Today, with cyber attacks making the news each day, cybersecurity is at the top of business owners’ minds. However, finding the best strategies and knowing exactly what you can do to mitigate the risk to your business is a major issue for the decision-makers within these organizations. This is especially true for smaller-to-medium-sized companies (SMB) which typically not have the resources and budgets required to implement the most reliable and advanced cybersecurity tools available.
U.S. and UK authorities are aware of the cyber-related issues that confront all modern businesses and the way contrary to popular opinion they affect businesses that span all sizes and industries. Small-scale businesses aren’t insignificant for cyber criminals and frequently, they are targets of attacks, even if only to gain access in a supply chain, to gain access to larger corporations.
These cyberattacks can be catastrophic for SMBs and studies have shown 60 percent of the small companies are shut down within six months following successful cyber breaches. That means that SMBs should begin making cybersecurity a top priority and conduct the appropriate type of risk analysis to make sure they’re spending the least expensive options that are beneficial for their business.
What are Cybersecurity Standards?
The cyber industry is filled with a variety of requirements and certifications businesses need to obtain in regards to cyber security and cybersecurity. These standards are created to provide businesses with a range of methods, controls, and procedures that they could implement to attain as well as maintain an appropriate amount of security.
In stating that they’re in compliance with the security standards they have chosen business can establish more credibility when dealing with insurance companies, stakeholders prospective clients, and even potential partners. This is only one of the many benefits of having met the standards.
There are many standards and frameworks to pick from, some of which are more suited to the enterprise level and some an excellent base for SMBs who are just starting their journey into cybersecurity.
Visit this website for more information on the best cybersecurity certifications.
GDPR defines the European Union’s standard for protection of data, and as of the year 2018, it’s been obligatory for all European enterprises that process or manage data. There isn’t any requirement for certification under GDPR, however it is a fact that compliance is possible.
Companies can prove their compliance with GDPR by recording the entire process of processing data as well as implementing data protection measures like policies as well as training and audits and, if it is feasible, appointing a Data Protection Officer (DPO). In the event of a breach, the Information Commissioner’s Office (ICO) will be looking into these. If a GDPR violation is discovered and there’s a failure to adhere with the GDPR, companies could be subject to substantial penalties that can amount to up to 4 percent of the annual turnover.
It is important to note that, following the Brexit vote in the UK, the UK cannot be governed in the domestic context by GDPR. Instead the UK has its own GDPR called the UK-GDPR that is a part of an updated Data Protection Act 2018.
Cyber Essentials
The government of the United Kingdom’s Cyber Essentials scheme was developed in 2014 in order to offer small- and medium-sized enterprises an easy and cost-effective method to achieve a high standard of security. Comprising five essential technical safeguards, Cyber Essentials can help companies defend themselves against more than 80% of cyber-attacks.
Two levels of accreditation are available: Basic that allows an organization take an online self-assessment in order to examine and verify their compliance. Then there is Plus, which requires an experienced assessor performing an audit of your systems to ensure that they are aligned with the standards’ controls.
ISO 27000 Series
It is important to note that the ISO (International Organisation of Standardization) Standards are globally acknowledged, covering a range of cybersecurity methods as well as best practice. The most sought-after and sought-after standard for firms, ISO 27001, lists the requirements for a comprehensive Information Security Management System.
The development of a well-established Information Security Management System helps companies of all sizes and industries limit privacy and information security threats by implementing effective risk management strategies and policies. This certification can help companies to demonstrate their that they are in compliance with the data protection laws like the UK-GDPR along with DPA2018.
NIST
The Cybersecurity Framework provided through the National Institute of Standards and Technology (NIST) provides guidance to all businesses, helping to achieve a high degree of security and resilience. The framework of NIST is easily classified into five major branches which are: Identify, Protect Respond, Detect and Recover. By aligning processes and policies in these roles, organizations can prove their competence in identifying and dealing with cyber-related risk.
HIPAA
Certain standards are designed to target certain industries. For instance it is the Health Insurance Portability and Accountability Act (HIPAA) is the norm for privacy in healthcare facilities specifically within the USA.
In 1996, as a United States legislation, HIPAA obliges all businesses in the industry to adhere to the security and physical requirements outlined in the standard, and failure to adhere to the standard leading to fines that can be very expensive for these companies. According to HIPAA enforcers, in the year 2019 the financial penalty average was greater than $1.2m.
What is the significance of these Standards Important?
There are numerous benefits for firms that comply with these requirements. To do it requires proactively implementing the appropriate measures, procedures and policies to ensure an enhanced security posture. This decreases the risk of a business being breached and, if it does happen it will ensure that the business is fully prepared with emergency response plans and business continuity plans to limit the damage.
Standards and certifications can also be means of communicating directly with stakeholders, clients as well as suppliers, partners and other organizations that you have a relationship with or are planning to cooperate with to show that your company takes security and cybersecurity seriously and has taken steps to show this. Businesses that have achieved certification or conform to these frameworks have seen an increase in business opportunities , or the ability to sign certain contracts that require these standards be adhered to. It is also helpful to apply for insurance against cyberattacks since it shows evidence of cybersecurity initiatives, and could result in a reduction in the cost of insurance.
Affiliating with official security standards is an excellent method for companies to organize their approach to cybersecurity . They will often they will be recognized for these efforts through an accreditation. For SMB who are more stretched by budgets and resources, meeting these standards is a cost-effective option to improve security without investing in high-end cybersecurity tools and services.
Utilizing standards to establish the foundations for your company’s security strategy will help you be aware of what your business requirements are and use the right solutions to guard against the risks you have identified. It’s not just about saving costs by reducing the purchase of unnecessary or ineffective products and services, but it also gives you an established framework to base future security decision on and ensures that any investment you make will result in the desired results.