not understand their responsibilities for protecting data. While these threats constantly evolve, an effective ISMS will help accountants identify and respond effectively
• accountants benefit from improved quality and data accessibility, which leads to better outcomes for clients in terms of timeliness and accuracy of reporting
• accountants implementing ISO 27001 see improved compliance with legal requirements for data protection and security
• ISO 27001 provides accountants with a competitive edge over others who do not seek external validation
• implementing ISO 27001 reduces the risk of incurring significant costs in the event of data loss or a data breach
• a better-informed workforce on data security and protection matters is always a plus.

While some initial investment is necessary to create effective information management systems that respond to emerging threats, the costs of dealing with data loss or a data breach can be substantial, along with the damage to the accountant’s reputation.

ISO 27001 is designed to assess the effectiveness of data management and security across the entire organisation. It does so on an ongoing basis and isn’t confined to the views of senior management or IT professionals. It covers everyday working practices and culture towards information management, making it extremely effective.

ISO 27001 controls

Our independent audit assessed our performance against the key clauses contained in ISO 27001 (2022) and the 93 security controls included in Annex A of the standard, covering themes such as:

• Organisation
• People
• Physical
• Technological.

Most controls are focussed on threat intelligence, cyber security, digital technologies and information stored in the cloud, with a strong focus on meeting ongoing legal responsibilities towards data protection and GDPR.

Organisations must assess the risk of non-compliance with each control and document the outcome and mitigations if needed. Not all controls are applicable to every organisation, though reasons for not meeting the requirements of a control must be documented.

ISO 27001 accreditation

To certify their ISMS meets ISO 27001 requirements, accountants must engage an expert to perform an independent audit. The auditor will confirm to management and customers that information security arrangements meet best practices.

The audit will be a comprehensive process, involving multiple interviews with staff from across the organisation, as well as the evaluation of systems, controls, risk management arrangements, policies, and standard operating procedures. At the end of the audit, a report will be presented to senior management, outlining key findings and any areas for improvement. If completed successfully, accreditation will be confirmed, and certificates will be awarded.