Cyber-Security Compliance: 3 Steps to Mitigate Risks

​Federal regulators want organizations to be ready for cyber-attacks, which are becoming more common. IT teams play a key role in setting up security measures to lower the chances of an attack and keep important data safe. Having clear rules and compliance processes can help prevent data breaches. If a company isn’t prepared, a breach can cause serious problems, especially if IT or Operations aren’t aware of federal or industry regulations.

Cyber-attacks, like Distributed Denial of Service (DDoS) attacks, can cost companies a lot of money. The longer systems are down or data is exposed, the higher the costs. Regulations like ISO27000, PCI DSS, and FISMA require companies to use better encryption, stronger network security, and thorough risk assessments to prevent breaches. Not following these rules can not only make a cyber-attack more likely but also lead to penalties for compliance departments that don’t have proper policies.

Cyber-attacks aren’t going away, so your company needs to be prepared. What can your compliance team do to reduce risks? They should work more closely with IT to build stronger defenses.

Keep Your IT Team Updated on Compliance

​Your IT team works hard to prevent security breaches. They might use strategies and tools based on lessons learned from other industries or past cyber-attacks. However, their security programs might not always meet compliance requirements because they may not be as familiar with regulations as the compliance department is.

It’s important to share and explain new industry rules to your IT team, especially those that could affect the whole company. Your IT team needs to understand any gaps or updates in their programs so they can keep security measures current. To protect sensitive information, IT and compliance teams must work together more closely.

Build a Compliance Risk Assessment Program

Every major department in a company, including compliance, should have a risk assessment program. These programs help identify potential issues and take steps to prevent them before they happen. Work with your IT team to find weak spots in your security and figure out where compliance needs improvement.

Important information, like customer data, banking details, technology systems, business partner info, and unannounced transactions, must stay private and protected from outside threats. If this information is leaked or misused, regulatory organizations like the SEC may issue penalties for not following compliance rules.

Cybersecurity: Keep Your Policies and Procedures Updated

​Your compliance team can improve existing policies or create new ones by using a strong risk assessment program. Regulatory agencies now require compliance teams to show how well their policies and procedures work with the security systems in place. Using policy management software is a key tool for managing cybersecurity compliance.

Role-based access policies are helpful because they clearly define who is responsible for overseeing security programs and who can access sensitive information. A policy management system should store all security protocols, policies, and important documents in one place. This makes it easy for regulators to review them during an audit.

Additionally, this system can help monitor security measures, like surveillance and detection methods. Running quizzes to check how effective your security program is and offering employee training can also strengthen compliance efforts.