Why a Cybersecurity Compliance Program is Necessary for Every Business

As a leader, you are responsible for ensuring that your organization’s data remains secure and protected from cyber threats. In today’s digital age, data breaches are a common occurrence, and the costs associated with them are staggering. Cyber-attacks can result in the loss of millions of dollars, loss of customer trust, and reputational damage that can take years to recover from. This is why a cybersecurity compliance program is necessary for every business.

According to a report by IBM, the average cost of a data breach in 2020 was $3.86 million, highlighting the dire financial consequences of inadequate cybersecurity. Furthermore, a study by Ponemon Institute found that 67% of surveyed companies experienced a significant loss of customer trust after a data breach. These statistics underscore the necessity for stringent cybersecurity compliance programs in today’s digital businesses.

In this post, we’ll explore the reasons why your business needs a cybersecurity compliance program and why you should make it a top priority.

Privacy Compliance Regulations are Becoming Stricter

With the increasing sophistication of cyber-attacks, governments and regulatory bodies are becoming more strict when it comes to cybersecurity compliance. This means that organizations are required to implement more robust security measures to protect their data. Compliance regulations, like the GDPR, CCPA or PCI DSS, have specific requirements that must be met to avoid penalties and fines. These cybersecurity compliance programs are designed to keep your organization in compliance with these regulations and to ensure that your data is fully protected.

According to the Cybersecurity Insiders’ 2020 Cybersecurity Compliance Report, an alarming 90% of organizations felt vulnerable to insider threats and data breaches. Furthermore, the EU’s General Data Protection Regulation (GDPR) has brought about stringent measures, with non-compliance penalties reaching up to €20 million, or 4% of annual global turnover – whichever is higher. In the US, non-compliance with the California Consumer Privacy Act (CCPA) can result in fines of up to $7,500 per record for intentional violations. The Payment Card Industry Data Security Standard (PCI DSS) compliance statistics reveal that only 27.9% of organizations maintain full compliance, highlighting the need for a cybersecurity compliance program to meet these regulatory requirements.

Furthermore, according to a survey by Verizon, businesses that are fully compliant with the PCI DSS framework significantly mitigate the risk of data breaches. The report states that among organizations that suffered data breaches, over 80% were not compliant with PCI DSS at the time of the breach. This compelling statistic underscores the crucial role that a cybersecurity compliance program plays in safeguarding a company’s sensitive data.

Additionally, a study conducted by the Global Cyber Alliance indicates a close correlation between cybersecurity compliance and a reduction in cyber attacks. The study found that organizations implementing compliance controls reduced their cyber risk by nearly 50%. This further emphasizes the effectiveness of a properly implemented cybersecurity compliance program in protecting businesses from cyber threats.

Protect Your Data and Reputation

Data is one of your organization’s most valuable assets. A data breach can result in the loss of confidential data, such as customer information, employee data, and intellectual property. This can seriously damage your reputation and customer trust and result in significant financial losses.

The 2020 Cost of a Data Breach Report by IBM indicates that the average total cost of a data breach is $3.86 million. Moreover, the report also highlights that companies that experienced a mega breach, where 1 million to 10 million records were exposed, could experience total costs of up to $50 million. Data breaches can also lead to customer churn. According to the same report, businesses in the U.S. that lost less than 1% of their customers due to a data breach faced an average total cost of $2.67 million, while those that experienced a customer churn rate greater than 4% faced an average total cost of $5.74 million. These numbers make it clear that the monetary and reputational costs associated with data breaches can be detrimental to any organization, further underscoring the importance of having a robust cybersecurity compliance program in place.

A cybersecurity compliance program ensures that all data is protected by implementing proper security controls. It creates a secure environment that reduces the risk of data breaches and demonstrates to your customers and investors that you take their data security seriously.

Prevent Cyber Attacks

A cybersecurity compliance program is designed to prevent cyber attacks from happening in the first place. It identifies vulnerabilities and mitigates them before they can be exploited by hackers. It ensures that all employees are aware of potential threats and know how to respond to them. It also includes a disaster recovery plan in case of a breach.

According to a recent report by the Ponemon Institute, 77% of the organizations surveyed stated that they wouldn’t be able to recover from a cyber attack due to the lack of a proper incident response plan. This alarming statistic emphasizes the significance of having a cybersecurity compliance program that includes a solid disaster recovery plan. Moreover, a study by Verizon found that 94% of malware was delivered via email, suggesting that employees, often unknowingly, play a major role in the occurrence of a security breach. This underscores the need for continuous employee awareness and training on cyber threats, a key component of any comprehensive cybersecurity compliance program.

Mitigate Financial Risks

A data breach can result in huge financial losses. The costs associated with a breach include legal fees, fines, IT costs, and a loss of revenue due to reputational damage. A cybersecurity compliance program can help mitigate these risks by implementing proper security controls, conducting regular security audits, and creating a plan for disaster recovery.

The financial impact of data breaches is staggering, and businesses without a proactive cybersecurity compliance program find themselves particularly vulnerable. The 2020 Cost of a Data Breach Report by IBM found that the average total cost of a data breach increased from $3.54 million in 2006 to $3.86 million in 2020, indicating a growing financial threat. Furthermore, the report revealed that companies took an average of 280 days to identify and respond to a data breach, further amplifying the costs involved. The annual study by Accenture also supports this, showing that the cost of cybercrime for companies has increased by nearly 30% over the past seven years. This upward trend in the financial implications of data breaches strongly emphasizes the need for businesses to invest in a robust cybersecurity compliance program.

Stay Ahead of the Competition

With the increasing threat of cyber attacks, more and more businesses are investing in cybersecurity compliance programs. This means that customers are becoming more savvy and are more likely to choose businesses that prioritize data security. A cybersecurity compliance program can give you a competitive edge by demonstrating to potential customers that you take data security seriously and that you’re committed to protecting their data.

Research supports the importance of customer trust in maintaining a competitive edge in business. A study by PwC revealed that 85% of consumers will not do business with a company if they have concerns about its security practices. This is further supported by a study conducted by Cisco, which found that 32% of customers stopped doing business with companies due to data breaches. Additionally, a survey by Experian found that 66% of adults claim that they would be unlikely to do business with organizations responsible for exposing financial and sensitive information. These statistics illustrate customers’ growing awareness and concern over data privacy and the significance of cybersecurity compliance in maintaining customer trust and competitive advantage.

In Conclusion

Implementing a cybersecurity compliance program is essential for every business. It protects your data, your reputation, and your finances. Compliance regulations are becoming stricter, and cyber attacks are becoming more sophisticated, so it’s more important than ever to ensure that your organization is protected by a robust cybersecurity compliance program. By staying ahead of the competition and demonstrating your commitment to data security, you can gain the trust and loyalty of your customers and protect your business from cyber threats.

 

 

References

  • Ponemon Institute. (2020). Cost of a Data Breach Report. Link
  • Verizon. (2020). Data Breach Investigations Report. Link
  • Accenture. (2020). Cost of Cybercrime Study. Link
  • PwC. (2020). Global Consumer Insights Survey. Link
  • Cisco. (2020). Cybersecurity Series 2020. Link
  • Experian. (2020). Data Breach Industry Forecast. Link

Cyber-readiness Strategy 12: Multi-Layer Security Strategy

Security is asymmetrical. Where businesses must plan, prepare and defend against every threat or scenario, cybercriminals only need to find a single weakness or hole in your defenses to carry out their malicious plans.

Protect your data and your business by deploying multiple security strategies together as one. By using a multi-layer security approach, you can make it much more difficult for cybercriminals to penetrate your organization and cause serious damage.

When it comes to cybersecurity, businesses cannot afford to take chances. Deploying a multi-layer security strategy is the best way to protect your data and your business from the ever-growing threat of cybercrime.

A multi-layer security approach uses multiple security measures to create a defense in depth. By using multiple layers of security, you can make it much more difficult for cybercriminals to penetrate your organization and cause serious damage.

Here are 5 tips for building an effective multi-layer security strategy:

1.     Implement Strong Authentication Measures

One of the most important components of a multi-layer security strategy is strong authentication. Authentication is the process of verifying that someone is who they claim to be. There are many different authentication methods, but the most common are something you know (like a password), something you have (like a security token), or something you are (biometrics).

Using multiple authentication factors – known as two-factor (2FA) or multifactor authentication (MFA) – is the best way to ensure that only authorized users can access your data. Requiring MFA makes it much more difficult for cybercriminals to gain access to your systems, as they would need to have possession of all the required factors.

2.     Encrypt All Sensitive Data

Another important element of a multi-layer security strategy is encryption. Encryption is the process of transforming readable data into an unreadable format. Encrypting sensitive data helps to protect it from being accessed by unauthorized individuals, even if they can penetrate your defenses.

Encryption should be implemented for data “at rest” and “in flight”. Most web services today will use secure socket layer (SSL) encryption to encrypt communication sessions “in flight” between users and the service. Data sitting on a storage device – hard drive or SSD – is “at rest” and can most often be encrypted using features the device operating system (OS). It usually needs to be activated during setup and a policy control needs to be set so it cannot be turned off.

3.     Implement Perimeter Security

Your workforce and company resources in your offices need to be protected by sophistication perimeter security techniques. A firewall controls the flow of traffic between your private network and the public Internet. It can be used to allow or block traffic based on a set of rules. This helps to protect your network from unauthorized access and malicious activity.

Intrusion detection and prevention systems (IDPS) are another important layer of security. These systems are designed to detect and prevent unauthorized access to computer networks. IDPS can be deployed as hardware, software, or a combination of both. They work by monitoring network traffic and looking for suspicious activity that may indicate an attempted intrusion. When IDPS detect suspicious activity, they can take action to block the attempt and alert the system administrator. This helps to prevent attacks before they can do any damage.

4.     Utilize Perimeterless Defense Systems

When your workforce is working outside the office, they are also outside the firewall. When this is the case, other “zero-trust” or “perimeterless” tactics need to be added. If the user’s device OS supports a firewall, it should be activated and managed by policies that can be pushed from a central authority. DNS Security – both DNS filtering and DNS encryption should be implemented to prevent users being redirected to fraudulent sites without their knowledge.

Finally, endpoint detect & respond (EDR) software should be installed on any user device to help prevent malware, ransomware or other malicious code from infecting the device.

5.     Educate Your Employees

One of the most important components of a company security strategy is education. It is essential that all employees are aware of the risks associated with cybersecurity and the best practices for avoiding them. Employees should be trained on how to identify phishing emails, spot social engineering attacks, and understand the importance of keeping their passwords safe.

In addition, employees should know what to do if they suspect that their account has been compromised. They should know how to report suspicious activity and whom to contact for help. By educating your employees about cybersecurity risks and best practices, you can help to protect your business from attacks.

A multi-layer security strategy is the best way to protect your business from cybercrime. By implementing multiple security measures, you can make it much harder for cybercriminals to succeed in their attacks.

By following these tips, you can make it much harder for cybercriminals to succeed in their attacks. Implementing a multi-layer security strategy is an essential part of protecting your business from the ever-growing threat of cybercrime. By doing so, you can help to ensure that your business is as safe as possible from the ever-growing threat of cybercrime.

So what are you waiting for? Implement a multi-layer security strategy today to help keep your business safe from cybercrime. If you would like more information or have questions about how strong your cyber-readiness is, please contact Montra at sales@montra.io.

Cyber-readiness Strategy 11: Reduce Supply Chain Vulnerabilities

Nearly two-thirds of firms (65%) have experienced cyber-related issues in their supply chain in the past year. As a part of your cyber readiness plan, you must deploy protocols to evaluate and monitor the security of your supplier networks and third-party vendors.

The supply chain is only as strong as its weakest link, and with the increasing complexity of global supply chains, that weak link is becoming increasingly difficult to find and fix. Cybersecurity threats can come from anywhere in the world, and they can have a devastating impact on businesses of all sizes. That’s why it’s so important to include reducing supply chain vulnerabilities into your cyber-readiness plan. By taking steps to secure your supply chain, you can help protect your business from the devastating effects of a cyberattack.

Here are 7 ways to reduce your supply chain cybersecurity vulnerabilities:

1.     Understand Your Supply Chain

To reduce supply chain cybersecurity vulnerabilities, it is important to first understand your supply chain fully. By understanding the different components of your supply chain, you can better identify potential cyber risks and take steps to mitigate them. Make sure to conduct a thorough analysis of your supply chain including all your upstream and downstream partners, so that you can identify any potential weak points throughout the chain.

2.     Train Your Employees

This first place to start reducing your supply chain cybersecurity vulnerabilities is to train your employees. Employees should be trained on how to identify potential risks and how to mitigate them. They should also be aware of the different security controls that you have in place. By educating your employees, you can help reduce the risk of supply chain disruptions and keep your business running smoothly. If you are not comfortable doing this in-house, look for a third-party that has expertise in cyber-security training especially with supply chain in mind.

3.     Educate Your Suppliers

Another important step in reducing supply chain cybersecurity vulnerabilities is to educate your suppliers. Suppliers should be made aware of the different security controls that you have in place. They should also be trained on how to identify potential risks and how to mitigate them. You should look at cyber-security standards like NIST 800-161 and ISO 28000:2022, so that you have a common language and set of standards to use in your discussions with your suppliers.

By educating your suppliers, you can help reduce the risk of supply chain disruptions and keep your business running smoothly.

4.     Conduct Risk Assessments

Another important step in reducing supply chain cybersecurity vulnerabilities is to conduct risk assessments. By identifying potential risks, you can take steps to mitigate them. Risk assessments should be conducted on a regular basis – usually annually or semi-annually – so that you can keep up-to-date on the latest threats even as your supply chain changes. Risk assessments can be conducted with in-house personnel, but third-parties are often used to make certain that ‘new eyes’ a looking at the supply chain systems periodically.

5.     Implement Security Controls

Once you have identified potential risks, you can then take steps to mitigate them by implementing security controls. There are a variety of different security controls that you can implement, depending on the specific needs of your organization’s supply chain.

For instance, if you are moving computers or other smart devices through your supply chain, you need to take into consideration the patching and updating of those systems if they have been sitting in inventory for a long time. You should also consider the proper handling of those systems if they are returned for repairs. The systems should be air-locked until it is determined that they are not a risk to your organization.

6.     Have an Incident Response Plan

In the event of a supply chain disruption, it is important to have an incident response plan in place. This plan should include steps that you will take to mitigate the impact of the disruption. It should also include a list of contacts that you will need to contact in the event of a disruption. A complete Incident Response Plan will cover all aspects of your operation, not just your supply chain, but the supply chain has historically been left out of security planning. As modern supply chains become heavily digitized and as the items in the supply chain increasingly have software components to them, the Incident Response Plan needs to take the supply chain into account.

7.     Use a Cyber-aware Third Party Logistics Provider

If you are not sure how to reduce supply chain cybersecurity vulnerabilities, you may want to consider getting help from a third party logistics provider. A third party logistics provider can help you with a variety of different aspects of your supply chain. They can help you conduct risk assessments, implement security controls, and train your employees. By getting help from a third party logistics provider, you can effectively reduce supply chain cybersecurity vulnerabilities.

Now that you know more about how to reduce supply chain cybersecurity vulnerabilities, you can take steps to protect your business. By taking these steps, you can help reduce the impact of a supply chain disruption and keep your business running smoothly. Cybersecurity is an important issue in the supply chain that should be given the attention it needs. By taking a proactive approach, you can help reduce the risk of supply chain disruptions and keep your business running smoothly.

If you are not sure how to start assessing or remediating your supply chain cybersecurity vulnerabilities, you may want to consider getting help from a security-aware third party logistics provider. By working with a third-party logistics provider that has strong cyber-security skills, you can have confidence that you can effectively reduce your supply chain cybersecurity vulnerabilities.

If you have any questions or would like more information about reducing supply chain cybersecurity vulnerabilities, please contact us. We would be happy to help you protect your business from the many threats that exist in today’s digitized supply chain. If you would like more information or have questions about how strong your cyber-readiness is, please contact Montra at sales@montra.io.

Six Steps to Successful Employee Offboarding

When an employee leaves a company, offboarding is the process of ensuring that they have a smooth and secure transition from their current role to their next one. This includes tasks such as ensuring that all their accounts are closed and transferred, returning all devices and that the former employee can proceed easily to their new job.  

Employee off-boarding is critical not just for securing company data, but also for maintaining a safe workplace. A recent study has shown that about 89% of employees still had access to their company’s network and data after termination and around 83% continued to access their old employer’s accounts. With insider cyber-attacks rising by 44% over the past two years, it is more critical than ever to properly off-board employees after they leave your company. 

Here are some of the key steps involved in successfully offboarding an employee along with some of the best practices for making the process smoother.  

1. Disable all accounts and change passwords

One of the first steps in offboarding an employee is to disable their user accounts and change any passwords they may have had access to. This helps to ensure that the former employee does not have any access to company data or systems. Additionally, it is important to update any additional identity security measures such as multi-factor authentication that the employee may have been using. 

2. Collect company-owned devices

The next step is to collect any company property that the employee may have, such as phones, laptops, keys, or ID badges. It is important to do this as soon as possible so that the employee does not have access to company resources. Additionally, you should check with the employee to make sure that they have not taken any confidential information with them. If an employee is working remotely, you will need to arrange for someone to collect their devices from them or have the employee ship their devices back. 

3. Securely erase company devices

Either remotely or when the company devices are returned, securely erase the information on those devices. This will ensure that any company data on the devices cannot be accessed by the former employee. Once this is done you can prepare the devices for use by a new employee.

4. Contact Third-Parties

You should also notify any customers, partners or vendors, with whom the employee worked and provide them with the new contact information for your company. This will ensure that there are no potential information issues and that third-parties are able to continue working with your company without interruption.

5. Update your company’s HR records

Finally, you will need to update your company’s HR records to reflect the employee’s departure. This includes removing them from any health insurance or other benefits they may have been receiving. You will also need to update their contact information and emergency contact information. Once this is done, you can send out a farewell message to current employees. Additionally, by keeping open communication with the departing employee, you can help to make the transition as easy as possible for them. 

6. Follow cyber-compliance policies

When offboarding an employee, it is important to make certain you are operating within compliance of any relevant cyber-security regulations. For example, the National Institute of Standards and Technology Cyber Security Framework (NIST CSF) requires companies to take specific measures when deleting employee data. Additionally, ISO 27001 is a standard for information security management and requires companies to have a plan for terminating employees. The Health Insurance Portability and Accountability Act (HIPAA) requires companies to protect the privacy of employee health information. By following all applicable regulations, you can help to ensure that your company complies when offboarding employees. 

You can make sure that your company’s offboarding procedure is effective and safe by following these procedures. Whether an employee leaves your company by their choice or yours, offboarding them as quickly and efficiently as possible is key to limiting any exposure of your business to a disgruntled former employee. By following these tips, you can minimize the amount of time they have access to your IT systems and ensure that they depart on good terms. If you have any questions about how to execute these tips or would like help with offboarding your employees, feel free to reach out to us at sales@montra.io.