Are You Preparing Your Business To Adopt Security Standards?

Cyber security is an important topic for any business, but it can be difficult to know where to start. With so many different standards and regulations out there, it can be hard to figure out which ones are best suited for your company. In this post, we’ll explain what you should know about cyber security, why it is important, what are the risks you might be facing and how it impacts your Business.

With ever-increasing cyber-attacks and constant changes to data privacy integration, IT security has become a major concern for companies these days. If you are also preparing your Organization for adopting standards compliance, here is what to think through.

Why is cyber security important for your business?

The foremost thing to do even before you decide on adopting security standards is to understand why the Organization wants to use the standards. You must think about which aspect of the standards you are going to tackle and how it can help your Business. Is it for multi-factor authentication, email encryption or to better understand security and risk in the Business? For instance, if you are a banking contractor you may want to focus on encryption, while someone in the medical practices would want to focus on stronger authentication for patient portals.

Why is cyber security important for your business? It’s a simple question, and the answer is equally simple: because it’s important. Cyber security impacts everyone from individual consumers to large corporations, so it’s important to understand how attackers can exploit vulnerabilities in your systems and what you can do about it. Here are some reasons why it’s important to implement a cyber security standard in your Organisation:

• It protects your data, which is one of your most valuable assets. 
• It can help prevent costly downtime and legal issues that arise from data breaches or hacking incidents. 
• It can prevent embarrassing leaks of sensitive information such as customer credit card numbers or employee passwords that could be used by criminals to commit fraud against your company.
• It is a key component of your business’s reputation.
• It is a key component of your business’s competitiveness.

What’s the risk? 

You may be surprised to learn that the risk of an attack is high, the cost of an attack is high, the impact of an attack is high and the likelihood of an attack is also high. These factors can be directly linked to a single result: if you’re not prepared for a cyberattack then you will experience some very real consequences in your business.

The fact is that there are no guarantees when it comes to being safe from cyberattacks because hackers never stop thinking about new ways to circumvent security barriers and access data they shouldn’t have access to. As technology advances so too do new methods for gaining unauthorised access into systems – even those that were previously considered secure!

The trick therefore isn’t knowing how likely it might be but rather understanding how damaging a successful breach could potentially be given its frequency in today’s world where everything from personal devices such as smartphones or laptops through smart homes with built-in devices such as refrigerators or thermostats through vehicles like cars all contain interconnected networks which work together using various protocols like Bluetooth or Wi-Fi connection between devices which communicate with each other based on set rules created by their creators (including both hardware manufacturers and software developers).

Impact of the attack on businesses

The fallout from the attack on businesses is widespread and far-reaching. Many companies are now taking extra precautions to protect their data, but there are still many who haven’t taken that step yet. Implementing a Cyber Security Standard such as ISO 27001 or PCI DSS or HIPAA is extremely important for businesses such as:

• Any business with a website or app that uses User Data.
• Any business in a regulated industry that handles sensitive information like customer credit card information or medical records.

Many companies are not fully prepared for the consequences of an attack on their company’s digital assets. If you don’t have a plan in place for such an event, your company could lose millions of dollars in revenue due to downtime and other loss stemming from a data breach—and even more if your customers become wary of doing business with you after being affected by one of these attacks!

Certification programs

While adopting the standards, some companies try to take on too much. Therefore, it is advisable to define the scope early and determine which employees and departments these standards are targeted for. Finalising the scope at initial steps helps save significant costs and time. You can also control the costs by just tightening the scope of the standards project.

When your security system clings to all the standards and regulations, it is known as compliance. But this is not enough. Your customers may require your system to be certified by a governing body. Certification provides physical proof of a compliance claim. Therefore, it is of utmost importance to know if your customers and company’s stakeholders are asking for certification. And if they are, certification programs require buy-in from top management. You should also take extra resources for maintaining documents and paying consultants.

Determine how the new Standard makes you stronger as a company: Another crucial thing that you need to ask yourself is how the standards will make you stronger as an Organization and help your Business thrive. For instance, security teams should communicate to top management about opportunities that will present themselves with the new certification. Regulatory frameworks also help Businesses improve the compliance process every time they prepare for a review or an audit. Over a period of time, your Organisation can automate by using outside tools that are designed to streamline the manual process for a compliance audit. These tools are quite helpful, as they come loaded with internal auditing features that can help you ensure that your company maintains continuous compliance and can avoid the rush to make changes at the time of the audit.

Security certification audits are an annual routine and therefore you must think about keeping the certificate valid. This is a continuous process that includes the improvement of security practices and learning from past experiences.

If you’re looking for ways to improve your business’s cyber security, Neumetric can be the right partner for you. Neumetric, a cyber security services, consulting & products Organization, specialises in implementing cyber security standards such as ISO 27001, SOC 2, PCI DSS, etc. We also specialise in conducting Vulnerability Assessments and Penetration Tests that makes sure that your Product remains safe from cyber attacks.

We can help you reduce your security cost without compromising your security posture. Our years of in-depth experience in handling security for Organizations of all sizes & in multiple industries make it easier for us to quickly execute cost-cutting activities that do not bring value to you, while you continue focusing on the business objectives of the Organization.

With years of in-depth experience in assisting Organisations irrespective of their sizes and or industry for their security requirements; it has helped us in quick assessment in regards to cost-cutting activities that do not bring value to you. Thus, your concentration is on the Business objectives of the Organization. As the world becomes more reliant on technology, it is important that we all take steps toward securing our data and protecting ourselves from potential threats.

FAQs

Do businesses need cybersecurity?

Yes, businesses need cybersecurity. There are many different kinds of cyber threats that can impact your business’s data and security. Implementing good cyber security practices aims to help protect against these threats by requiring companies to provide better safeguards for their customers’ information. 

Why do small businesses need cyber security?

Small businesses need cyber security because they are vulnerable to the same types of attacks as larger corporations. A cyber attack can be devastating for any business, no matter how big or small. Smaller businesses may not have the resources or expertise to defend against sophisticated threats like ransomware and phishing scams, so it is important that they invest in proper protection.

What are the 5 types of cyber attacks?

• Ransomware
• Phishing scams
• Malware and viruses
• Hacking or data breaches
• Social engineering attacks

How do I choose a cybersecurity provider?

When choosing a cybersecurity provider, it is important to look for a company that understands the needs of small businesses. You should ask about their services and how they can help your business reduce its risk of being targeted by hackers. A good provider will be able to offer you advice on how to protect your systems from different types of threats, including ransomware and phishing scams.

Neumetric, a cyber security products & services company, helps implement various cyber security standards in Organisations to protect their information systems and prevent cyber-attacks. Neumetric has a dedicated team of security experts who can advise you on how to implement the best protection against cyber threats. To know more, visit our Services page by clicking here.