With cyber attacks making the news each day, cybersecurity is at the top of business owners’ minds. However, adopting the right security options and knowing the best you need to do to minimize your risk is a huge problem for those within these companies. 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 security solutions available.
U.S. and UK authorities are well-aware of the cybersecurity issues facing every business of the present and the way contrary to popular opinion they can impact businesses of all sizes and sectors. Small-scale businesses aren’t insignificant to cybercriminals, and frequently, they are targeted for attack, even if they are merely trying to get into the supply chain to gain access to larger companies.
These cyberattacks can be catastrophic for SMBs and studies have shown 60 percent of the small businesses are shut down within six months following an attack that is successful. So, SMBs need to start taking cybersecurity seriously and conducting the proper type of risk analysis to make sure they’re spending the least expensive options that will benefit their business.
What are Cybersecurity Standards?
The cyber industry is packed with numerous standards and certifications that businesses are able to attain in terms of cyber security and cybersecurity. These standards are created to give businesses a variety of methods, controls, and procedures that they could use to reach as well as maintain an appropriate amount of security.
When they declare that they’re in compliance with the security standards they have chosen business can establish more credibility when dealing with insurers, stakeholders as well as potential clients and even potential partners. This is only one of the many benefits of having met the standards.
There are a myriad of standards and frameworks to pick from, with some that are more appropriate to corporate-level use, while others are an excellent base for SMBs who are just starting their journey into cybersecurity.
GDPR defines the European Union’s security of personal data. Since the year 2018, it’s been obligatory for all European enterprises that process or manage data. There isn’t a requirement for certification under GDPR, but the compliance is easily achievable.
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 it is possible, appointing an Data Protection Officer (DPO). In the event of a breach, the Information Commissioner’s Office (ICO) will scrutinize these. If a GDPR violation is suspected , and if there’s a failure to adhere with the GDPR, companies could be subject to heavy penalties that can amount to up to 4 percent of their annual turnover.
It is important to note that since Brexit in the UK, the UK is no longer controlled in the domestic context by GDPR. Instead there is a separate version called the UK-GDPR that is a part of an updated Data Protection Act 2018.
The government of the United Kingdom’s Cyber Essentials scheme was developed in 2014 to provide smallto medium-sized companies an easy and cost-effective method to achieve a high standard of security. Comprising five essential technical safeguards, Cyber Essentials can help businesses defend against the 80percent of the most common cyber-attacks.
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The two certification levels are Basic which permits an organization to take an online self-assessment in order to examine and verify their compliance. There is also a Plus, which requires an accredited assessor conducting 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) standardization is globally recognizedand cover a wide range of cybersecurity methods that are best practices. The most sought-after and sought-after standard for firms, ISO 27001, lists the essential requirements for a top-quality Information Security Management System.
The development of a well-established Information Security Management System helps companies of all sizes and industries reduce privacy and security risks through the development of effective risk management strategies and policies. This certification can help companies demonstrate their conformity with regulations on data protection such as the UK-GDPR and DPA2018.
The Cybersecurity Framework provided through the National Institute of Standards and Technology (NIST) provides guidance for all businesses, assisting to achieve a high degree of security and resilience. The framework from NIST is easily categorizes into five major branches which are: Identify, Protect Respond, Detect and Recover. By aligning the policies and procedures in these roles, organizations can prove their competence in identifying and dealing with cyber-related threats.
Certain standards are specifically targeted at certain industries. For instance it is the Health Insurance Portability and Accountability Act (HIPAA) is the standard for privacy in healthcare facilities especially those in the USA.
The legislation was passed in 1996. United States legislation, HIPAA demands all companies in the field to adhere to the cybersecurity and physical security requirements outlined in the standard, and failure to adhere to the standard result in fines that could be very expensive for the organizations. According to HIPAA enforcers, in the year 2019 the financial penalty average exceeded $1.2m.
What are the reasons why these Standards Important?
There are numerous benefits for companies that adhere to the requirements of these standards. Doing it requires proactively implementing the appropriate measures, procedures and guidelines to create an enhanced security posture. This reduces the risk of a business being hacked, and in the event that it does happen it will ensure that the company is fully equipped with incident response plans and business continuity plans to limit the damage.
Certifications and standards are 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 collaborate with, that your company is taking cybersecurity and data security seriously and has taken measures to prove this. Businesses that have achieved certification or conform to these frameworks are often able to see an increase in opportunities for business or certain contracts which require these standards to be fulfilled. It may also be helpful to apply for insurance against cyberattacks since it shows evidence of security efforts, which could reduce the cost of insurance.
Conforming to formal security standards is a fantastic method for companies to organize their approach to cybersecurity . They will often they will be recognized for these efforts by way of an accreditation. For SMB who are more stretched with respect to budget and resources, achieving these standards can be a reasonable method of increasing security without the need to invest in the most sophisticated cybersecurity tools and services.
Utilizing standards to establish the foundations for your company’s security strategy will help you know what your company requires and to implement the right solutions to guard against the identified risks. This not only saves money by reducing the need to purchase of unnecessary or ineffective solutions and products, it also provides an understanding of the framework you can base future security decisions on and also ensures that any investment will yield the desired results.