Cyber threats are evolving faster than we can refresh our devices. As such, compliance in cybersecurity has become an important requirement for any business. Cyber threats can lead to reputational damage, lost revenues, and disruption of business operations through data breaches and ransomware attacks.
Cybersecurity compliance will assist companies in being secure, trustworthy, and able to respond to any risk associated with them.
At V Group, we guide organizations to navigate through the complex environment associated with cyber risk. In this blog, we’ll explain what is cybersecurity compliance, why is cybersecurity compliance important, and how to build a strong foundation for both compliance and cybersecurity.
What Is Cybersecurity Compliance?
So, what is cyber-security compliance? Cybersecurity compliance refers to complying with the laws and regulations, and best practices established by government agencies, trade associations, and/or other organizations to protect sensitive data and IT systems.
Essentially, cybersecurity compliance is ensuring that your organization is meeting the security requirements to ensure data protection and maintain regulatory compliance.
Why Is Cybersecurity Compliance Important?
To understand the question, why is cybersecurity compliance important? You need to align your view of Cybersecurity Compliance with potential consequences. Cybersecurity attacks are on the rise, and many of those attackers prefer to target Businesses that have weak Security Controls.
Here are some reasons that Cybersecurity Compliance is Important:
1. Protects Sensitive Data
The Compliance Framework has Listed Encryption, Strong Passwords, and Access Controls as necessary for compliance; therefore, encrypting your Personal Data and Financial Information, along with your Corporation’s Trade Secrets, would Protect Your Customers’ Data and have a Huge Impact on Cybersecurity Compliance. This is a major part of compliance and cybersecurity working together.
2. Prevents Heavy Fines and Penalties
Non-compliance could cause you more than Risk; it would also cause tremendous Costs for Non-compliance. For example, GDPR will assess up to $25 million for Non-compliance. If you accept Payments via Credit Cards, a PCI DSS violation could prevent you from Processing Payments on Your Business Website. These Two Examples Alone explain why cybersecurity compliance is important to all Businesses that work with Customer Data.
3. Builds Customer Trust
When a business demonstrates cybersecurity compliance rules, the business is showing that it cares about the protection of customer information and that it will protect the information that it collects from customers. Having an ISO 27001 certification provides the business with an additional level of credibility and will help to create long-term trust.
4. Ensures Smooth Business Operations
Compliance requires having an effective backup plan, accurate incident response procedures, and consistent monitoring of systems. These practices allow businesses to recover more quickly from Cyber Attacks, which reduces the amount of time that a business will be down.
5. Meets Industry Requirements
The health care industry, financial services industry, e-commerce industry, and Government Industry have specific compliance in cybersecurity frameworks that must be followed in order to operate smoothly, without interruption.
Common Cybersecurity Compliance Regulations
Currently, the following regulations are the Major Cybersecurity Compliance Regulations:
- GDPR – Protects the data of European Union Citizens
- HIPAA – Protects patients’ Health Care Data
- PCI DSS – Protects the credit card transactions
- SOX – Provides for the accuracy and security of Financial Data
- CCPA – Provides for California Consumers, and their Rights Related to Personal Data
Understanding these requirements makes it easier to establish a strong foundation for compliance and cybersecurity in any organization.
How to Achieve Compliance in Cyber Security
Becoming compliant may seem like a daunting task, but by breaking it down into smaller steps, it is more manageable. At V Group, we typically take businesses through a step-by-step process with a clear outline of what to do:
1. Complete Your Risk Assessment
Finding out where your business is weak or has outdated systems, or has vulnerable data. This will help you determine the starting point for your cybersecurity compliance efforts.
2. Implement Security Controls
Some examples include MFA, firewalls, encryption, endpoint protection, and role-based access. These security controls will be at the foundation of compliance in cybersecurity.
3. Train Employees
Training employees will help them to identify phishing attempts, follow company policies, and assist in compliance and cybersecurity efforts.
4. Create an Incident Response Plan
Most compliance frameworks require you to have a documented incident response plan that contains steps to take to contain an attack, notify the authorities, and reactivate systems.
5. Monitor and Audit Regularly
You cannot “set-and-forget” your security. You need to continuously monitor your systems to ensure that you remain compliant with cybersecurity compliance.
Consequences of Ignoring Compliance
The potential costs of skipping compliance in cybersecurity could be significant:
- Fines and penalties.
- Lawsuits and litigation.
- Loss of customer loyalty.
- Lengthy outages.
- Significant damage to the organization’s reputation.
These risks are exactly why cybersecurity compliance is important for organizations.
Final Thoughts
As the risk of cybersecurity continues to increase, compliance in cybersecurity is no longer an option; it is now essential to all organizations. Cyber Security Compliance provides protection for your organization’s assets, builds customer trust, and ensures that the organization remains viable for the foreseeable future.
Understanding what is cybersecurity compliance is, recognizing why compliance is important in cybersecurity, and taking steps to be in alignment with the regulatory obligations provides your organization with a substantial advantage over competing businesses.
Contact V Group today; we provide organizations with the tools to design and deploy a strong, adaptive, and future-focused information security strategy. so that you are able to protect your organization and operate successfully in a highly digital world.
FAQs
It means following regulations and best practices that protect the security and integrity of your sensitive data and IT systems from cyber-related incidents.
Cybersecurity Compliance minimizes exposure to risks, avoids government financial penalties for noncompliance, develops confidence among customers, and strengthens your organization’s overall security posture.
Yes. Businesses that accept customer information must be compliant with applicable regulations governing that information.
No, however, Cybersecurity Compliance will minimize the degree of exposure and enhance the measures taken to provide resiliency from cyber incidents.
At a minimum, once per year, or whenever there are changes to either the cybersecurity compliance regulations or the nature of the organization’s business operations.