Wednesday, February 1, 2023
PERSPECTIVES FROM THE FIELD
The strength of Indiana is that we bring together a variety of perspectives from the plethora of areas that touch the field of cyber, especially through the Indiana Executive Council on Cybersecurity (IECC). Hence the name "Perspectives From the Field Series" in which we invite experts to discuss the real and challenging issues we are facing in the field and the proposed solutions from the experts to better the lives and businesses of all Hoosiers.
In the first installment of a two-part blog series, Jeremy Miller provides his perspective on what is cyber compliance and how it fits in today’s digital marketplace.
What is cyber compliance?
Cyber compliance refers to the process of ensuring that an organization adheres to industry regulations, standards, and laws related to information security and data privacy. Many different types of organizations may need to comply with various cyber security regulations and standards. Some examples include:
- Healthcare organizations, which may need to comply with HIPAA regulations that protect patient health information.
- Financial institutions, which may need to comply with PCI-DSS regulations that protect credit card data.
- Retailers and e-commerce companies, which may need to comply with PCI-DSS regulations if they accept credit card payments online.
- Companies that handle personal data of European citizens, which may need to comply with the General Data Protection Regulation (GDPR).
- Companies that operate in certain industries, such as defense or energy, which may be subject to regulations specific to their sector and industry standards such as ISO 27001, NIST or CMMC.
It's important to note that compliance is not only limited to large companies, small and medium-sized businesses may also be required to comply with the laws and regulations of their country or industry.
Why Should Cyber Compliance Be a Top Priority
It’s vital for businesses to be on top of their compliances for a variety of reasons, including:
- To protect sensitive data: Compliance with regulations and standards helps to ensure that an organization is taking the necessary steps to protect sensitive information, such as personal data and financial information. This can help to prevent data breaches, which can result in significant financial losses and damage to an organization's reputation.
- Being compliant for legal requirements: Failing to comply with regulations and standards can result in significant fines and penalties, as well as legal action. Compliance is important to avoid these risks and ensure compliance with laws and regulations.
- To maintain customer trust: Compliance with regulations and standards can demonstrate to customers and partners that an organization takes data security and privacy seriously, which can help to build trust and maintain positive relationships.
- Improving overall security posture: The process of achieving and maintaining compliance can also help to improve an organization's overall security posture. This can include identifying and addressing vulnerabilities, implementing best practices, and regularly assessing and testing security controls.
- To obtain cyber insurance: Many companies have cyber insurance that requires compliance with certain standards and regulations. Non-compliance can lead to denial of claims and can make companies more vulnerable to a cyberattack.
Overall, cyber compliance is an important aspect of protecting businesses from potential cyber threats and ensuring that they are able to operate in a secure and compliant manner. Furthermore, cyber compliance management and training can help a business to protect sensitive data, comply with legal requirements, maintain customer trust, and improve its overall security posture.
In part two of our special blog series, on Thursday, Feb. 2nd, Jeremy Miller discusses the advantages of cyber compliance management and why it’s important to your business.