Why is Cybersecurity Important?
Each day, 30,000 websites are hacked, and that number is only going up. IBM reports that a single data breach costs a company, on average, $3.8M, and the 2022 cost of cybercrime globally totaled $6T. Cybersecurity regulations hold businesses to standards that help protect themselves and their customers.
What Cybersecurity Regulations Does My Business Need to Comply With?
While regulations vary by sector and company, consider which regulations on this master list might apply to you:
- PCI DSS (Payment Card Industry Data Security Standard) - If your business takes credit card payments, you must comply with PCI standards. This ensures that businesses accept, process, store, or transmit credit card information in a secure environment.
- SOC 2 (System and Organization Controls 2) - The American Institute of Certified Public Accountants (AICPA) maintains this information security compliance standard. This audit assesses your software’s ability to safely and securely store customer and client data online.
- ISO 27001 - The international gold standard for information security management. ISO 27001 proves the strength of your security posture to prospects and customers in global markets.
- SOX - The Sarbanes-Oxley Act is a US federal law that sets standards for public companies, their boards of directors, and accounting firms. It includes provisions related to the security and confidentiality of financial information.
- HIPAA - If your company is in the healthcare sector, HIPPA compliance is crucial. The American healthcare system is supplemented by many private tech companies who must comply with federal law concerning the privacy of patient data. Violations can cost companies fines of over $1.6M.
- FedRAMP - Federal Risk and Authorization Management Program is a US government-wide program that provides a standardized approach to security assessment, authorization, and continuous monitoring for cloud products and services.
- GDPR (General Data Protection Regulation) - It’s a misconception that GDPR regulations only apply to businesses in the EU or European Economic Area (EEA). GDPR protections follow the user, so you must be compliant if your website is collecting or processing data from someone in the EU.
4 Steps to Improve Your Security Posture:
- Conduct a risk analysis to identify vulnerabilities.
- Develop and implement a cybersecurity strategy. Companies like Vanta can help improve your security posture, streamline your compliance process, and maintain compliance with global security standards.
- Train users and staff on malicious software protection so they can assist in detecting malicious software and report detections.
- Thoughtfully limit access to only those persons or software programs requiring access.
Complying with cybersecurity standards is crucial in the digital age. Adhering to regulations can mitigate the risk of attacks, safeguard sensitive information, and preserve your business’ reputation. Cyber threats will continue to evolve, and cybersecurity experts like Vanta can help you stay up to date with the latest standards while protecting your company and your customers.