Cybersecurity Compliance Simplified: Governing Changing Rules and Reducing Risks
Cybersecurity Compliance Simplified: Governing Changing Rules and Reducing Risks cybersecurity-compliance-simplified-governing-changing-rules-and-reducing-risks
Introduction
With the increasing presence of sophisticated cyber threats, governments around the globe are enhancing regulations to safeguard sensitive information and key infrastructure. Not only do organizations have to be compliant with the regulations, but they also have to have sound risk management systems to safeguard their online assets. Failure to comply will attract huge monetary fines, loss of credibility, and enhanced susceptibility to cyber-attacks
.This blog gets the most recent regulatory updates, consequences of non-compliance, and ways to increase efficiency in compliance while improving security.
The Ever-Changing Compliance World
Regulators have developed a sequence of cybersecurity regulations to counter the rapidly increasing digital threats. The most significant developments are:
United States Regulations
- Executive Order 14028 (2021): Requires a zero-trust security architecture, multi-factor authentication (MFA), encryption of data, and least-privilege access control.
- Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA, 2022): Payment of ransom and other cyber incidents are required to be reported in 72 hours and payment of ransom in 24 hours.
- SEC Cybersecurity Rules (2023):
- Item 1.05 of Form 8-K: Demands disclosure of material business-affecting cybersecurity incidents in four business days.
- Regulation S-K Item 106: Demands cybersecurity risk management and governance disclosure annually.
European Union Regulations
- NIS2 Directive (2023): Extends cybersecurity compliance requirements from the traditional core sectors to communications, manufacturing, and digital services. Incidents have to be reported within 24 hours, with a report within one month.
Adapting with such changing regulations requires forward-looking cybersecurity compliance and risk management.
The True Cost of Non-Compliance
There are far more significant costs to non-compliant firms than legal penalty:
Excessive Penalties: Penalties extend well beyond a few million dollars and impact capital adequacy.
Loss of Reputation: Data non-compliance or data breach erodes customers' trust, resulting in loss of business.
Disruptions in Operations: Downtime is largely caused by cyber-attacks, eroding revenues and productivity.
78% of security executives had a data breach in the last year, Forrester's Security Survey 2023 found. And Forrester's Top Cybersecurity Threats in 2024 Report said that 50% of the breached companies spent over $1 million on recovery.
Compliance Challenges
There are many challenges for organizations in achieving compliance:
- Limited Resources: Staff and budgetary limitations make it hard to manage compliance internally.
- Broken Tools and Isolated Processes: Ineffective and security blind spots because of broken security systems.
- Infinite Changes in Laws: Infinite updates with new laws and amendments equal infinite adaptation.
Companies can avail themselves of the assistance of MSSPs in filling compliance gaps and automating risk management through partnering with managed security service providers.
The 5 Cs of Cyber Risk and Compliance Management
A converged risk management approach with people, process, and technology aligns technology, process, and people. The 5 Cs model offers a simple-to-implement compliance program model:
- Clarity: Create clear-cut policies that conform to regulatory standards like NIST, ISO 27001, and CISA Zero Trust.
- Collaboration: Encourage interdepartmental collaboration to eliminate security silos.
- Controls: Utilize sophisticated tools like darknet monitoring services and compromised data tracking to identify threats early.
- Continuity: Install automated compliance infrastructure to always observe and report real-time.
- Culture: Develop security ownership and vigilance throughout the company.
How Professional Cyber Risk Services Can Help
Those firms in need of strengthened security and compliance can be aided through professional services offering:
- Cyber Risk Program Maturity Evaluations: Review present security stance and develop improvements areas.
- Cybersecurity and Privacy Risk Assessments: Provide regulation compliance and protect sensitive data.
- Cyber Risk Posture Assessment: Synchronize security strategies with NIST and other standards of the industry.
- Third-Party Risk Management (TPRM): Leverage digital footprint evaluation and brand security tools to analyze the security risk of third parties.
- AI Governance and Risk Management: Govern security risks emerging due to AI-based processes and automation.
Meeting Compliance with Confidence
Managing sophisticated cybersecurity law doesn't have to be daunting. Businesses can achieve maximum security, stay compliant, and reduce threats with the right strategy and technology.
By implementing professional cybersecurity practices like dark web scanning, brand impersonation protection, and internet threat analysis, organizations can safeguard their online properties without sacrificing compliance with changing laws.
Need to streamline compliance and enhance your cyber resilience? Get in touch with us today.
About us!
Foresiet is the pioneering force in digital security solutions, offering the first integrated Digital Risk Protection SaaS platform. With 24x7x365 dark web monitoring and proactive threat intelligence, Foresiet safeguards against data breaches and intellectual property theft. Our robust suite includes brand protection, takedown services, and supply chain assessment, enhancing your organization's defense mechanisms. Attack surface management is a key component of our approach, ensuring comprehensive protection across all vulnerable points. Compliance is assured through adherence to ISO27001, NIST, GDPR, PCI, SOX, HIPAA, SAMA, CITC, and Third Party regulations. Additionally, our advanced antiphishing shield provides unparalleled protection against malicious emails. Trust Foresiet to empower your organization to navigate the digital landscape securely and confidently.
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