Cybersecurity data protection and privacy acts (or laws) are today a set-in-stone staple of modern 21st Century business. The problem of cybercrime and data protection these days is the primary factor for having such frameworks in place, not to mention the trillions of dollars the world economy has lost to these issues. Additionally, international data laws exist as a framework to protect user privacy online. Such frameworks require that businesses with an online presence or sensitive data storage component comply with certain laws and regulations. These laws and regulations are in place to protect the user and corporate data as well as privacy, in both cases. Organizations are required to fulfill these state-mandated requirements by law. The ins and outs of these regulations also differ for each industry, especially if the organization does business internationally. As far as who uses these frameworks the most statistically, that would be the financial industry, followed by the IT industry. This is because these industries operate with extremely sensitive personal data, as well as confidential information, via the internet. Not only that, but these industries heavily depend on safe, stable, and ethical online business operations that involve risky transactions, storage, and access. Therefore, these frameworks aim overall to protect sensitive data as well as intellectual property in multiple sectors.
It is important to understand how these frameworks apply to you, or your organization, and why they are important to comply with. This valuable information can certainly help you avoid some headaches down the road.
As far as global cybersecurity frameworks are concerned, the two big ones are the U.S.’s CCPA (California Consumer Privacy Act) and EU GDPR (General Data Protection Act.) Where industry-specific regulations are concerned, some of the frameworks include; the PCI DSS (Payment Card Industry Data Security Standard), NIST Cybersecurity Framework (National Institute of Standards Technology), CIS Critical Security Controls, and ISO 27001 -a widely used standard for information security.
Data regulation frameworks affect organizations in the following ways;
- The need to comply with certain confidentiality guidelines, privacy standards, and internet usage best practices
- Requirements such as cybersecurity posture data assessment and data monitoring
- Vulnerability analysis criteria
- Implementation of remediation measures and priorities
- Third, fourth, fifth party data transmission, privacy, and safety criteria
The NIST Cybersecurity Framework, for instance, sets a ‘Low-Impact Security Baseline’, a ‘Moderate-Impact Security Baseline’ and a ‘High-Impact Security Baseline’ as well as several privacy controls that include criteria such as; account management, policy and procedures, information flow enforcement, audit processes, and training criteria. The EU GDPR international framework requires; fairness, transparency, and lawfulness, according to the official website. Furthermore, the GDPR requires information on how personal data is collected, and whether that is relevant, limited, or adequate. The GDPR also includes a DPIA (Data Protection Impact Assessment), cross-border data transfer requirements, and more.
As far as the CCPA is concerned, it is the strictest data law in the U.S. and is largely similar to the GDPR. Although, it differs somewhat in how PI or personal information/data is defined because the governments and laws of the U.S. and EU operate differently. As for the finance industry, which holds potentially the riskiest data in the entire industry, there is the PCI DSS regulatory framework. The PCI DSS controls the processes, individuals, technologies, and sensitive information such as cardholder data (storage, transmission, etc.) PCI DSS requirements include the following objectives; network security, protection of cardholder data, vulnerability management, access control, monitoring and testing, and finally information security policies.
Finally, let’s take a look at ISO27001. It is a joint framework utilized by the International Organization for Standardization as well as the International Electrotechnical Commission. For organizations to be certified under this international standard, they must fulfill the following criteria; allow the implementation and design of security controls as well as risk management set by ISO27001, as well as monitor all of these points. ISO27001 not only protects the organizational IT sphere of organizations that adopt it but also ensures partners and other businesses that there will be peace of mind when doing business.
When cybersecurity controls are met, an organization falls within a functioning and solid cybersecurity posture. Most organizations around the world (below or above 10,000 employees) are making the transition to these frameworks for peace of mind. By closely examining and scrutinizing your organization’s information security flow as well as proactively preparing strategies that will mitigate cyber threats and vulnerabilities, your organization will benefit to no end. The privacy element will protect your customers and your future brand reputation. With so much high-profile cybercrime taking place, unstable global geopolitics, and a rising number of platforms and internet users, it would be a good idea to consider these regulatory frameworks.