ISO 27001 IN BANKING: AN EVALUATION OF ITS IMPLEMENTATION AND EFFECTIVENESS IN ENHANCING INFORMATION SECURITY

Abstract

As the banking industry becomes increasingly reliant on digital technologies and faces evolving cyber threats, the adoption of robust information security frameworks is imperative. ISO 27001, a globally recognized standard for information security management systems, has gained prominence as a comprehensive framework for safeguarding sensitive data. This study explores the implementation and effectiveness of ISO 27001 within the banking sector, evaluating its impact on enhancing information security. It delves into the specific challenges and considerations unique to the banking industry, where the confidentiality, integrity, and availability of financial information are paramount. It examines the motivations behind adopting ISO 27001, the process of implementation, and the associated organizational changes required to align with the standard's principles. A critical aspect of the evaluation involves assessing the tangible benefits and outcomes resulting from ISO 27001 implementation. This includes improvements in risk management, incident response capabilities, and the overall resilience of information security controls within banking environments. The study also investigates the role of ISO 27001 in fostering a culture of security awareness among banking employees and stakeholders. Ethical considerations, compliance challenges, and the balance between security and operational efficiency are examined to provide a holistic perspective on the standard's impact. It concludes with insights into the future of ISO 27001 adoption in the banking sector, considering emerging technologies, regulatory developments, and the evolving nature of cyber threats. This research contributes valuable insights into the effectiveness of ISO 27001 as a strategic framework for information security in banking, offering practical implications for industry practitioners, policymakers, and stakeholders invested in fortifying the digital resilience of financial institutions
 Keywords: ISO 27001, Banking, Information Security, Ethical, Financial Institution.