To secure your network and prevent data breaches, you need reliable cybersecurity. Network monitoring, firewalls, and antivirus software all play an important part in keeping sensitive information safe. Something else that’s designed to help maintain data privacy is cybersecurity regulation. But what is cybersecurity compliance and how does it apply to your business?
Regardless of what industry your organization operates in, it holds a large amount of information. A good chunk of that likely consists of data not meant to be seen by the public like credit card numbers, passwords, and social security numbers. If this data was stolen or leaked, it could greatly hurt your customers’ financial livelihoods. That’s why regulatory compliance is important.
Information security regulatory requirements were created to protect the average consumer from cyberthreat danger. These requirements set a minimum of expectations your company must meet to adequately secure its sensitive information. Law and industry regulators require that you comply with regulations.
Cybersecurity and IT compliance requirements go hand-and-hand in protecting data. However, every industry handles different types of sensitive data, from personal health information to home addresses. As a result, the regulations that apply to your business ultimately depend on your industry.
Here are a few examples of compliance requirements that may apply to your company.
The healthcare industry is a goldmine for hackers. This sector has access to an exhaustive amount of private data. In addition to storage, these businesses also have to process and share this information while keeping their systems interoperable. As a result, the attack surface for any healthcare organization tends to be fairly wide and ripe for attack.
The main cybersecurity compliance requirement this industry has to worry about is the Health Insurance Portability and Accountability Act (HIPAA). Enacted in 1966, the HIPAA privacy rule dictates how protected health information (PHI) is disclosed. It addresses a majority of concerns mentioned earlier by establishing a standard for cybersecurity measures companies must comply with.
The financial industry includes a wide range of businesses like banks, insurance companies, and mortgage brokers. Common regulations for financial entities include:
- Payment Card Industry Data Security Standard (PCI-DSS): The PCI-DSS consists of 12 regulations that define how financial institutions must accept, process, store, and transmit credit card information to maintain a secure environment. These regulations are designed to reduce fraud and protect customer credit card information.
- Gramm-Leach-Bliley Act (GLBA): The GLBA requires financial companies to explain their data sharing practices to their customers and what they do to protect that data. Recently, the GLBA was adjusted to include any company that offers monetary services like loans, financial advice, or insurance.
When the government contracts with third party organizations, it is trusting those companies with data that’s important to the country. It would be a matter of national security if a government contractor were to experience a data breach. These high stakes require serious regulation to ensure the contractors are doing their best to maintain security.
If you operate in this industry, you may be subject to regulations like:
- National Institute of Standards and Technology (NIST): This cybersecurity framework instructs businesses on how to manage controlled unclassified information and reduce cyber risks. In the NIST SP 800-171, there’s an outline of security controls you can implement to make your network safer.
- Defense Federal Acquisition Regulation Supplement (DFARS): DFARS requires contractors to confirm that they are compliant with NIST standards.
- Cybersecurity Maturity Model Certification (CMMC) 2.0: The CMMC builds off of NIST SP 800-171 and DFARS 7012 and requires contractors to meet 30 additional requirements. Compliance is judged by levels up to three, with level three organizations getting the best projects.
With BL King, you no longer have to ask the question: What is cybersecurity compliance? We take the burden off of your shoulders. Our consultants not only explain what it’s going to take for you to become compliant, but also stay by your side to implement solutions. You can rest easy knowing we have your back.
Contact us today to learn more.