Impacts of not implementing a standard

Answer: There is no standard set of consequences if an ISO standard is not implemented in an organization, because these will depend on the applicable laws, contracts, regulations and business objectives, which will vary from organization to organization.

To help organizations understand this, ISO management standards require that organizations determine external and internal issues relevant to its purpose and that can affect its management system, including needs and expectations of interested parties (clauses 4.1 and 4.2 of ISO management standards).

On the other hand, when talking about benefits of adopting ISO standards, they can be related to:
- Enhanced competitive edge
- Reduction on losses due to incidents and non conformities
- Reduction on fines due to legal or contractual non conformity
- Improvement of internal organization

These articles will provide you further explanation about context, requirements and benefits:
- Four key benefits of ISO 27001 implementation https://advisera.com/27001academy/knowledgebase/four-key-benefits-of-iso-27001-implementation/
- Explanation of ISO 27001:2013 clause 4.1 (Understanding the organization) https://advisera.com/27001academy/knowledgebase/how-to-define-context-of-the-organization-according-to-iso-27001/
- How to identify ISMS requirements of interested parties in ISO 27001 https://advisera.com/27001academy/blog/2017/02/06/how-to-identify-isms-requirements-of-interested-parties-in-iso-27001/

These materials will also help you regarding context, requirements and benefits:
- Book Secure & Simple: A Small-Business Guide to Implementing ISO 27001 On Your Own https://advisera.com/books/secure-and-simple-a-small-business-guide-to-implementing-iso-27001-on-your-own/
- Free online training ISO 27001 Foundations Course https://advisera.com/training/iso-27001-foundations-course/