Regulatory Compliance in Cybersecurity in 2022
Cybersecurity is an important aspect of every company’s operations. Any cybersecurity program must include regulatory compliance monitoring. It can improve your company’s security and make you feel more in control.
However, cybersecurity compliance has become more challenging to achieve. You must comply with and comprehend numerous restrictions and complicated laws. Once you learn more about what kind of regulatory cybersecurity compliance rules you must follow, your job will be easier.
New developments for regulatory compliance in cybersecurity
The Department of State in the US launched a new department on April 4, 2022: the Bureau of Cyberspace and Digital Policy (CDP). This new department will focus on cyberspace, digital technology, and digital policy to formulate national security legislation that is up to date. This is the latest attempt by the US government to form a bureau dedicated to issues of digital policy and cyberspace.
Most important cybersecurity compliance standards
Payment Card Industry Data Security Standards (PCI DSS)
The Payment Card Industry Data Security Standard (PCI DSS) is a collection of guidelines designed to guarantee that all businesses that process, store, or transfer credit card data do so in a secure manner.
Even though securing compliance with the PCI standards may seem like a hassle at first, there are benefits that come with it. PCI Compliance indicates that your systems are safe, and your customers can trust you with sensitive credit card information. Also, you’ll be better equipped to comply with other standards such as HIPAA, SOX, and others -which we’ll be getting to now- while you work to reach PCI Compliance.
HIPAA (Health Insurance Portability and Accountability Act)
HIPAA is a federal law in the United States that establishes data privacy and security precautions for medical records. All personally identifiable health information maintained or transferred by organizations is protected under the HIPAA Privacy Rule. This data can be stored in a variety of formats, including digital, paper, and oral.
Personal Health Information, or PHI, refers to any information that can be used to identify a person or their medical care. A healthcare data breach, as well as neglecting to enable patients access to their PHI, might result in a fine from OCR under the HIPAA Privacy Rule. The degree of the violation determines the severity of the penalty.
Intentionally obtaining or disclosing PHI in violation of the HIPAA Privacy Rule can result in a fine of up to $50,000 and a year in jail for covered businesses and individuals. If the HIPAA Privacy Rule is broken under false pretenses, the penalties can range from a $100,000 fine to ten years in jail.
SOX cybersecurity compliance refers to a public corporation putting in place strong internal control systems over the IT infrastructure and apps that contain the financial data that feeds into its financial reports in order to make prompt public disclosures if a breach occurs.
SOX will require not just IT auditors to expand beyond their traditional areas of focus, but also to engage with financial audit teams to have a better understanding of risk at their respective firms. Many businesses are still attempting to properly grow and handle this initiative.
How to get and stay compliant with cybersecurity regulations
Here are some simple initial measures to stay on top of applicable legislation and standards so you can stay compliant.
1. Determine your industry’s compliance requirements
You should first determine the cybersecurity policies and rules that apply to your industry. It is common sense to first learn about which compliance regulations you need to follow. It becomes less complicated once you do that.
2. Create a cybersecurity compliance strategy
Cyber security compliance isn’t something that happens by itself; the best approach to being compliant is to devise a strategy that brings your IT, security, and compliance teams together. Your stakeholders, a list of criteria you’re required to meet, and a detailed risk assessment should all be included in your strategy.
3. Make use of automated tools
It might be difficult to maintain track of your infrastructure manually as your company grows, which can damage your ability to stay compliant. You may make company operations more efficient and reliable by automating procedures.
4. Monitor continuously!
Threats evolve all the time, so it’s critical to understand your infrastructure and the dangers that affect your data and networks. If you’re working with dispersed environments spanning various platforms, you may find it challenging to acquire a clear view of your environment. That is why continuous monitoring is essential when it comes to making sure your company is cybersecurity compliant.
How cybersecurity compliance benefits your business
Avoid fines and penalties
Violations of cybersecurity regulations can result in significant fines and penalties, but IT firms with strong security compliance processes can avoid these problems by appropriately safeguarding the data they gather.
Keep your company’s reputation safe
Data breaches impair a company’s brand, erode consumer trust, and make it seem like the company is unreliable and does not take adequate precautions to safeguard its customers’ privacy and security.
Cyberattacks are at an all-time high throughout the world, and this means that it is critical for companies to heighten their cybersecurity precautions. Once you’ve lost the loyalty of customers, it’s tough to regain it. A comprehensive cybersecurity program from a reputable and certified supplier can help you stay safe from attacks and in compliance with regulations no matter where your company operates. As always, make sure you know your company’s needs.
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