In a world where we hear about security breaches and data leaks on a daily basis, investing in cybersecurity is a must-have for any company, regardless of size and scope. Plus, companies that adhere to the latest cybersecurity standards set by world-leading experts are more trustworthy in the eyes of their customers and partners.
A successful cyberattack is a hard-to-wash stain on a company’s reputation and brand. So, investing in cybersecurity is a smart move if you want to safeguard your business’s assets, gain customer confidence, and maintain a solid reputation.
Cybersecurity Compliance Regulations and Standards
Standards and regulations play a crucial role in ensuring the protection of sensitive data and promoting good practices.
Think of standards as guidelines that outline the necessary steps to be followed for effective security management. A well-managed organization must adhere to these standards to maintain data security and privacy.
On the other hand, regulations carry legal weight and have governmental support. They define how certain processes should be carried out, and failing to comply with them can lead to financial penalties and legal action.
Examples of regulations include HIPAA, PCI DSS, Sarbanes-Oxley, and the well-known GDPR, which is now a global standard even though it started in the EU.
How Do You Stay Compliant?
Some cybersecurity standards and regulations do not apply to all businesses, but standards like GDPR, NIS, and NIS2 have a broad scope and impact most companies that work with and process customer data.
So how can you make sure your company is in the clear?
Since things are never stationary in the world of cybersecurity, it’s important that you conduct regular audits and assessments of your existing security measures. This will help to identify any gaps or areas of non-compliance. It will also help you understand which specific standards and regulations you need to adhere to.
Once you know your current situation, make sure to implement solid security policies and procedures that follow the requirements outlined in the standards and regulations that impact your business.
For this, you will have to work with a variety of tools, such as vulnerability scanners, VPNs and VPN protocols, Multi-Factor Authentication, encryption tools, intrusion detection systems, and more.
These policies and tools should cover areas such as data protection, access controls, incident response, and employee training. Additionally, it is essential to stay updated on any changes or updates to the standards and regulations.
What is NIS2 and Why You Should Know
The NIS2 directive is a piece of European cybersecurity legislation that expands the original NIS directive. Overall, NIS2 impacts a wider range of companies across industries and imposes stricter cybersecurity requirements. NIS2 also comes with bigger fines and penalties for non-compliance.
According to the NIS2 regulation, companies are responsible for managing risks within their network and information systems. Companies impacted by these rules also have to improve their focus on critical supply chain risk management and adhere to specific incident response timelines.
NIS2 was considered necessary as a measure to motivate organizations in sectors deemed “critical for the economy and society” to stay safe against attacks designed to disrupt and create chaos. As such, the regulation impacts medium and large organizations operating in public electronic communications services, such as data centers, social networks, healthcare services, etc.
Will NIS2 Impact an Arizona Business?
NIS2 was designed for businesses and organizations in the EU. However, if your Arizona business has EU collaborators (customers or suppliers), you may have to be compliant with the rules and regulations stipulated in the NIS2.
Also, just like GDPR, NIS2 may grow into a global standard since its requirements help businesses in sectors that are necessary for the well-being of the economy and society implement better safeguards and security protocols.
Wrap Up
Overall, the NIS2 doesn’t have an impact on American businesses. However, if you are activating in one of the sectors impacted by this new piece of European legislation and have (or hope to have) European-based partners, you should look into it.
The standards and rules included in the NIS2 may soon become a global requirement since the world sees a surge in cyberattacks designed to disrupt the current order of things.