Cybercrime is one of the most significant threats to modern-day businesses and organizations. To protect customers and sensitive data, there are cyber regulations and requirements in place, including industry-specific guidelines.
If you run a business, or you manage or have access to personal or confidential data, it’s essential to be aware of the legal cybersecurity restrictions within your industry.
Organizations are required to adhere to cybersecurity requirements. In many cases, there are best practice guidelines, which cover all businesses, as well as industry-specific regulations.
Here are some of those cybersecurity requirements and standards:
HIPAA compliance relates to healthcare practices and organizations that deal with patient data. The Health Insurance Portability and Accountability Act outlines procedures and policies to handle, share, and store patient data safely and securely.
If you treat patients, provide medical services, or you have access to data to provide support in the form of insurance payments, for example, you will be required to follow HIPAA regulations.
HIPAA compliance is critical for legal reasons, but it also helps to ensure that clients have trust in your organization.
HIPAA requirements restrict outside access to sensitive data and lower the risk of breaches and attacks by creating a standard of robust cybersecurity measures. Statistics suggest that almost 90% of US healthcare companies have experienced a data breach. Therefore, upholding high cybersecurity standards is critical to your business’s data’s confidentiality.
The Payment Card Industry Data Security Standard (PCI-DSS) is a set of cybersecurity guidelines, which applies to any company or organization that handles or accepts card payments.
Launched in 2006, this standard is designed to protect account and credit card information. Any business that accepts or processes card payments and information is required to adhere to the standards outlined in the PCI-DSS, regardless of how many transactions are undertaken or their value.
DFARS and CMMC
DFARS and CMMC compliance are associated with Department of Defense contractors. Any contractor that works with the Department of Defense is required to comply with stringent regulations to ensure the safe and secure transmission and storage of classified and sensitive data.
DFARS (Defense Federal Acquisition Regulation Supplement) compliance has been required for years for companies wishing to compete for DoD contracts. The CMMC (Cybersecurity Maturity Model Certification) is a new, universal standard that is currently being implemented to strengthen previous DFARS requirements, and it governs cybersecurity across the DIB (Defense Industrial Base).
CMMC compliance services are beneficial for organizations and contractors within the entire supply chain. This equates to around 300,000 companies. CMMC compliance provides a competitive advantage for contractors bidding for defense contracts.
If your company is compliant with these standards, you’ll be in a good position to take on future contracts without having to delay to get your cybersecurity up to scratch.
The Importance of Compliance
Cybersecurity is one of the most dangerous threats to modern businesses and organizations. Forbes estimates that the global cost of cybercrime will reach $6 trillion by 2021, but cost is not the only concern.
Security breaches can also impact reputation and contribute to a lack of trust. If you run a business, or you’re looking to bid for a tender or a contract, it’s vital to ensure that your company is fully compliant.
Cybersecurity rules and regulations are in place to minimize the risk of data breaches and cyberattacks. There are specific guidelines and standards within many industries, including healthcare, retail and defense.
Hiring an experienced, reputable IT services provider is beneficial in protecting your business, your reputation, and your clients and it will help to eliminate the risk of attacks and penalties for non-compliance.