Cybersecurity isn’t just about protecting your own data, but also protecting the data of your customers, patients, or clients. That’s why enterprises need to prioritize cybersecurity compliance, as it can help mitigate lawsuits, compromised data, and more.
Here’s what you need to know about cybersecurity compliance in 2024 and how you can meet necessary data security standards.
Importance of Cybersecurity Compliance
Data breaches frequently result in complicated circumstances that harm an organization's finances and reputation. Across all industries, legal actions and disputes arising from breaches are frequent. These factors make cybersecurity compliance a brisk need for every enterprise.
Cybersecurity compliance refers to following the rules and guidelines established by a government agency, legal framework, or authority group. It also addresses how data is protected, including how it is processed, integrated, delivered, or stored.
Adhering to data security standards and laws is crucial since no business is 100% safe from cyber attacks. Maintaining compliance can help an organization improve its capacity to succeed, run efficiently, and uphold security procedures.
While there are many compliance regulations in cybersecurity, here are the top ones to be aware of in 2024.
Types of Cybersecurity Frameworks To Be Aware of in 2024
SEC Cybersecurity Framework
The recently released cybersecurity regulations by the Securities and Exchange Commission (SEC) of the United States are expected to alter how businesses handle cybersecurity in 2024 and the coming years.
The new SEC regulations require that businesses notify the public of a cybersecurity issue's existence and essential details within four business days of finding that the incident is “material.” (Unless the release of information could pose a substantial risk to national security or public safety, for which there is a delay provision.)
While the definition of a “material incident” is vague, the following examples of significant cybersecurity incidents are just a few that would need to be disclosed:
- Incidents that put a business at risk of a lawsuit or that violate its security policies or procedures.
- Incidents that have an impact on a business's reputation, goods, or services, such as production delays or reductions.
- Incidents that have a direct or indirect negative impact on a company's financial situation.
However, due to the sensitive nature of cybercrime remediation, organizations do not need to disclose specific information about their planned response to the incident, as doing so could provide a road map to threat actors for future attacks.
The EU Cyber Resilience Act Cybersecurity Framework
A cybersecurity breach in one product can impact a whole company or supply chain, frequently spreading within minutes.
In the European Union's (EU) regulatory evolution, the Cyber Resilience Act (CRA) marks a major turning point in standardizing cybersecurity regulations throughout its market.
Outlined in the CRA are the cybersecurity standards for hardware and software products with digital components that are put on the EU market, such as laptops, smartphones, mobile apps, and video games. Businesses are now required to provide security at every stage of the hardware’s or software’s life.
Companies are forced to emphasize cybersecurity as a result of the CRA's enforcement of security measures throughout a product's lifecycle. As of December 2023, manufacturers, importers, and distributors of hardware and software products have 36 months to adapt to these new compliance standards.
NIST Cybersecurity Framework
The mission of the National Institute of Standards and Technology (NIST) is to advance standards and technology to foster innovation, industrial competitiveness, and quality of life.
The NIST cybersecurity framework has been adopted by businesses globally and helps to offer guidelines for identifying and mitigating supply chain hazards related to information and communications technologies. As of August 2023, NIST released its Cybersecurity Framework 2.0 documentation for improved cybersecurity standards and regulations.
SOC 2 Cybersecurity Framework
Based on five trust service principles, System and Organizations Control Type 2 (SOC 2) specifies rules for handling customer records:
- Accessibility
- Safety
- Processing integrity
- Confidentiality
- Privacy
Software as a Service (SaaS) and cloud computing businesses rely on SOC 2 compliance to secure their data, even though it is not considered mandatory. Adhering to SOC 2 compliance enables a service organization to offer reassurance to its stakeholders that the delivery of the service is secure and dependable.
While the American Institute of Certified Public Accountants (AICPA) did make updates to the SOC 2 regulations in 2022, the organization noted that the changes did not alter the original criteria. If your organization has identified and addressed its primary risks, controls pertinent to these changes are already implemented.
PCI DSS Cybersecurity Framework
The Payment Card Industry Data Security Standard (PCI DSS) is a collection of regulations designed to guarantee that credit card data is kept safe in all types of companies. An annual validation of organization compliance is required.
These six principles are the basis for all regulations imposed to safeguard cardholder data:
- Create and maintain a safe network.
- Save cardholder information.
- Continue your vulnerability management program.
- Put robust access control procedures in place.
- Continually observe and evaluate networks.
- Keep your information security policy up to date.
PCI Security Standards Council introduced PCI DSS 4.0 in March 2022. The first phase of PCI DSS 4.0 requires compliance with 13 extensive new requirements by March 31, 2024, while the second phase, consisting of 51 mostly technical requirements, has an implementation deadline one year thereafter.
HIPAA Cybersecurity Framework
The Health Insurance Portability and Accountability Act or HIPAA compliance in cybersecurity, pertains to a law that protects the availability, confidentiality, and integrity of protected health information (PHI).
In healthcare settings, HIPAA is frequently used for:
- Medical professionals.
- Clearinghouses for health care.
- Plans for health care.
- Business experts who deal with PHI on a regular basis.
- The organizations on the above list are obligated to adhere to HIPPA's privacy guidelines.
In recent years, there has been a growing demand for HIPAA modifications aimed at reducing the administrative burden on covered entities. However, the rules and regulations of HIPAA 2024 remain largely unchanged from those established in 2013.
Ensure Your Enterprise Is Compliant With the Top Security Services
Complying with the most up-to-date data security standards is a lot to juggle for most organizations. However, compliance requirements are not only legally obligated in some cases, but they’re also helpful in maintaining a positive reputation for your company and protecting its data.
Tec-Refresh can help your organization become compliant while ensuring you have the latest cybersecurity measures and practices in place. Explore our Managed IT & Security Services Brochure to see how we can take several challenges of cybersecurity maintenance off your shoulders.
