Security & Compliance Framework
Managing Security & Compliance is a process. Central to that process is a framework. A comprehensive cyber-security strategy includes the following components:
The security risk assessment is an analysis that helps you understand what cyber risks exist in your business. It allows your to have a solid understanding of the likelihood and impact of your company’s individual cyber risks. The risk assessment provides suggestions on how to remediate your risks, and allows you to decide which risks to mitigate first based on cost and size of risk.
Employee Security Training
Training employees is the best strategy to reduce risk of data breaches. Whenever employees click on phishing scam emails, they but your business at risk. Cryptolocker and other malicious viruses can wreak havoc. Start with training your staff with annual testing and weekly security awareness messages.
Written Security Policies that are communicated to employees and adhered to
Your policies should include Network security, physical security and administrative controls. If your firms is a healthcare covered entity or business associate, comprehensive HIPAA policies and procedures are required to be compliant.
Network Vulnerability Scans
Internal and external network vulnerability scans should be performed on a regularly scheduled basis. The scans can identify security threats, holes and warnings. Vulnerability scans should be a part of your annual risk assessment. Your security officer and management team can assess the risks and schedule the appropriate action plans.
Even with the best security practices in place, there is no guarantee that a breach will not occur. A good cyber insurance policy can keep your business on stable ground should a significant event occur. Cyber insurance helps mitigate risk and exposure by offsetting the costs involved with a data breach. Consider the risk of a lost or stolen laptop, a staff error, a rogue employee that tries to cause damage, theft or other system glitches when evaluating your business cyber insurance needs.