When running a business or working within one, there are a number of frameworks, rules and regulations that you must follow to help manage your cybersecurity risks and prove to the governing authority that you are in compliance with their rules. These rules will vary depending on what country you live in and the industry you work in, but the vast majority of businesses worldwide will have to follow some form of cybersecurity regulations.
There are a number of different regulations to follow, but some of the most common include state and federal regulations, GDPR, ISO, HIPAA, and PCI-DSS. Not complying with these not only puts your business’s security at risk, but can also lead to huge fines from governing authorities. It is also important to remember that although it is vital to your risk management that you comply with regulations, compliance alone will not ensure your security is strong enough to prevent hackers and other cybersecurity attacks.
Improving Your Compliance
1. Do Your Research: The first question to ask yourself when it comes to compliance is “What rules do I need to comply with?”. As previously mentioned, these will vary depending on a number of factors including your country, industry, and even business revenue. Once you have identified the legislation and regulations you need to follow, it is time to thoroughly research each one to identify what the specific rules are. This can take a while, but all governing authorities should have a clear description on their website of the requirements.
2. Create a Risk Management Plan: As stated before, compliance alone does not necessarily mean your company is safe. However, a strong commitment to cyber security can sometimes mean your business becomes compliant with the guidelines regardless. In order to help minimise the risk of falling victim to a cyber-attack, make sure to build a thorough cybersecurity plan that includes the relevant legislation as well as a security assessment. This can involve re-writing company policies, updating employee’s cybersecurity training, setting new security controls, and more.
3. Appoint a Chief Risk Officer, an External Team, or a mix of both: It is worryingly easy to fall behind on your compliance and risk management, especially if you are subject to following several types of cybersecurity regulations. Legislation is updated regularly and it can be confusing to keep track of all the advice and rules. This is why we highly recommend appointing someone to specifically look after this (such as a Chief Risk Officer or Chief Information Officer), or hiring an external team to help you. Hiring an external team usually works out cheaper in this case, as opposed to hiring a new full-time employee, and can often be more effective thanks to their specialized expertise and experience in the field. It is also worth noting that occasionally external teams are not just recommend, but actually required by compliance entities due to their unbiased view of a company’s cybersecurity program.
At Euclid Security, we offer our services worldwide, performing our assessments remotely and when required, on site. We can help you with specific regulations you’re struggling with, or assess your whole risk management program to determine your most significant threats, and then help you address them by offering guidance and actionable advice. If you would like to have a no-obligation discussion about your cybersecurity, then get in touch.