Cybersecurity compliance is becoming more important than ever in modern business, especially as more organizations move online. While complying is crucial for protecting your company’s data and maintaining customer trust, it is also important for following the regulations. However, it presents challenges as technology and cybercriminals’ tactics evolve.
Ignoring mandates can be consequential, ranging from hefty fines to damaged brand reputation. While regulations can be daunting, these rules are in place for a compelling reason — to protect your business and consumers. Therefore, ensuring cybersecurity compliance and instilling best practices in your operations is essential. By adhering to these guidelines, you confirm you meet industry standards and maintain resilience in cybersecurity.
1. Maintain Open Communication About Cybersecurity Compliance
Statista states cybercrime is expected to increase significantly within the next few years. In 2023, it cost $11.5 trillion for businesses worldwide and will increase to $23.82 trillion by 2027. Planning and preparing for the increase in data breaches is crucial for businesses, which is why open communication is paramount.
Communicating is fundamental to achieving cybersecurity compliance and maintaining a transparency culture. It ensures everyone — from top executives to entry-level employees — understands their role in maintaining cybersecurity. Additionally, everyone can know all the information about cybersecurity policies and risks.
Another key aspect is communication with external stakeholders, such as customers, partners and regulators. Keeping them informed about the enterprise’s cybersecurity measures and compliance status builds trust, as 60% of people worry about how businesses that use tech like AI (artificial intelligence) to handle their data.
To ensure you uphold regular communication on the topic, establish regular cybersecurity briefings. They can be monthly or quarterly but should be accessible to all employees and cover the following:
- Cybersecurity developments
- Compliance requirements changes
- Cybersecurity risk-management updates
Regular discussions of these topics ensure cybersecurity remains a top priority and continuously integrates into the business’s operational strategy.
2. Use Transparent and Accurate Reporting of Compliance Status
Transparent and accurate reporting of your compliance status is crucial for upholding accountability and standards that aid in risk management. Clearly documenting your organization’s adherence to regulations shows consumers you are committed to keeping data safe. In turn, stakeholders are more likely to stay loyal.
Putting this best practice into action is also crucial for avoiding fines. For example, one company was found in violation of the False Claims Act due to inaccurately representing its compliance with cybersecurity standards in contracts with NASA and the DoD. Brands like this often receive hefty fines as a result. Therefore, it is highly critical to be honest in reporting cybersecurity compliance to avoid these situations.
To succeed in this area, establish a compliance dashboard accessible to key stakeholders. That way, outside parties get a real-time view of the business’s compliance status. Plus, it helps you track progress, identify improvement areas and ensure compliance continuously aligns with the latest cybersecurity standards.
3. Schedule Regular Audits
Organizations should conduct audits regularly as a best practice in maintaining cybersecurity compliance. This should be mandatory since regular audits provide an in-depth evaluation of an enterprise’s adherence. That way, they ensure they follow cybersecurity protocols and identify potential vulnerabilities before they are exploited.
In 2021, the graph above shows 47% of work interruptions and productivity downtime directly linked to cybersecurity attacks. Loss of customer data came second, at forty-six percent. With these statistics in mind, consistently conducting audits ensures you mitigate risks like these.
They enable businesses to avoid emerging threats, and ensure their cybersecurity practices align with current industry standards and regulations. Therefore, these audits should be comprehensive, covering aspects of cybersecurity from employee training to system security measures.
One way to keep these audits regular is by integrating them into your annual planning. This ensures cybersecurity remains a top priority. Plus, it supports consistent monitoring and updates to meet evolving threats and compliance requirements.
4. Educate Employees About Compliance
To ensure cybersecurity compliance takes effect within the workplace, it is best practice to teach staff about it. Worker education involves more than a one-time training session, however. It requires continuously keeping the workforce informed about the importance of following compliance protocols and risks of not doing so.
Cyber threats are constantly evolving, which means the cybersecurity practices that were relevant a year ago may need revision today. That is why regular training sessions and updates on the latest cyber threats are essential.
Employees need to understand how their actions can impact the brand’s overall cybersecurity stance and the potential consequences of non-compliance. An effective approach to this is incorporating cybersecurity education into company culture. You can achieve this through engaging and interactive training sessions, using real-world examples and scenarios in the training.
5. Know Which Regulations to Apply to Your Business
Understanding and applying the appropriate cybersecurity regulations is a vital best practice. It means you are more than aware of the general cybersecurity principles — you also know the rules that apply to your region and industry. Knowing which regulations apply to your business and adhering to them also helps you avoid penalties.
At the same time, 51% of consumers feel they have “very little control” over their data, according to the graph above. By demonstrating this commitment to protecting their information, customers may feel more at ease and likely to keep doing business with your company.
One regulation to be aware of relates to credit card transactions. If a business handles sensitive payment information, it needs to comply with the Payment Card Industry Data Security Standard (PCI DSS). Following this standard ensures all companies process, store or transmit credit card information, and maintain a secure environment.
While the PCI DSS is just one example, many more may apply to your enterprise. To know which ones you must adhere to, regularly consult legal and cybersecurity experts to ensure compliance.
Maintain Cybersecurity Compliance in Your Business
Constantly ensuring your organization complies with cybersecurity regulations is essential for the safety and success of your company. Use these best practices to ensure you maintain a strong cybersecurity posture. Criminals are always looking for the latest ways to steal data, so staying updated on the latest threats and best practices is key to keeping your brand secure.