There is, generally, no direct legal requirement as such. Organisations choose whether or not to implement the requirements of ISO 27001 based upon the benefits that would be gained by doing so.
However, you should pay close attention to any contractual obligations you may have for protecting the information of clients and other stakeholders.
There is an increasing trend where customers require third party suppliers to implement or certify to ISO 27001, thus making it a legal requirement, by way of a contract.

ISO 27001 Clause 4.2, Understanding the Needs and Expectations of Interested Parties
URM's blog examines ISO 27001:2022 Clause 4.2, covering interested parties, their requirements and how these are addressed through the ISMS.
URM assisted over 500 organisations achieve ISO 27001 certification, here are the critical steps when implementing an effective information security system.
URM's blog explores ISO 27001 Clause 4.1 & how to identify organisational context, assess internal/external issues, and support effective ISMS decision-making.
URM’s blog explains how to plan and execute effective and conformant internal audits of management systems at each stage of the internal audit process.

