Cybersecurity compliance is more than just a best practice; it's a legal obligation. These rules are complicated and continuously changing. Let's break down important cyber compliance requirements by industry to assist you in better understanding your organisation's regulatory environment and the standards and controls it imposes.
What Does Cybersecurity Compliance Look Like in Your Industry?
Because it affects all of us, the Health Insurance Portability and Accountability Act (HIPAA) is possibly the most well-known cybersecurity legislation.
HIPAA mandates that healthcare institutions, insurers, and third-party service providers maintain measures for safeguarding and preserving patient data, as well as undertake risk assessments to detect and mitigate emerging threats.
Even though HIPAA has been in place since 1996, the sector still struggles with compliance, according to BitSight research.
- Monetary Services
The financial services cybersecurity compliance landscape is dense with regulation, making it a tempting target for rogue actors.
The Federal Financial Institution Examination Council handbook contains the most common regulations (FFIEC IT).
The manual was recently modified to emphasise internal and external continuous monitoring and business continuity management.
Another rule is the Service Organization Control (SOC) Type 2 regulation (SOC2). SOC2 is a severe trust-based cybersecurity methodology developed by the American Institute of Certified Public Accountants (AICPA) that assists organisations in verifying that third parties are securely managing customer data.
- The Government
It's no surprise that the government is doubling down on regulations that address today's persistent and evolving threats in the aftermath of the massive 2015 breach of the Office of Personnel Management (OPM) and the more recent SolarWinds supply chain attack.
What Are Data Types Subject to Cybersecurity Compliance?
Cybersecurity and data protection laws and regulations are primarily concerned with safeguarding sensitive data, such as personally identifiable information (PII), protected health information (PHI), and financial information.
These include but are not limited to:
- Name (first and last)
- The birthdate
- Number of Social Security
- Maiden name of mother
Protected health information comprises facts about an individual's health history or treatments that might be used to identify them, such as:
- Previous medical history
- Admissions records
- Records of prescriptions
- Medical appointment information
- Records of insurance
Financial data contains payment method information, credit card numbers, and other facts that might be exploited to steal a person's identity or financial resources. For example, stolen credit card numbers can be used to make unlawful transactions.
Sensitive financial information includes:
- Personal identification numbers (SSNs)
- Credit card information
- Account numbers in banks
- PIN codes for debit cards
- Credit histories and credit scores
Other sensitive information that may be subject to state, regional, or industry restrictions is:
- Internet Protocol (IP) addresses
- Email addresses, usernames, and passwords are all examples of passwords.
- Biometrics such as fingerprints, voiceprints, and face recognition data are examples of authenticators.
- Race Religion Marital Status
What Rules and Regulations Apply to Me?
Your regulatory obligations are heavily influenced by the sort of data you manage, your industry, your regulatory body, and the geographic boundaries within which you operate.
For example, any financial company operating in New York State is theoretically required to follow the New York Department of Financial Services Cybersecurity Regulation.
Similarly, every firm that handles the personal data of a California citizen is subject to the California Consumer Privacy Act. We recommend that you speak with a compliance consultant or an attorney to determine the specific regulations that apply to your company.
The Advantages of Cybersecurity Compliance
Following the discovery of a data breach, organisations subject to industry or regional cybersecurity rules are compelled by law to comply and perform the authorised steps.
If a company is discovered to be non-compliant, it may face severe fines and penalties.
Strict adherence to cybersecurity compliance rules lowers the likelihood of a data breach and the related response and recovery expenses, as well as the less-quantifiable consequences of a breach, such as reputation harm, business interruption, and loss of business.
Having strong cybersecurity compliance procedures in place, on the other hand, allows you to safeguard your company's brand, maintain consumer confidence, and promote customer loyalty by assuring the safety and security of your customers' sensitive information.
Furthermore, your company will benefit from increased operational efficiency by implementing clear and consistent methods for handling, storing, and utilising sensitive data.