Having cybersecurity compliance makes your business efficient, ethical & trustworthy. Here are five steps that help you become a leader in the evolving cyberspace. But before that, let’s dive in to know what it is.
What is cybersecurity compliance?
Cybersecurity compliance means saving your cyberspace kingdom by adhering to cyber regulation requirements. It includes complying with regulations, laws, and authorities to shield your data’s availability, secrecy, and ethics.
For instance, the healthcare industry is mandated to comply with Health Insurance Portability and Accountability Act (HIPAA) requirements.
Stats
During the lockdown, 8.4 billion cyber breaches were recorded, which inflated to 37 billion by the end of 2020.
Also, as per the 2020 Data Breaches investigations report, 72% of cyber violations included notable business victims. 58% of them had their details in danger. Why? Financial fraudulent motive.
In this 5-step-guide, learn how to save your business from such breaches.
Also read: What Are the Types of Cyber Risk Business And How To Reduce It?
Here’s your guide
1. Create a Dedicated Team
Start with setting up a compliance team that prioritizes monitoring & assessing cybersecurity.
This team cannot work in isolation. Please give it a departmental capacity to confirm that the team’s activities align with other departmental needs and the organization.
As your business uses cloud services for critical operations, this team will improve your interdepartmental workflow & communication.
2. Initiate Risk Analysis Exercise
Now you’re ready to perform the risk analysis process.
But before that, understand your business’s risk profile. It depends on the following:
- Scope of your business range
- Level of detail
- Taxonomy
You have analyzed your risk profile. Use these steps for risk analysis:
- Identify information related to your assets, networks, information system, and data accessibility
- Evaluate the risk level. Review & decide on high-risk information’s location, collection & transferability
- Analyze the risk now. Risk = (Likelihood of Breach x Impact)/Cost
- Set your risk tolerance level now
- Decide whether to accept, decline, exchange, or mitigate the risk
3. Implement Controls
You have run your risk assessment.
Now, set up controls to adhere to cybersecurity standards. Do it based on your cybersecurity requirements & risk tolerance.
Controls can be technical or non-technical.
Refer to this list:
- Password policies
- Encryption
- Firewalls
- Standard Anti-Viruses covering endpoints
- Insurance
- Employee cybersecurity training
- Vendor risk management program
- Thoroughly documented procedures & policies
- Conducting risk assessments
So, identify your controls and mitigate the cyber risk.
4. Create Policies
You have analyzed your risk & set up relevant controls.
Now, to document these controls & activities, create policies. And update them when needed. Documenting and updating maintains your company’s cybersecurity program flow.
Policies are also your foundation for any external or internal audit. They improve your compliance & cyber safety.
Also read: What are Advanced Persistent Threats and How to Prevent Them
5. Monitor threats & review
Congratulations! You are in the final lap.
You have documented the policies. Now, you must be attentive to any probable threats and take measures accordingly.
Also, practice regular test controls.
When you monitor continuously, you identify potential attacks. And your challenge is to tackle them before they breach your sensitive data.
Cybersecurity compliance helps you do that.
Final Takeaway
Understand that cybersecurity is not an option but a necessity.
Risk assessments and frameworks work only as a benchmark.
And it would be best if you choose what works for you based on your business environment & your security compliance goals.
Also, remember to evaluate your requirements and regularly test your controls.
This keeps you attentive and saves your business from cyber-attacks.
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