ISO 27001: a key standard for building trust

Information security is critical for all organizations, especially in sensitive sectors such as financial services. In this context, ISO 27001 is a worldwide reference for strengthening information security management practices.

Skaleet's information management system has been certified ISO/IEC 27001 by AFNOR. This article explains the objectives of this standard, the actors involved, the procedures, and the benefits of this certification.

ISO 27001: presentation and objectives

ISO/IEC 27001:2022 is an international standard for information security management. It was developed by the International Organization for Standardization (ISO) in cooperation with the International Electrotechnical Commission (IEC).

This standard is intended to help all organizations, regardless of industry or size, protect their sensitive information and effectively manage the risks associated with information security.

Dedicated to the Information Security Management System (ISMS), it offers a methodical approach to identifying, assessing, and dealing with security risks to improve information protection. It is a comprehensive approach to reducing the risk of failure, encompassing :     
- People: Training and awareness-raising are needed to ensure compliance with security measures. 
- Processes: implementing security procedures and controls to structure risk management.
- Technologies: adopting tools and technical solutions to protect information as effectively as possible.

C-I-D: The three pillars of information security

An ISO 27001-compliant information security management system addresses three key aspects of data protection:

- Confidentiality: Data is protected from unauthorized access or disclosure, ensuring only authorized individuals can view it.

- Integrity: Data is accurate, reliable, and complete.

- Availability: Information is always available to authorized users, ensuring business continuity.

To go further, we can add data traceability to these three key points:

- Traceability: the various operations performed can be traced to ensure transparency and accountability in information processing.

Who is concerned by ISO/IEC 27001?

Information security is a universal subject. With the rise of new technologies and interconnected devices, every organization needs to find the best methods for managing the processing and sharing of information, whether it's customer data, financial information, or corporate strategies.

The standard is aimed at SMEs, large corporations, and fast-growing start-ups. Public institutions and local authorities can also find a practical framework for securing their information systems. Similarly, associations and non-profit organizations can rely on ISO/IEC 27001 to protect the data of their various stakeholders.

ISO 27001 enables any organization, whatever its nature, to put in place appropriate measures to protect its critical assets. It also offers international recognition, a competitive advantage for companies operating in several markets.

Focus on financial institutions

In the financial sector, customer confidence depends mainly on systems and data security. Banks, fintechs, and other players in the industry handle sensitive data daily, in massive quantities: personal information and payment data... a breach could have disastrous consequences for customers and the organization's reputation.  

ISO 27001 has thus become an almost unavoidable standard. Even if no system is invulnerable, it enables us to comply with strict requirements, prevent cyber-attacks, and strengthen operational resilience in the face of incidents.

The importance of ISO/IEC 27001 today

Beyond the apparent protection issues, implementing ISO 27001 practices demonstrates a concrete commitment of organizations to information security and risk management.

As a result, many companies are seeking certification to establish their credibility and reassure their customers. A certificate issued by an accredited body is seen as proof of an organization's ability to process data securely and in compliance with the most robust international standards. Here's a closer look at the main benefits adapted to the realities of the financial sector.

The benefits of ISO 27001 certification for financial institutions

ISO conformity brings many benefits to organizations in the sector. These include :

- Operational continuity: banks and fintechs depend on complex systems. The standard enables them to identify and reduce vulnerabilities while ensuring the continuity of essential services by implementing best practices.

- Anticipation: threats evolve every year, and attacks are becoming increasingly sophisticated. Applying ISO/IEC 27001 helps you stay one step ahead by integrating a practical risk management

- Data and transaction protection: the confidentiality, availability, and integrity of financial data are fundamental requirements for customers and the smooth operation of financial institutions. Certification guarantees the application of best practices, thus preventing any alteration, theft, or intrusion attempts.

- Regulatory compliance: Under strict laws (the RGPD - General Data Protection Regulation in Europe, for example), financial institutions can rely on the ISO 27001 framework to facilitate compliance with these requirements.

- Cost optimization: thanks to structured processes, ISO 27001 improves operational efficiency and reduces losses due to incidents.

- Increased trust: certification sends a strong signal to customers and partners. It is a key factor in attracting and retaining new customers in the financial sector.

By relying on the standard, financial institutions protect their assets and gain agility while ensuring greater competitiveness through continuous improvement. They apply the PDCA method, also known as the "Deming Wheel:

- Plan" to establish and plan the security policy and define the objectives of the ISMS and its scope of intervention.       
- Do" to deploy actions and apply procedures.            
- Check" to monitor day-to-day operations and ensure everything runs smoothly, notably through compliance audits and internal controls.              
- Act" to implement corrective or improvement actions.

How to obtain ISO 27001 certification

The certification process follows a structured procedure. Here are the main steps involved in obtaining certification:

Initially, the organization implements its ISMS by complying with the standard's requirements: perimeter, role, risk identification and treatment, security policies, and control points to protect data. Once operational, compliance is subject to an initial audit by a certification body.

The auditor first assesses compliance through a documentary audit. He then verifies the application of these measures on-site. In our case, this audit was carried out by AFNOR. An auditor was dispatched to the site to gather evidence demonstrating compliance with the standard's requirements. This included an analysis of the policies and procedures in place and identifying major and minor non-conformities, system strengths, and weaknesses. A detailed report was then submitted to an internal AFNOR jury, which examined the audit findings and decided whether to award certification.

Once issued, the certificate is awarded for three years, with more regular follow-up audits to ensure that good practices are maintained and to monitor the progress of activities and any non-conformities or deviations identified during the first audit.

Skaleet ISO/IEC 27001:2022 compliant

Applying the ISO 27001 standard means committing to a robust framework for effectively protecting customer data. Skaleet is dedicated to this approach by using the standard's requirements. This commitment guarantees our customers reliable, resilient core banking.

What this means for us

- Commitment to security: at Skaleet, certification testifies to our commitment to protecting our customer's data and critical assets. We have chosen to adopt the strictest information security standards. Every process is designed to prevent risk, ensure resilience, and protect sensitive information.
By securing our infrastructures and systems, we aim to provide a concrete response to changing practices and threats that can affect financial institutions.

- Credibility: the move towards certification is part of our desire to be recognized as a serious and committed player in information security. Compliance with the standard attests to our processes' robustness and ability to meet the most demanding requirements. We want to demonstrate that our core banking business is built on solid foundations so that we can provide our customers with peace of mind.

- Continuous improvement: certification does not mark the end of a project but rather the extension of our continuous improvement approach. Our processes and tools are regularly reviewed to strengthen our practices and meet new expectations. This work includes listening to and integrating feedback from our partners and customers to develop our Core Banking Platform.

- Team involvement: security is everyone's business! All Skaleet teams are mobilized to guarantee information security, confidentiality, and integrity.

At Skaleet, this also translates into regular employee awareness-raising via online training platforms, quizzes, and practical workshops to ensure that everyone masters best practices.

And for our customers

- Compliance: banks and financial institutions are subject to numerous security constraints, and compliance with regulatory requirements is necessary. By choosing a company that meets the requirements of standards such as ISO/IEC 27001, they can be sure of working with organizations that adhere to the highest standards.

It also simplifies the process of justifying themselves to regulators. Requirements become more straightforward to meet with a partner who is already compliant and, therefore, ticks many boxes.   
A bank with compliant core banking will also have greater credibility in the market, particularly with regulators and auditors.

- Increased confidence: certification logically reinforces the trust of our customers and various partners in building solid, lasting relationships. It assures them that their sensitive information is in safe hands, protected by proven and regularly audited processes.

What's next?

Our commitment to excellence and safety continues! We continue to strengthen our systems and identify areas for improvement.

Under the ISO 27001 standard, partial renewal occurs every year; follow-up audits are carried out to maintain practices at the highest standards as part of a continuous improvement process. After 3 years, a full audit must be carried out again to renew certification. We are committed to a rigorous control policy to maintain this certification.

At the same time, we are constantly striving to respond more effectively to our customers' expectations and needs.

This dynamic ensures that our services comply with security best practices while offering our partners reliable, resilient solutions for greater peace of mind.

Would you like to find out more? Don't hesitate to contact our teams.