The Role of Compliance in Cybersecurity

 
The overall technology landscape is evolving at a breakneck pace. While these changes are meant to improve the quality of life, the unfortunate flip side is an increase in cyberthreats. This is why global cybersecurity spending increased from nearly $40 billion in 2019 to $54 billion in 2021.¹ Unfortunately, due to a lack of spending on personnel or technology, SMBs are most likely to be targeted by threat actors.

 
Many organizations fall victim to cybercrime because compliance and security are not a high priority for them. For your organization to run smoothly, both compliance and security are critical. While compliance ensures that your organization stays within the bounds of industry or government laws/regulations, security ensures that your organization's integrity and vital data are safeguarded.

 

Know These Benefits

 
The following are the reasons why adhering to industry compliance regulations is so important from a cybersecurity perspective:

 

• Encourages trust

Customers usually put their trust in an organization while sharing their personal information, but unfortunately, personally identifiable information (PII) gets exposed in around 80% of security breaches.² Following regulatory standards demonstrates that the organization cares about its customers and wants to protect sensitive data.

 

• Improves security posture

Regulatory compliance helps improve an organization’s overall security posture by establishing a consistent baseline of minimum security requirements.

 

• Reduces loss

Data breaches are less likely to take place when security is improved. This lowers the cost of data loss, which can skyrocket when you factor in lost revenue, restoration costs, legal penalties and compensation.

 

• Increases control

Improved security leads to increased control over the IT infrastructure. This can help prevent data loss/corruption and reduce the amount of time spent fighting cyberattacks.

 

Industries and Regulations

 
While each industry has its own set of cybersecurity issues, some overlap. Phishing, for example, is a threat that almost all industries face. To combat these challenges, each sector has its own set of compliance and regulatory standards with specific provisions for security and privacy.

 
Some regulations apply to multiple industries as well. Note that compliance regulations change from one country to the next and sometimes even within the same country. Let’s take a look at some of the industries and their associated regulations:

 

Healthcare

In the healthcare industry, shared data is highly sensitive. Cybercriminals who steal protected health information (PHI) usually fetch a high price for it on the dark web. Therefore, there are regulations in place, like the ones mentioned below, to ensure the secure handling of data:

 

• In the United States, the Health Insurance Portability and Accountability Act (HIPAA) prohibits the disclosure of PHI without the patient's consent.
• In the European Union (EU), generic data protection laws, such as the General Data Protection Regulation (GDPR) and the Data Protection Act 2018 (DPA), regulate the handling of health-related data.

 

Finance

Finance is often the most regulated sector because a big chunk of data revolves around payments and financial transfers. Some of the most popular regulations in this industry are listed below.

 

• The Payment Card Industry Data Security Standard (PCI-DSS) is an information security standard aimed at reducing payment card fraud for organizations that deal with branded payment cards. The scope of this regulation goes beyond the financial industry.
• In Japan, the Act on the Protection of Personal Information (APPI) regulates the commercial usage of personal data.
• The EU's Payment Services Directive (PSD2) governs data transfer during end-to-end payments.

 

Defense

There are strict regulations in the defense sector since a breach could result in the disclosure of national secrets.

 

• The Cybersecurity Maturity Model Certification (CMMC) governs the Defense Industrial Base (DIB) in the United States.
• In Australia, the Defense Industry Security Program (DISP) assists organizations in understanding and meeting their security duties when working on defense projects, contracts and tenders.

 
Upgrading the compliance and security posture of your business is no more an option but rather a necessary undertaking. However, it takes significant time and effort. Our expertise and knowledge can take a considerable load off your shoulders as you factor compliance into your organization’s cybersecurity posture.

 


 
 
 
Sources:

1. Statista
2. IBM CDBR 2020

The Role of Compliance in Cybersecurity

  The overall technology landscape is evolving at a breakneck pace. While these changes are meant to improve the quality of life, the unfortunate flip side is an increase in cyberthreats. This is why global cybersecurity spending increased from nearly $40 billion in 2019 to $54 billion in 2021.¹ Unfortunately, due to a lack of spending on personnel or technology, SMBs are most likely to be targeted by threat actors.

  Many organizations fall victim to cybercrime because compliance and security are not a high priority for them. For your organization to run smoothly, both compliance and security are critical. While compliance ensures that your organization stays within the bounds of industry or government laws/regulations, security ensures that your organization's integrity and vital data are safeguarded.

 

Know These Benefits

  The following are the reasons why adhering to industry compliance regulations is so important from a cybersecurity perspective:

 

• Encourages trust

Customers usually put their trust in an organization while sharing their personal information, but unfortunately, personally identifiable information (PII) gets exposed in around 80% of security breaches.² Following regulatory standards demonstrates that the organization cares about its customers and wants to protect sensitive data.

 

• Improves security posture

Regulatory compliance helps improve an organization’s overall security posture by establishing a consistent baseline of minimum security requirements.

 

• Reduces loss

Data breaches are less likely to take place when security is improved. This lowers the cost of data loss, which can skyrocket when you factor in lost revenue, restoration costs, legal penalties and compensation.

 

• Increases control

Improved security leads to increased control over the IT infrastructure. This can help prevent data loss/corruption and reduce the amount of time spent fighting cyberattacks.

 

Industries and Regulations

  While each industry has its own set of cybersecurity issues, some overlap. Phishing, for example, is a threat that almost all industries face. To combat these challenges, each sector has its own set of compliance and regulatory standards with specific provisions for security and privacy.

  Some regulations apply to multiple industries as well. Note that compliance regulations change from one country to the next and sometimes even within the same country. Let’s take a look at some of the industries and their associated regulations:

 

Healthcare

In the healthcare industry, shared data is highly sensitive. Cybercriminals who steal protected health information (PHI) usually fetch a high price for it on the dark web. Therefore, there are regulations in place, like the ones mentioned below, to ensure the secure handling of data:

 

• In the United States, the Health Insurance Portability and Accountability Act (HIPAA) prohibits the disclosure of PHI without the patient's consent.
• In the European Union (EU), generic data protection laws, such as the General Data Protection Regulation (GDPR) and the Data Protection Act 2018 (DPA), regulate the handling of health-related data.

 

Finance

Finance is often the most regulated sector because a big chunk of data revolves around payments and financial transfers. Some of the most popular regulations in this industry are listed below.

 

• The Payment Card Industry Data Security Standard (PCI-DSS) is an information security standard aimed at reducing payment card fraud for organizations that deal with branded payment cards. The scope of this regulation goes beyond the financial industry.
• In Japan, the Act on the Protection of Personal Information (APPI) regulates the commercial usage of personal data.
• The EU's Payment Services Directive (PSD2) governs data transfer during end-to-end payments.

 

Defense

There are strict regulations in the defense sector since a breach could result in the disclosure of national secrets.

 

• The Cybersecurity Maturity Model Certification (CMMC) governs the Defense Industrial Base (DIB) in the United States.
• In Australia, the Defense Industry Security Program (DISP) assists organizations in understanding and meeting their security duties when working on defense projects, contracts and tenders.

  Upgrading the compliance and security posture of your business is no more an option but rather a necessary undertaking. However, it takes significant time and effort. Our expertise and knowledge can take a considerable load off your shoulders as you factor compliance into your organization’s cybersecurity posture.

 

---

      Sources:

1. Statista
2. IBM CDBR 2020

PCI-DSS Compliance: What You Should Know

Over the last year, many organizations struggled to keep their private data secure against cyberthreats as they rushed to adapt to pandemic-inspired shifts in workforce and operations. Cybercrime is becoming increasingly prevalent, and the sophistication and volume of cyberattacks is escalating as well. According to a report, over 300 million ransomware attacks occurred in 2020.¹
 
Dealing with a cybersecurity disaster is difficult and brings forth a lot of uncertainty, especially when it involves financial and reputational damage. This holds true for all organizations, and especially for small and medium-sized businesses (SMBs). SMBs are increasingly becoming prime targets for hackers because they consider these organizations to have insufficient expertise and resources to prevent and respond to attacks.

 
Now, more than ever, it is critical for business owners to protect their customers' personal information, especially as we approach the holiday season when individuals purchase a lot more than at any other time of the year.

 
This is where the Payment Card Industry Data Security Standard (PCI-DSS) finds its relevance.

 

Why Is PCI-DSS Important?

 
Organizations that accept payment cards and handle, transmit or retain payment card data must comply with PCI-DSS. It is crucial for data security because practically every business accepts credit or debit cards as a form of payment.

 
The PCI-DSS's directives limit the risk of credit and debit card data loss. It not only helps avoid identity theft but also includes best practices for recognizing, preventing and resolving data incidents.

 
PCI-DSS compliance also safeguards a company in the event of a data breach in which cardholder data is exposed. SMBs that comply with PCI-DSS are recognized by Visa, Mastercard, Discover, JCB and American Express, all of which are pioneers in establishing this information security standard.

 
Failure to comply with PCI-DSS can result in penalties that prevent a company from dealing with card data.

 

PCI-DSS has 12 requirements:

 

1. Maintain firewalls for business devices

Firewalls efficiently prevent unauthorized entities from accessing sensitive data. These anti-hacking systems are usually the first line of protection against intruders.

 

2. Change vendor-supplied passwords

Hackers can easily crack generic passwords in products like routers and point of sale (POS) terminals. To comply with PCI-DSS, organizations must change vendor-supplied passwords and keep track of password-required equipment.

 

3. Encrypt transmissions of consumer data

When transferring card data over an open or public network, you must encrypt it and know where the data will be sent to and received from.

 

4. Use updated antivirus software

Antivirus software must be installed on all systems, both on-site and off-site. To detect complex viral threats, you must keep them updated regularly.

 

5. Protect stored consumer data

All cardholder data must be encrypted, truncated, tokenized or hashed using industry-standard techniques backed by a robust encryption key management process.

 

6. Restrict access to consumer data

Access to cardholder data should be denied to anyone who does not require it for essential tasks.

 

7. Maintain secure systems and apps

Safety must be ensured for systems or applications that store, process or transmit cardholder data.

 

8. Make cardholder data available only on a need-to-know basis

For effective access control, you must be able to grant and restrict access to cardholder data systems.

 

9. Create a unique ID for every person with business computer access

Ensure that each authorized user has a unique identifier and a complex password. This ensures that any access to cardholder data can be traced back to a recognized user, ensuring accountability.

 

10. Monitor access to network and consumer data

All systems must have proper audit policies in place with logs sent to a secure central server. A daily inspection of these logs helps detect anomalies and suspicious activity.

 

11. Test data security regularly

Testing on a regular basis ensures that your environment is evolving to meet the ever-changing threat landscape.

 

12. Maintain a data security policy

You must have an information security policy in place that is reviewed at least once a year and communicated to all employees, vendors and contractors.

 

The PCI Compliance Levels

 
There are four levels of PCI compliance that are determined by the number of transactions an organization processes each year.

 

Level 1 Merchants

Through all channels, they process over six million card transactions every year (card present, card not present, eCommerce).

 

Level 2 Merchants

Through all channels, they process about one to six million card transactions every year (card present, card not present, eCommerce).

 

Level 3 Merchants

They process between 20,000 and one million card transactions every year through all channels (card present, card not present, eCommerce).

 

Level 4 Merchants

They process up to one million card transactions per year across all channels (card present, card not present,

and eCommerce), with no more than 20,000 card transactions per year processed just through eCommerce.

 
If you own a business that accepts, transmits or stores any cardholder data, you need to take PCI-DSS seriously and comply with all regulations.

 
When you're trying to figure everything out on your own, it’s easy to get overwhelmed. Working with a specialist like us gives you the benefit of having a compliance expert in your corner. We can regularly conduct assessments for you to verify compliance and make your compliance journey much easier.

 

 
 
 
 
Source:

1. Statista

 

 
 

PCI-DSS Compliance: What You Should Know

Over the last year, many organizations struggled to keep their private data secure against cyberthreats as they rushed to adapt to pandemic-inspired shifts in workforce and operations. Cybercrime is becoming increasingly prevalent, and the sophistication and volume of cyberattacks is escalating as well. According to a report, over 300 million ransomware attacks occurred in 2020.¹
 
Dealing with a cybersecurity disaster is difficult and brings forth a lot of uncertainty, especially when it involves financial and reputational damage. This holds true for all organizations, and especially for small and medium-sized businesses (SMBs). SMBs are increasingly becoming prime targets for hackers because they consider these organizations to have insufficient expertise and resources to prevent and respond to attacks.

 
Now, more than ever, it is critical for business owners to protect their customers' personal information, especially as we approach the holiday season when individuals purchase a lot more than at any other time of the year.

 
This is where the Payment Card Industry Data Security Standard (PCI-DSS) finds its relevance.

 

Why Is PCI-DSS Important?

 
Organizations that accept payment cards and handle, transmit or retain payment card data must comply with PCI-DSS. It is crucial for data security because practically every business accepts credit or debit cards as a form of payment.

 
The PCI-DSS's directives limit the risk of credit and debit card data loss. It not only helps avoid identity theft but also includes best practices for recognizing, preventing and resolving data incidents.

 
PCI-DSS compliance also safeguards a company in the event of a data breach in which cardholder data is exposed. SMBs that comply with PCI-DSS are recognized by Visa, Mastercard, Discover, JCB and American Express, all of which are pioneers in establishing this information security standard.

 
Failure to comply with PCI-DSS can result in penalties that prevent a company from dealing with card data.

 

PCI-DSS has 12 requirements:

 

1. Maintain firewalls for business devices

Firewalls efficiently prevent unauthorized entities from accessing sensitive data. These anti-hacking systems are usually the first line of protection against intruders.

 

2. Change vendor-supplied passwords

Hackers can easily crack generic passwords in products like routers and point of sale (POS) terminals. To comply with PCI-DSS, organizations must change vendor-supplied passwords and keep track of password-required equipment.

 

3. Encrypt transmissions of consumer data

When transferring card data over an open or public network, you must encrypt it and know where the data will be sent to and received from.

 

4. Use updated antivirus software

Antivirus software must be installed on all systems, both on-site and off-site. To detect complex viral threats, you must keep them updated regularly.

 

5. Protect stored consumer data

All cardholder data must be encrypted, truncated, tokenized or hashed using industry-standard techniques backed by a robust encryption key management process.

 

6. Restrict access to consumer data

Access to cardholder data should be denied to anyone who does not require it for essential tasks.

 

7. Maintain secure systems and apps

Safety must be ensured for systems or applications that store, process or transmit cardholder data.

 

8. Make cardholder data available only on a need-to-know basis

For effective access control, you must be able to grant and restrict access to cardholder data systems.

 

9. Create a unique ID for every person with business computer access

Ensure that each authorized user has a unique identifier and a complex password. This ensures that any access to cardholder data can be traced back to a recognized user, ensuring accountability.

 

10. Monitor access to network and consumer data

All systems must have proper audit policies in place with logs sent to a secure central server. A daily inspection of these logs helps detect anomalies and suspicious activity.

 

11. Test data security regularly

Testing on a regular basis ensures that your environment is evolving to meet the ever-changing threat landscape.

 

12. Maintain a data security policy

You must have an information security policy in place that is reviewed at least once a year and communicated to all employees, vendors and contractors.

 

The PCI Compliance Levels

 
There are four levels of PCI compliance that are determined by the number of transactions an organization processes each year.

 

Level 1 Merchants

Through all channels, they process over six million card transactions every year (card present, card not present, eCommerce).

 

Level 2 Merchants

Through all channels, they process about one to six million card transactions every year (card present, card not present, eCommerce).

 

Level 3 Merchants

They process between 20,000 and one million card transactions every year through all channels (card present, card not present, eCommerce).

 

Level 4 Merchants

They process up to one million card transactions per year across all channels (card present, card not present,

and eCommerce), with no more than 20,000 card transactions per year processed just through eCommerce.

 
If you own a business that accepts, transmits or stores any cardholder data, you need to take PCI-DSS seriously and comply with all regulations.

 
When you're trying to figure everything out on your own, it’s easy to get overwhelmed. Working with a specialist like us gives you the benefit of having a compliance expert in your corner. We can regularly conduct assessments for you to verify compliance and make your compliance journey much easier.

 

---

 
 
 
 
Source:

1. Statista