Genome achieves ISO 27001 and 27701 certifications for data security

ISO 27001 ensures that Genome maintains an improved information security network, and ISO 27710 certifies that the company adheres to regulated privacy standards for handling personal data. The certifying body TÜV NORD CERT granted the two internationally recognised certifications.

Security against data breaches

Genome is a pan-European electronic money institution licensed and supervised by the Bank of Lithuania. It complies with a multitude of regulations including PCI DSS, GDPR, and PSD2. The EMI provides financial services for individuals and companies across Europe.

This move follows a time of rapid evolution of technology in the region’s finance industry. According to IBM’s Cost of a Data Breach Report, the average data breach cost USD 4.88 million in 2024, a 10% increase from the previous year and the highest spike since the pandemic. One in three breaches involved shadow data, showing that the proliferation of data is making it harder to track and safeguard. Additionally, clients’ data has the most considerable risk as 46% of all data breaches involved customers’ personally identifiable information.

As Genome continues to work with client data and finances, the company is committed to continuously improving its information security management system (ISMS) and privacy information management system (PIMS). Gaining internationally recognised certifications reinforces this commitment, with the company stating that even after receiving the certificates, its teams will upgrade its security and data protection systems on a constant basis.

One other emerging threat is the increasing misuse of AI technology for fraud. A 2024 survey of European financial institutions found that 42.5% of detected fraud attempts involved AI, with 29% of these attacks proving efficient. With ISO 27001 and 27701 certifications, Genome continues to optimise its security framework, ensuring compliance, risk mitigation, and high standards of data protection for its clients.