How a company reduced its risk through ISO 27001 certification in Canada

Financial data security is now a top priority for financial companies in Canada. They must follow strict rules, and their clients demand protection for sensitive financial data in a very complex digital world.

In this blog article, find out how a Canadian company tackled this strategic challenge by getting ISO 27001 certification in Canada with the help of sourceLogique.

What is ISO 27001 Certification?

ISO/IEC 27001 is an international standard that sets requirements for an information security management system (ISMS). It helps organizations protect their sensitive data, manage information security risks, and ensure compliance with best practices.

In Canada, ISO 27001 certification allows companies to show their commitment to cybersecurity and information governance. It's especially recognized in sensitive sectors like finance, healthcare, and technology.

Context : Growing Pressure on Information Security

Our client is a Canadian financial services company that often handles sensitive data, such as banking transactions and customer information. Recently, two factors increased the pressure on their security system :

• High expectations from clients and investors regarding cybersecurity: The stronger a company's IT security, the more contracts it wins and the more trust it gains from investors.

• The implementation of Bill 25 in Quebec: This law strengthens compliance obligations for personal information protection.

Problems Identified : A Vulnerable Organization

An initial assessment by sourceLogique experts revealed four key issues:

• Lack of clear governance: The company didn't have a structured framework to manage information security.

  
  

• High non-compliance risk: No Information Security Management System (ISMS) was formalized or documented.

• Organizational weaknesses: Outdated policies, poorly defined responsibilities, and a lack of regular audits made the system vulnerable.

• Barrier to business development: Several large institutional clients require ISO 27001 certification to continue or start collaborations.

Solutions Implemented: A Rigorous 4-Step Approach

With sourceLogique's help, a plan to achieve ISO 27001 certification was put in place over several months.

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Here are the main steps:

1. Initial Analysis and Risk Mapping

When implementing an Information Security Management System compliant with ISO 27001, the first step is to conduct a thorough initial analysis and a comprehensive risk mapping. This step begins by evaluating the maturity of the existing security system to identify the organization's current strengths and weaknesses. It's also crucial to precisely identify critical assets, including sensitive data, technological infrastructures, and strategic IT systems.

2. Implementation of a Robust ISMS

Building a strong Information Security Management System (ISMS) is the foundation of the ISO 27001 process. This phase involves creating and regularly updating information security policies, which are strategic documents defining the organization's security guidelines and requirements. It's crucial to clearly define the roles and responsibilities of each stakeholder, as well as structured internal processes that govern security activities. Implementation also includes deploying sophisticated technical controls like data encryption and fine-grained access management, complemented by rigorous organizational measures.

3. Awareness and Continuous Training

Awareness and continuous training are fundamental to the success of an ISO 27001-compliant ISMS. This human aspect requires organizing practical training sessions tailored to different responsibility levels within the organization, allowing each employee to acquire the necessary skills for their role in the security framework. To enhance operational effectiveness, it's important to set up realistic security incident simulations that test and improve teams' responsiveness to potential cyberattacks.

4. Internal Audit and Support Until Certification

The internal audit and support until certification are the final, decisive phases of the ISO 27001 compliance process. This step begins with a thorough audit, a true dress rehearsal that helps identify and correct any remaining non-conformities before the official deadline. This internal evaluation offers the opportunity to fine-tune any necessary adjustments and ensure the organization is perfectly prepared. Support continues with comprehensive and personalized assistance during the official audit conducted by the accredited certification body, including technical help, team coordination, and facilitating exchanges with auditors to maximize the chances of obtaining ISO 27001 certification.

Results Achieved: A Strategic Success on Multiple Levels

The results show a strategic success that goes far beyond simple regulatory compliance. Thanks to this structured approach and the exemplary commitment of the teams, the company not only successfully obtained ISO 27001 certification but also generated concrete and measurable benefits for its business. The certification led to a significant reduction in operational risks related to sensitive data management, thus strengthening the overall information system. Commercially, this recognition facilitated access to new markets and tenders, with ISO 27001 certification now acting as a genuine competitive advantage. Furthermore, the noticeable improvement in brand image conveyed a strong and reassuring message to clients, partners, and investors.

FAQ 

What is ISO 27001 certification? 

ISO 27001 certification is an international standard that defines the requirements for establishing, implementing, maintaining, and continually improving an information security management system (ISMS).

How do you implement ISO 27001 in Canada?

Implementing ISO 27001 in Canada starts with management commitment. Then, the organization must define the scope of the Information Security Management System (ISMS), conduct a risk assessment, choose appropriate security controls, and document the entire process (policies, procedures, etc.). It's also essential to train staff, continuously monitor the system through internal audits, and conduct management reviews. Once these steps are completed, the company can contact an accredited body to proceed with a certification audit.