The Policies and Standards That Are There For SOC

What Are the Policies and Standards That Are There For SOC

What Is Security Compliance or Security Standard

Security compliance management is a subset of regulatory compliance management that specifically addresses data protection. Clearly, security compliance management is important. Without it, a company risks all manner of cybersecurity failures, including data breaches that can bring a host of serious and expensive consequences. Security vs. Compliance: Key Considerations Security and compliance serve distinct purposes in risk management. Security is related to internal safeguards, while compliance is about meeting external standards. To improve your organization’s security posture, you should understand the differences as well as how compliance and security work together.

? Security: the fortified shield

A comprehensive security strategy includes threat detection, incident response, encryption, access controls, regular vulnerability assessments, and the continuous evaluation of emerging risks. In a rapidly evolving digital landscape, where new threats emerge daily, security measures must adapt, evolve, and improve security posture.

? Compliance: the rule book

In contrast, compliance involves adhering to industry regulations, standards, and legal requirements, to assure that your organization meets the prescribed guidelines in your specific sector or jurisdiction. Compliance often comes with a clear set of benchmarks and audits to verify adherence.

Types of Security Compliance Standards

The main types of compliance standards are:

? International Standards

? National Standards

? Industry-specific Standards

Security Compliance Laws and Standards

In the data protection and cybersecurity landscape, critical regulations shape the course for organizations, balancing compliance with proactive security measures. Here’s an overview of the key regulatory standards and laws:

? SOC

SOC compliance certifies that a service organization has completed third-party audits and implements certain security controls. There are several levels of compliance known as SOC 1, SOC 2, and SOC 3. SOC compliance is designed to demonstrate to a service provider's customers that the company is capable of providing contracted services. SOC audits can verify a service provider's controls and systems to provide the necessary services. Unlike other compliance regulations, SOC compliance is voluntary and is not required in certain industries. The trigger for complying with SOC is usually a requirement by the organization’s customers.

? General Data Protection Regulation (GDPR)

The European Union enacted the General Data Protection Regulation (GDPR) in 2018. This regulation sets standards for organizations that process the personal data of EU residents. The GDPR applies not only to European companies but to any organization that processes data belonging to EU citizens. GDPR requirements include controls for restricting unauthorized access to stored data and access control measures, such as least privilege, role-based access, and multifactor authentication. Non-compliance can lead to hefty fines. The penalty for not doing this can be up to 4% of annual revenue or 20 million euros, whichever is higher.

? The Health Insurance Portability and Accountability Act (HIPAA)

A U.S. mandate for healthcare organizations, HIPAA focuses on safeguarding patients’ health information through high-security standards, privacy, and controlled data disclosure. Failure to comply with HIPAA can result in fines of up to $50,000 per violation or $1.5 million per year. Some HIPAA violations can result in up to 10 years in prison.

? Payment Card Industry Data Security Standard (PCI DSS)

PCI DSS is an industry standard for protecting payment card data. A retailer that ignores PCI DSS can, ultimately, lose its credit card processing privileges.

? ISO/IEC 27001

This standard guides the establishment and enhancement of an Information Security Management System (ISMS) within the context of an organization’s business risks. “Business accreditation” for the ISO27001 standard means that an organization is compliant at all levels of its technological environment, including people, processes, tools, and systems, and ensures the integrity and protection of customer personal data.

? NIST Cybersecurity Framework (CSF)

The CSF framework is voluntary guidance that any organization can use to tackle issues such as risk identification, data protection, cyber threat detection, response, and recovery.

? The California Consumer Privacy Act (CCPA)

The CCPA grants Californians unique rights over their personal data, mandating data collection disclosure, opt-outs, and mechanisms for data access and deletion.

? FedRAMP

FedRAMP sets rigorous security standards for cloud service providers serving U.S. federal agencies, ensuring stringent safety benchmarks.

? Sarbanes–Oxley Act (SOX)

A cornerstone for financial reporting integrity, SOX mandates precise requirements for corporate governance, internal controls, and financial reporting transparency for publicly traded companies.

? The Cybersecurity Act (CSA)

The EU’s Cybersecurity Act enhances regional cybersecurity measures through cooperation among member states, critical infrastructure security, and rules for reporting significant cybersecurity incidents.

The Goals of Security Compliance

The goal of security compliance is to comply with legal standards, regulatory requirements, industry best practices, and contractual obligations you might have to keep data in your possession secure. Failing to meet these obligations can result in government investigations, monetary penalties, lost business, and other expensive consequences. Robust security compliance reduces the risks of these issues by effectively safeguarding sensitive data. That said, strong security compliance brings other benefits as well:

? Protect the company’s reputation

Data breaches harm a company’s brand and erode customer trust. Efficient information security management tools are paramount to building loyalty and maintaining healthy relationships with customers and stakeholders.

? Improve data management capabilities

For most firms, maintaining data security compliance begins with properly managing sensitive information about customers. Companies should consider upgrading systems that simplify the application programming interface (API) integration process.

Security Compliance Management Challenges?

? Changing security landscape and new regulations

Security threats and regulatory compliance rules evolve rapidly, requiring a quick response to new threats and changing laws.

? Distributed environments across many platforms

As IT infrastructure grows more dispersed between on-premises and cloud platforms, getting a holistic picture of your environment and vulnerabilities becomes more difficult.

? Manual processes

Managing compliance through spreadsheets, file shares, and documents made sense at one time, but these tools weren’t designed to keep up with ever-changing regulations. It can take hours to manually update every spreadsheet at each location to accommodate a single regulatory change.

? Multi-country presence

Many organizations do not exist within the confines of a single country. They may have branches in different countries. It is challenging to manage and comply with varying regulations in all the countries in which a company operates.

? Large teams

Coordination across an organization, cross-functionally and geographically, can be complicated in a large enterprise. Poor collaboration could also increase the risk of a data breach.