This step is not mandatory, but if a company wants to proceed with certification in order to meet business needs and/or official compliance with ISO IEC 27001 and the GDPR, then a formal audit is required. To reach compliance, a two-step review process takes place. If approved, a three-year certificate is awarded.
The cost of ISMS varies based on the size of an organization, overall needs, and the choice of system. Organizations that pursue certification will have additional costs. The audit typically consists of two different reviews conducted approximately six weeks apart. Subject to change, estimates range from $5,000 for a company with less than 40 employees to $27,000 for a company with 2,000 employees. If your company uses an outside source to help with pre-certification efforts (risk assessment and other prep), then costs rise. During the post-certification period the ISMS is maintained, expect ongoing software or service costs plus the internal resources required to provide for ISMS continuation.
So, what is ISMS? Ultimately it’s a pathway to improving your company’s data security, and it’s also a step toward ISO 2700x compliance and certification, if that is an organizational goal. By adopting an ISMS for your business, you will start protecting your company’s information assets and position your organization for higher sales in the long term because customers will want to work with you as a trusted vendor. The right compliance management software will assist you throughout this process — get started today!