IT security compliance and why this matter

IT security compliance and why this matter

The Consequences of Non –Compliance : Reputational damage: Since the vast majority of people would not do business with a firm that had been infiltrated, especially if it had failed to protect its customers' data, the loss of customer and stakeholder trust can be the most detrimental effect of cybercrime. This could result in an immediate loss of revenue and a downgrading of the brand you've worked so hard to establish...

IT security compliance and why this matter

The Consequences of Non –Compliance 

  • Reputational damage: Since the vast majority of people would not do business with a firm that had been infiltrated, especially if it had failed to protect its customers' data, the loss of customer and stakeholder trust can be the most detrimental effect of cybercrime. This could result in an immediate loss of revenue and a downgrading of the brand you've worked so hard to establish.
  • Financial losses: When accounting for organizational size, the cost of cybercrime is disproportionately higher for small organizations than for large businesses. The financial effects of a breach for a large company could be in the millions, yet given their size, they hardly register on the radar.
  • Fines: As if direct financial losses weren't punishment enough, there is the prospect of monetary penalties for businesses that fail to comply with data protection legislation. In May 2018, the General Data Protection Regulation or GDPR went into effect in the EU. The enforcement powers associated with the law are significant.

What is IT security compliance?

  • An information security compliance management is a program of comprises a minimum set of security requirements for protecting the data that apply to any organization which  stores, processes, or transmits that data. 
  • To understand how an organization’s security program performs on a day-to-day basis, organizations must implement an information security compliance program to continuously monitor and document the implementation, effectiveness, adequacy, and status of all their security controls. 
  • They work with senior management to develop and implement security policies, train staff on security procedures, and respond to security incidents. 
  • Be sure to include participants from all relevant business groups in the process, as well as line-of-business representatives.  

 
Importance of information security compliance

  • Security Compliance Helps You Maintain your Customer's Trust: - People like to do business with companies they trust! Because data breaches can harm your organization's reputation and undermine trust between you and your customers, it is critical to ensure you have a security compliance program in place.  
  • Builds Security Culture: - In businesses without a security culture, employees may engage in risky digital behaviour both knowingly and unknowingly. Implementing cyber security compliance training will help employees develop the necessary skills and knowledge. 
  • Strengthens Cyber security Program: - Every industry and business faces cyber threats, and having a cyber-security program will ensure that your business’s cyber security measures and controls are robust and effective. 
  • Prevents Financial Penalties: - For businesses with shareholders and corporate governance, this could be a major setback and cause shareholders to lose trust in your ability to effectively manage. 

IT security compliance frame works 

  • ISO 27001: - ISO 27001 is a set of information technology standards designed to help organizations of any size in any industry implement an effective information security management system. The standard uses a top-down, risk-based approach and is technology neutral. 
    • Risk management is the central idea of ISO 27001: You must identify sensitive or valuable information that requires protection, determine the various ways that data could be at risk, and implement controls to mitigate each risk.
  • TISAX: - Trusted Information Security Assessment Exchange (TISAX) is an assessment and exchange mechanism for an information security in the automotive industry. The TISAX certification confirms that a company’s information security management system complies with defined security levels and allows sharing of assessment results across a designated platform. 
  • SOC2 Type1:- A SOC 2 Type 1 (Type I report) is an audit tests design of your compliance program. It assesses your compliance at one point in time. Typically, this involves checking to see that you’ve identified and documented the controls you have in place, as well as provide sufficient evidence that your controls are functional at that point in time. 
  • SOC2 Type 2: - A SOC 2 Type 2 (Type II report), on the other hand, tests with not only your compliance program, but also the operating effectiveness of controls over their time. Usually, a Type 2 audit assesses your compliance over a six to 12-month review period, with your first audit typically lasting up to six months. 
  • GDPR: - The General Data Protection Regulation (GDPR) is a legal framework that sets guidelines for the collection and processing of personal information from individuals who live and outside of the European Union (EU).  
  • HIPPA: - The Health Insurance Portability and Accountability Act (HIPAA) set the standard for a sensitive patient data that protects. Companies that deal with protected health information (PHI) must have physical, network, and process security measures in place and follow them to ensure HIPAA Compliance. Covered entities (anyone providing treatment, payment, and operations in healthcare) and business associates (anyone who has access to patient information and provides support in treatment. 

Benefits of IT Security Compliance for Your Business

  • Avoid non-compliance fines and penalties.
  • Maintain Customer Trust.
  • Enhance Security Posture.
  • Improve Access Controls and Accountability.

ANA Cyber Forensic Pvt Ltd is one of the best cyber security companies to provide Information security compliance. With our information security audit services and cyber security consulting services we focus on ensuring 360-degree solutions for you.

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