Where is your business on the scale of preparedness when it comes to your cyber security? Are you aware of the legislation that applies to your business or the standards that give that additional layer of trust to your clients whose data you’re handling? Our Head of Security, Stephanie Fox takes you through everything you need to know.
Protecting personal and client data is one of the most important factors of running any business. Digitalisation and interconnectedness has not only brought benefits to how we operate, making us more efficient, able to service clients better and reduce errors, to name a few. But it has also increased threats and given cyber criminals new and inventive ways to access our data for malicious purposes.
Minefield of legislation
Repeatedly, we read about the introduction of new European legislation or directives designed to set a standard, bring in better levels of protection and to help us avoid these threats. For example: DORA – Digital Operations Resilience Act, which came into force in January 2023 and will apply from January 2025, aims to strengthen IT security and ensure operational resilience of financial services businesses across the EU. NIS2 – Network and Information Systems Directive is the 2023 upgrade of EU member legislation introduced in 2016 and designed to boost the overall level of cybersecurity in the EU.
In addition, updated frameworks and standards are being put in place to help meet the needs of legislation and establish best practice e.g. NIST Cyber Security Framework (CSF) 2.0 drafted by the National Institute of Standards and Technology in the US to provide a uniform set of rules and guidelines for organisations to adopt, regardless of industry; or the internationally recognised ISO27001:2023 Standards which provides a model for establishing, operating, reviewing and improving an organisation’s complete information security system.
Guidance and accountability
It may seem like a minefield but all of them serve to ensure they give guidance to and establish accountability within organisations.
Guidance for companies to protect themselves, their clients and most importantly, their data from the ever-increasing level of sophistication of cyber security threats.
And accountability to ensure companies are held responsible for management and control of any risk that exists within their environment which could potentially impact their clients.
Companies must demonstrate they have put in place appropriate measures to improve their cyber security landscape in an ever-evolving digital ecosystem. In some cases, penalties can be imposed for companies who have been found not to be acting in accordance with statutory obligations.
Risk-based approach
The measures put in place by all companies to remain compliant, should always follow a risk based approach, with all controls being proportional to the risk that is exposed within their respective environments.
Demonstrating compliance may come easier to some than others. Some may have dedicated resources and capabilities in place, and only require an assessment of their existing environment to satisfy alignment. Others may not be so fortunate and will require guidance in navigating the statutory requirements and translating these into what is required for their business model.
Being prepared is preparing to succeed
At Prosperity 24/7 we don’t want to see any business fail because they haven’t been able to address their information security challenges. We can help clients be prepared and navigate the statutory changes ahead. Our tailored approach, ensures we work closely with you to define your exact requirements, then design and implement solutions which are suitable and sustainable for your business.
Our team are continuously learning to adapt to the evolving challenges that are being presented in the information and cyber security landscape. We monitor and understand when new regulatory and statutory frameworks and directives are being introduced, so we can navigate these changes for you.
If you would like to know more about how compliance with information and cyber security legislation will impact you, and the solutions we have in place to support you, please speak to our Security Solutions team.
