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Information Security Compliance

What is Information Security Compliance
Security

What is information security compliance?

Imagine how much data your enterprise handles. Every day there are likely many internal emails, customer transactions, and perhaps some performance reporting — all critical to the business and needing to be secured. The information security compliance keeps your organization data information safe. It is compliance with some specific regulations or standards which guarantee the confidentiality, integrity, and availability of information. Information has brought a recognized benchmark that assists in measuring and evaluating security best practices to avert data breach and promote safety, thus leading to an improvement in the security posture of the organization. What do you mean by information security compliance? Information security compliance or InfoSec compliance actually means complying with the conditions established by a third party, on which an organization will ensure adequate protection of its data and IT assets. Through the introduction of the recommended controls and processes, the main goals to be achieved can be to ensure that any information within the organization is kept confidential, maintained at its integrity, and made available when required. Usually, an organization can ensure compliance requirements according to certain industries, geographical areas, or types of data which have been processed or stored by an organization. For instance, health care providers in the United States must abide by [HIPAA], while entities processing credit card transactions. Need PCI compliance-the Payment Card Industry Data Security Standard. The InfoSec compliance would provide the organization with protection from risks of unauthorized access and data breaches due to a combination of evidence collections, risk assessments, and regular auditing. As far as profit is concerned, the enterprise would be shielded from an impact on its reputation. What is the difference between IT security and IT compliance? IT security is homegrown, not borne out of any third-party requirement. The other aspect of it is that such activities are usually under the ambit of the Chief Information Security Officer (CISO) or the whole IT security team and run for a continuous maintenance-improvement effort. On the other hand, IT compliance makes sure that the IT security measures adopted by an organization are good enough for meeting industry standards and regulatory requirements. Even though IT compliance is audited according to third-party standards, there are not all security frameworks audited or certified by a regulatory body. For example, NIST CSF, which gives industry standards and best practices to cybersecurity risk, and CIS 18, which ensures the integrity of financial reports and business practices are both voluntary and self-assessed through internal compliance teams. Whether it is compulsory or voluntarily IT compliance, the main purpose is to show that an organization, either in compulsory or voluntary compliance, has information security management system (ISMS) that matches the industry standards and demonstrates to stakeholders that it is capable of protecting all sensitive information. What types of data involved in information security! An important question to address when implementing an InfoSec program would be, what data does your company collect, store, process, or transmit? Different types of data are likely to pose different types of information security risks. Data is usually classified according to type, satisfaction-risk or vulnerability, and the value it holds for the organization when it comes to security. Knowing a lot about the different types of data being collected and stored would greatly help in implementing an effective InfoSec program, controls, and eventually, compliance to industry-specific regulations. Most regulatory frameworks concern themselves with different degrees of sensitive data like personally identifiable information (PII), protected health information (PHI), or some level of “secret” information such as controlled unclassified information (CUI). Personally Identifiable Information (PII) Protected Health Information (PHI) Other sensitive data protected under cybersecurity compliance are: Importance of Information Security Compliance Well, the nitty-gritty importance of information security compliance is this. “But even though an organization is doing a good job in implementation of controls and management of risk, things sometimes remain inefficient in the documentation of the same in terms of a compliance program to measure and communicate their risk posture.” Depending on the markets or segments, information security compliance may sometimes legally be a requirement before an organization can operate (e.g., PCI DSS). But observing and measuring one’s program against applicable compliance standards does come with some very significant benefits:  1. Define static parameters to secure sensitive data  Information security compliance programs are probably the best ways to protect and preserve an organization’s sensitive data over time. When data is collected and stored all over the network, information security compliance ensures that the controls and policies exist at different places within the organization to safeguard against occurrences of security incidents and mitigate against negative consequences that may arise if they do occur.  2. Saves from penalties and fines related to non-compliance  Failure to comply with the applicable regulations usually incurs substantial fines or even criminal charges in certain industries and places. The General Data Protection Regulation (GDPR) imposes maximum penalties for major violations not exceeding €20 million or 4% of the global annual revenue of the organization. In addition to the regulations and penalties for them, organizations suffering from data breaches bear very high remediation and business interruption costs. 3. Fostering customer trust  Compliance with information security is thus a means for companies to gain the confidence of their clients, partners, employees, and other stakeholders. In a survey conducted by McKinsey, 87% of the respondents from a survey carried on consumers said they “would not do business” with a company which had any concerns with its security practices. Half of the respondents also believe that they will be more inclined to trust companies that could quickly respond to breaching incidents as well as hacks and those that actively disclose such incidents to the public. 4. Gains competitive advantage  Regulatory compliance management proves an organization to be committed and ready to invest with all seriousness in the security of customer data. This is very fundamental in highly regulated industries like healthcare and finance. Organizations can, henceforth, build a major competitive advantage by promoting risk-based culture and coming up proactively on the

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Information Security Compliance

What Is Information Security Compliance and How to Implement it?

Information security compliance is a proven way that ensure your organization’s sensitive data is protected from security incidents. Think about how much information an organization handles daily. From emails, employee records, and customer transactions, each of these are critical to the business and need to be secured. According to Forbes, 353 million people were affected by data breaches in 2023 alone. Additionally, according to IBM, the average cost of a data breach is said to be USD 4.45 million. So, to save organizations from costly breaches and penalties, various regulatory bodies have created data protection laws that they need to comply with. In this blog, we are going to discuss these compliances and how they can be achieved. What is Information Security Compliance? Information security compliance means adhering to industry-specific laws and standards that ensure sensitive data is protected. These standards or rules are established by a third party, which businesses need to comply with, or else face legal fines and penalties, along with loss of reputation. Compliance requirements differ according to the industry, location, and data type. For example, in the US, healthcare providers are required to comply with the Health Insurance Portability and Accountability Act (HIPAA), while businesses that manage credit card details should meet the Payment Card Industry Data Security Standard (PCI DSS). Organizations can achieve this compliance and protect their sensitive information from unauthorized access and data breaches by conducting a series of assessments, such as vulnerability scanning, penetration testing, and routine audits. Why is Information Security Compliance Important? Apart from the obvious benefit that it ensures the safety of an organization’s data, information security compliance also helps protect the company’s reputation and maintains the legitimacy of its operations, which can ultimately impact the company’s revenue. According to PwC, 85% of customers said they won’t do business with a company that cannot guarantee data security. While large enterprises can handle some reputational damage, it can be challenging for small or medium-sized businesses to overcome them. So, by complying with the information security standards, organizations can improve their current security measures that not only protect the data but also help to enhance it. 1. Protect Sensitive Data Information security compliance programs provide some of the most effective strategies to protect an organization’s sensitive data. This may include implementing encryption, access control measures, and firewalls. 2. Avoid Non-Compliance Fines and Penalties Certain industries and regions impose significant fines, criminal charges, and other penalties for not complying with data protection laws. For example, the European Union data privacy and security law fines up to €20 million or 4% of the organization’s global annual revenue for not complying with GDPR. 3. Build Customer Trust Businesses want their new and existing customers to trust them, but if they lose control of customer data, that trust can be easily destroyed. Organizations must ensure that they have adequate security measures, including security testing, to keep their confidential information safe and information security compliance is the best way to do that. 4. Create a Competitive Advantage A compliance certificate proves that an organization commits to investing in the security of its customer data. This is especially necessary for highly regulated industries, such as fintech and healthcare. It also helps the investors and customers trust your brand more, giving you a competitive advantage. What are the Compliance Standards for Information Security? There are hundreds of standards for information security worldwide. However, here are a few major ones: 1. SOC 2 SOC 2 or Service Organization Control Type 2 is created by the American Institute of CPAs (AICPA), for service organizations, which outlines how organizations should manage client data. They need to follow the Trust Services criteria, which include security, availability, processing integrity, confidentiality, and privacy. 2. HIPAA HIPAA or Health Insurance Portability and Accountability Act was established by the US Department of Health and Human Services (HHS). It provides guidelines to protect private patient health information (PHI). The HIPAA Privacy Rule guarantees the secure transmission of health information to promote quality healthcare. 3. GDPR GDPR or General Data Protection Regulation is one of the major data protection laws of the European law governing online privacy. According to this standard, any organization that handles an EU resident’s data follows the strict guidelines mentioned. Additionally, those who collect and manage this data are also required to protect it against misuse and exploitation. 4. ISO 27001 Released by the International Electrotechnical Commission (IEC), the International Organisation for Standardisation (ISO) is one of the most recognized international standards for information security. It gives businesses the knowledge they need to protect their most valuable data, such as customer information, financial records, and intellectual property. What are the Legal Requirements of Information Security Compliance? The legal requirements of information security compliance change depending on the relevant standard and the jurisdiction. However, here are some general requirements. 1. Data Protection Laws Data protection laws regulate the collection, use, transfer, and disclosure of personal information and its security. People are given access to their data, companies that protect it are given accountability requirements, and in case of improper or harmful processing of the data, remedies are provided. 2. Data Breach Notification Laws It outlines who the compliance rules apply to, such as individuals, organizations, or authorities, and what constitutes a breach. These rules mandate that the organization that experienced a breach is mandated to notify the individual whose data was compromised, in addition with all other important parties. 3. Data Retention and Destruction Data retention means keeping various kinds of data for a specified amount of time. The practice of data destruction (sifting and shredding) is no longer valuable to the organization. These data security policies govern how personal data is gathered, preserved, or erased. 4. Contractual Requirements Organizations having contractual agreements with clients, business partners, or suppliers might be imposed with specific information security standards. These agreements could have policies related to security audits, incident response, data confidentiality, and protection. What are the Different Types of Information Security? These are the

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Pabitra Kumar Sahoo

Pabitra Kumar Sahoo

COO & Cybersecurity Expert

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Pabitra Kumar Sahoo

Pabitra Kumar Sahoo

COO & Cybersecurity Expert