How does compliance help me grow my business?
Compliance might not be your top priority, but maybe it should be.
Sure, customer acquisition and sales (basically revenue!) are important… because without those a company can't survive in the long run. But where else can you get a competitive advantage? How can you win more customers? In a highly competitive market here’s why compliance should be a top priority if you want to grow your business:
ISO 27001 as a market advantage
Having an ISO 27001 certification can provide a number of advantages and benefits for your business, including:
- Increased credibility and customer confidence: ISO 27001 certification shows that your company takes information security seriously, which can increase customer confidence and credibility.
- Competitive advantage: ISO 27001 certification can give your company a competitive advantage by showing that your company has implemented a robust information security management system.
- Improved Information Security - ISO 27001 helps organizations identify and manage information security risks and implement controls to protect sensitive data, which can help identify and address potential security threats before they occur.
- In detail: Improved risk management! ISO 27001 requires organizations to conduct regular risk assessments, which can help identify and address potential security threats before they occur.
- Demonstrated Compliance: By implementing ISO 27001, organizations can demonstrate compliance with data protection regulations (and demonstrate it to their clients!), such as the General Data Protection Regulation (GDPR) in the EU.
- Cost savings: Implementing ISO 27001 can help organizations identify and prioritize information security investments, which can ultimately lead to cost savings. Implementing ISO 27001 early reduces risks before they grow and can save substantial costs down the line.
- Eventually: Improved business continuity! ISO 27001 helps organizations with business planning.
In summary, why does compliance help grow business and why should it be a top priority? Because compliance helps with the growth of a company and, especially when expanding and extending business relationships, an information management system according to ISO 27001 grows along with it.
You keep track of everything and, especially as a CEO, you can simply sleep better, safe in the knowledge that you’ve given your sales team a competitive advantage!
It's worth noting that the results of implementing ISO 27001 will depend on your organization, how well it was implemented, and the maturity of your Information Security Management System. It's important to conduct regular reviews and audits to measure the effectiveness of your controls and ensure compliance to the standard.
Is ISO 27001 a good choice for my company's compliance?
As a refresher, ISO 27001 is a widely recognized international standard for information security management. It provides a framework for the systematic and secure management of sensitive corporate and customer data. Implementing ISO 27001 helps organizations demonstrate compliance with data protection regulations and improve overall information security. That seems like a good match.
Whether ISO 27001 standard is right for your organization depends on a number of factors, such as the size and complexity of your business, the type of data you process, and the regulatory requirements of your industry. It is recommended that you consult with an expert to determine if it is the best solution for your business. Contact us!
Compliance as a growth driver
- Market access: Compliance with relevant laws and regulations is often a prerequisite for doing business in certain industries or geographic regions. Compliance helps to open up new market opportunities.
- Compliance with laws: Compliance with relevant laws and regulations protects your company from potential legal action, which can be both costly and reputationally damaging. And everyone knows that a good reputation is often enough to close deals!
- Credibility and trust with existing and potential customers is the name of the game in the digital age! Hacking attacks are commonplace, and the amount of data and information flying through the air can no longer be described in terms of magnitude. Except that half of Iceland is plastered with servers.
Compliance as a sales boost
- Compliance with laws and regulations can help grow a business by reducing the risk of legal penalties and fines, which can be costly and damage a company's reputation. Absolutely no one wants to read something bad about their company in the newspaper over a good vanilla latte in the morning.
- Compliance helps a company build trust and credibility with customers, partners and other stakeholders.
- In addition, compliance can provide a competitive advantage by differentiating the company from non-compliant competitors. Key advantage!
Should compliance be a top priority for your business?
Whether compliance should be a top priority for a company depends on a number of factors, including the industry in which the company operates, the type of products or services offered, and the level of regulatory oversight.
For companies operating in highly regulated industries, such as finance or healthcare, compliance is a top priority. These companies may be subject to strict laws and regulations that must be followed to avoid penalties and maintain operational viability.
Accordingly, for companies operating in less regulated industries, it seems compliance is not a top priority. But stop. Where there is data and information to protect, compliance with laws and regulations should be important to protect one's business and that of its customers and its shareholders from potential harm.
In addition to compliance with laws and regulations, an important aspect of corporate governance and responsible business practices.