Many business owners find it hard to adhere to cybersecurity compliance systems. They find themselves stuck in the middle of a sea of security controls, acronyms, and countless rules. These sets of requirements often become highly overwhelming and can be demanding at various levels. But considering the increasing sophistication of cyber threats and attacks in recent times, it becomes a better alternative to comply with these rules and regulations than to face the enormous cost of being a victim of cybercrimes.
Aside from the direct impact of attacks on your company and data, which may result in losing heavy data and paying hugely to recover systems, clients and customers will lose faith in your business. And that means business progress will likely be stiffened. Even the fines and penalties issued by compliance regulation bodies can cause your business to stagger for years if it survives.
Putting all this together, cybersecurity compliance may not be easy, but your company will find it worth it.
So, What Does Cybersecurity Compliance Mean?
Cybersecurity compliance includes meeting standards usually passed by industry groups, regulatory authorities, or laws to secure the integrity, confidentiality, and data of partners, customers, and stakeholders. Compliance requirements differ based on sector and industry. Still, they often require utilizing a comprehensive option of organizational processes and technologies to provide data safety. Controls are sourced from different areas, including NIST Cybersecurity Framework, ISO 27001, PCI DSS, etc.
Cybersecurity compliance is a way to manage and minimize risks through predefined security systems and controls, ensuring data confidentiality through administrative procedures. Business owners are encouraged to carry out a systematic risk governance strategy.
Adhering to security compliance, business owners can set up constant monitoring and repeated processes of accessing systems, devices, and networks to fit into regulatory compliance requirements. Organizations can leverage these programs to analyze risk, create a framework to protect data, and halt or minimize the effect of data breaches or threats.
Why We Need Cybersecurity Compliance Standards
Cybersecurity compliance isn’t totally about having to abide by strict rules and regulations provided by regulatory bodies. Instead, it is a necessity for any success-driven organization to make use of customer and enterprise data.
Allays Fears of Attacks
Anyone can be a potential cyber attack victim. And when adequate security isn’t put in place to defend resources, it becomes a significant issue as it gives leeway to data theft, breaches, and all forms of attack on companies and other people connected to the organization.
Small companies often tend to play easily into the hands of cyber criminals as they think they do not have the resources to attract attacks from reaching them. However, cyberattack statistics showed that 46% of all cyber breaches impact businesses with fewer than 1,000 employees. 2. 61% of small businesses were the target of Cyberattacks in 2021.
This means that threats and attacks could hit any company. Hesitating to invest in a strong cybersecurity posture can make your business vulnerable. Regardless of how big a company is and the volume of data being stored, breaches can occur very quickly and turn into a very complex situation that can ruin the company’s reputation and result in legal proceedings that may take years to resolve.
Stepping up to expectations given by cybersecurity compliance standards allays fears of threat actors and the consequences that come with it.
It Works as A Tool for Risk Assessment
Compliance Standards incorporate a pool of rules and regulations that review vast systems and procedures necessary to secure sensitive data businesses use in day-to-day operations. With it, you are less likely to experience an error in the process.
Having clear security guidelines to safeguard data helps to follow the risk assessment checklist directed towards evacuating vulnerabilities and focusing on priorities when creating and implementing a cybersecurity framework within an organization. In addition, firmly established data protection laws are necessary to construct a robust cybersecurity program.
Evade Violation Penalties
Adhering to the requirements and implementing necessary practices will not only protect you and your company’s legacy but will also save you from unwanted fines and penalties that may be accompanied by becoming a victim of an attack and making clients’ and customer data exposed and accessible to attackers.
If you are found liable for misconduct, a thorough investigation will be carried out, which can result in you being dined from $100 to $500,000. Other consequences may also follow, affecting the prospect of such business.
Leading Cybersecurity Compliance Requirements
Different cybersecurity regulation requirements concern businesses in local areas, international organizations, or specific industries. Though they are distinct methods, they generally aim for the same goal and create rules that can be easy to adopt and integrate into a company’s technology environment while safeguarding data. For example, the top cybersecurity compliance includes:
1. ISO/IEC 27001
ISO/IEC 27001 compliance is one of the most popularly recognized standards internationally. It is widely known for effecting and managing Information Security Management Systems (ISMS), which is a part of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) 27000 family of standards.
Business accreditation to ISO27001 means complete compliance to all technology environment levels, including tools, employees, processes, and systems — and is an absolute requirement for ensuring secure cardholder data, personal information, and protection. The standard blankets deep operational practices and other necessary elements to erect a robust and reliable cybersecurity management system.
2. HIPAA
HIPAA is an operational standard that concerns organizations in the United States. It is a US federal statute established in 1996 to cover sensitive health-relevant information. All companies dealing with health information electronically must comply with the standards to process claims, receive payment, or share information.
The HIPAA rules and regulations control healthcare organizations in handling personal data. They are only expected to transmit personal information with the bearers aware of it. Three key aspects of the Acts are privacy, security, and Breach notification rules to report any breach occurrence. However, if your business is not located in the US, then you are not affected.
3. PCI-DSS
The Payment Card Industry Data Security Standard (PCI-DSS) is specifically for businesses that handle and processes payment information. It is a non-federal information security requirement to enforce credit card data protection. These are 12 standard requirements, including password protection, firewall configuration, and data encryption. They are necessary to formulate security systems and processes, and policies. Violators are liable to lose their merchant license. In essence, business owners who do not comply with the provided requirements may face penalties such as being unable to handle or process customer data for a long time. And this can negatively affect business operations. In addition, fines of almost $500,000 may be served
