The importance of safe and secure data.
ISO 27001 is the International Standards Organization specification governing information security management system(“ISMS”).
Information security has broad implications for company operations and interactions with customers. Internal data and data submitted by customers and suppliers must be handled securely. Apart from internal benefits, TaxModel needed the ISO 27001 certification to qualify for licensing our software to large audit firms. Rationale is that our software involves the handling of sensitive data. Such considerations, as well as the avoidance of costs associated with compromised data, made the ISO 27001 certification beneficial to TaxModel.
The benefits the ISO 27001 certification now offers for TaxModel clients are the following.
The integrity of individual data records is important to maintaining large data banks. Extensive verification is usually necessary. TaxModel’s data security systems, that have been set up according to ISO 27001, help to maintain data integrity and solve problems with compromised data. Access controls, data organization and back-up procedures help maintain data sets and help to identify questionable data after a security breach.
Companies spend a lot of time and money generating original material for their own use and for sale to their customers. This material derives its value from its restricted access. Security systems set up in accordance with ISO 27001 procedures, such as the TaxModel security systems, help maintain access controls to valuable materials for which the company controls copyright. These secure systems prevent external access and copying of internal documents and help manage how customers can use company-owned material externally.
The privacy of customers and employees is an increasing concern for companies that store personal data. The failure of many organizations to adequately secure personal data has led to legislation in many jurisdictions. Storing personal information securely, controlling access, using it only for permitted purposes and destroying it securely when it is no longer needed is easier when carried out in a structured way as is required under an ISO certification.
You as client want to be sure they are dealing with companies that have a systematic approach to data security. You are especially concerned when purchasing data-related services because data security affects your own performance. TaxModel can provide documented proof that we have carefully planned, implemented and verified data security systems. In addition to the actual certification, we can provide the extensive documentation on our systems that was required for certification.
Did you ask your tax technology provider for its information security management standards?