Key considerations to maximise your Return on Investment from ISO27001 security certification

Many companies plan to achieve ISO27001 or SOC2 certification to attract new clients and secure competitive advantage, but achieving and maintaining compliance can be resource-intensive. Several factors contribute to increased costs and operational overheads, particularly for FinTech and EdTech businesses that are processing high volumes of sensitive information. In this blog, I discuss some key considerations that you need to address before you launch into the work needed to achieve your aspirations.

1. Organisational Complexity

   1. Size of the organisation: Larger organisations incur higher costs due to the need for more extensive audits, larger ISMS scopes and more resources to implement and maintain necessary changes

   2. Multiple locations: Companies operating across multple sites face additional expenses and some auditors require vists to each location to ensure consistent policy implementation

   3. Complex business structures: Organisations with diverse business units or intricate processeds require tailored security measures which increases audit and implementation costs

2. Data Sensitivity and Risk Profile

   1. Types of data managed: Handling sensitive or regulated data (e.g. educational, financial or healthcare information) requires more stringent security controls and auditing processes

   2. Risk assessment and mitigation: High-risk organisations spend more on risk assessments, treatment plans and ongoing monitoring to effectively address threats and vulnerabilities

3. Preparation Costs

   1. ISMS development: The cost of creating policies, conducting risk assessments, writing the Statement of Applicability and developing risk treatment plans can range from £5,000 to £50,000 depending on the organisation's starting point

   2. Internal audits: Conducting internal audits to gauge certification readiness are a mandatory step that can cost between £5,000 and £7,500 if using external consultants

   3. Training, education & awareness: Staff training and ongoing education & awareness is also mandatory and can cost upt o £1,000 a year

4. Implementation Costs

   1. Technical controls: Installing security tools such as firewalls, threat detections software or access management systems can cost £5,000-£10,000

   2. Productivity loss: Trying to implement ISO27001 without expert suppprt will divert key employees from existing tasks and may lead to reduced productivity and compliance issues

   3. Dedicated compliance staff: If you decide to recruit permanent compliance managers can add £70,000-£90,000 to annual wage bills

5. Maintenance Costs

   1. Ongoing surveillance audits: All organisations must have an annual external surveillance audit in years 2 and 3. Cost depends on certification body charges and complexity

   2. Internal audits: Regular internal audits are required to maintain compliance and can cost £5,000-£30,000 annually

   3. Policy updates: Continuous updates to policies, processes and risk management documentation add operational overheads

6. Certification Fees

   1. Certification bodies: Fees are based on duration and complexity of the audit. Choose a reputable company that has been accredited by UKAS (in the UK) so that your certificate is acceptable to potential customers

7. Industry-Specific Requirements

Certain industries (e.g. FinTech, EdTech or HealthTech) may require additional compliance measures, standards or specialised auditors. These increase both preparation and audit costs

Recommendations for Reducing Costs

1. Use Expert Advice: While it can be tempting to avoid consultancy costs, the impact on productivity from understanding a complex standard is significant. A blended team of internal and external specialists is usually the most cost effective way to design, implement and certify your information security

2. Automate First: Start with efficiency and effectiveness in mind. Automation and AI tools can centralise documentation, simplify risk assessments and provide real-time monitoring, reducing the cost and manual effort of maintaining a compliant information security management system

3. Conduct Thorough Internal Audits: Regular adn thorough internal audits means you can address weaknesses and non-compliance early before they become a threat to your certification

4. Invest in Training: Build internal expertise and capability to reduce ongoing reliance on external consultants

By addressing these considerations strategically, ambitious business leaders can maximise the impact of their investment in ISO27001 or other industry certification, while maintaining robust and compliant information security practices.

These challenges highlight critical considerations for the c-suite to maximise the return on investment in ISO27001 or other industry certification. If you'd like more information about how I can help you or advice on how to approach this in your company, contact me via email or direct message. Let's work together to ensure your organisation is investing wisely in information security.