ISO 27001 Certification Cost
A common question we get asked is ‘how much does it cost to achieve ISO 27001 certification?’. This is a legitimate question when considering the business case for implementing an Information Security Management System. So let’s set the record straight – the ISO 27001 certification cost is nominal in the scheme of things.
“If you can’t afford security, you can’t afford a breach.”
Yes, you may need internal and/or external resources to build your management system, and yes, there is a requirement to conduct independent internal audits of your system both in preparedness for the external audits and as an ongoing requirement to maintain your system, and yes, there are costs associated with the provision of external audit and certification services.
A study conducted by American Express in conjunction with the Centre for Economics and Business Research (2017) reported that micro-businesses that typically have one to nine employees, spend an average of £225,379 per year on buying goods and services for their companies (and firms at the larger end of the SME spectrum – those with 50 employees or more – spend an average of £3,029,033 each year).
Cost and benefit are a consideration for any business activity
ISO 27001 certification cost consideration appears trivial for a micro-business
Considering this, the costs associated with implementing and certifying an ISO 27001 Information Security Management System appear trivial at circa 5-10% of this for a micro-business, and this cost is not proportionately uplifted for larger organisations. This is of course caveated by the robustness of your existing security controls and the availability of suitably competent internal resources you can assign to an implementation project.
Nonetheless moving beyond the costs one must consider the return on investment. First and foremost ISO 27001 is the pre-eminent Information Security Management System Standard globally. This is why certifying to this standard is more than an expectation, it is the norm in regulated sectors, and is typically seen as a requirement in procurement processes across multiple sectors.
ISO 27001 invokes trust in your supply chain partners and customers. It sends a message that you are coordinated in your approach to information security, that you value your assets and you are taking a risk-based approach to ensure they are protected against the myriad of threats that exist.