Why should banks go with ISO 27001 certification in Dubai? If you know the headline of this article probably sounds familiar. Am I saying that ISO 27001 does make a great impact in the banking industry? Well unfortunately it is not. But when it comes to the “forged” level as we know an ISO 27001 in Dubai-based Information Security Management System (ISMS) can help manage all the different kinds of information security frameworks that are present in the banking sector.
What is ISO 27001?
ISO 27001 Implementation in Dubai is a worldwide recognized standard that was published by the International Organization for Standardization (ISO), to provide a framework for the companies irrespective of any size and shape. Industries can make utilize this to implement a proper custom-made and effective Information Security Management System. This framework is not just designed to manage IT security, but also to manage the information security holistically around the company by put the decision on both technical and non-technical controls. The world’s best information security experts were developed by ISO 27001 Services in Dubai and it is the most popular information security standard worldwide.
Information and regulation in banks
There are massive amounts of data that are processed and are also stored by banks, but most of the data are sensitive or also very sensitive to the nature. Banks must also control all that data that are in line contact with the contractual requirements, and also at the same time these things maybe will be the compliant with many laws and regulations and also governing the security and privacy of all the data that are present in the banks.
There are few standards and laws which are common and new some of them are:
- PSD2: Payment Service Directive 2Payment Card Industry Data Security Standard – PCI-DSS
- Payment Card Industry Data Security Standard – PCI-DSSSOX – Sarbanes-Oxley Act
- New York State Department of Financial Services – NYDFS
- SOX – Sarbanes-Oxley Act
- Privacy
- LGPD (Lei Geral de Proteção de Dados – Brazilian data protection law)
- GDPR (EU General Data Protection Regulation)
- CCPA (California Consumer Privacy Act)
- And many other (country-specific) laws and regulations
So, there are so many different requirements that information security and privacy compliance makes a very complex and tough task. However, all the industry has its own fair share of laws, regulations and standards, the banking and financial industry, healthcare industry, these are the most highly regulated industries amongst others.
As we know these things are tough enough because the fast developments in Fintech (financial technology), and there are many developments, that introduces many more complexities to governance and compliance. So, you people might think where and how does this ISO 27001 will get settled in?
A single management system
ISO 27001 Consultant in Dubai that provides a framework that can work together with the different contractual requirements, laws, and regulations in one single management system. It is well designed that has to also led that laws and many data protection standards use ISO 27001 certification as a standard, that makes easier to implement. So if we use a single security management system that requires better design and planning in the start-up phase, but we are using once in a place, that will provide a greater efficiency, more risk control by providing information across the board, opportunities and priorities, better governance, pointing out risks and gaps. Not only this we have a huge benefit, that International single management system will also enables banks to certify against ISO 27001, which also shows an independent body has an assess to the effectiveness and efficiency for the information of security controls.
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