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The Importance Of Information Security Standards

1446 Words6 Pages

Information security plays an integral role in the protection of data and other assets of an organization. Despite its integral role, we often hear of information security concerns and incidents. These incidents include hacking, data leakage, wiping of information, stealing of information as well as altering sensitive data. These incidents lead to a number of devastating effects such as sensitive information getting in the wrong hands or company espionage. For this reason, organizations need to understand fully the gravity of the information security standards’ issue. They need to devote more attention, time, and money to the protection of information assets. Information security needs to be the top priority for both businesses and the government. …show more content…

The regulations have also been established in order to ensure that all the information resources are used appropriately. The standards also ensure that the best security practices are implemented in all spheres of information systems. There are a number of standards that can be followed, but they need to be implemented properly if they are to be successful. The purpose of this paper is to outline some pertinent topics that will be covered in ISS compliance.
a). Standards for Information Security
This section details the different information security standards that have currently being adopted across the industries. The various standards include:
I. ISO/IEC 27002:2005 (Code of Practice for Information Security Management).
ISO/IEC 27002:2005 (replaced ISO/IEC 17799:2005 in April 2007 is an international standard that originated from the BS7799-1, one that was originally laid down by the British Standards Institute (BSI). ISO/IEC 27002:2005 refers to a code of practice for information security management, and is intended as a common basis and practical guideline for developing organizational security standards and effective management …show more content…

Regulation concerning information technology
I. SOX
After a number of high profile business scandals in the US, including Enron and WorldCom, the Sarbanes-Oxley Act of 2002 (SOX) was enacted as legislation in 2002. This act is also known as the “Public Company Accounting Reform and Investor Protection Act”. The purpose is to “protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes”. This regulation affects all companies listed on stock exchanges in the US.
In section 404, the SOX requires “each annual report … contain an internal control report … [that] contains an assessment of … the effectiveness of the internal control structures and procedures of the issuer for financial reporting”. As information technology plays a major role in the financial reporting process, IT controls would need to be assessed to see if they fully satisfy this SOX requirement
Although information security requirements have not been specified directly in the Act, there would be no way a financial system could continue to provide reliable financial information, whether due to possible unauthorized transactions or manipulation of numbers, without appropriate security measures and controls in place. SOX requirements indirectly compel management to consider information security controls on systems across the organization in order to comply with

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