With most organizations embracing a remote or hybrid work culture in the new normal, cybersecurity incidents have skyrocketed across the globe. According to a report, an estimated 86.2% of organizations have been compromised by at least one cyberattack in 2021. As such, it’s no longer a matter of “if” but rather “when” a company will come under attack.
Causes for Cyberattacks
Let’s look at some of the most common factors that render your systems and networks more prone to cyberattacks.
Shift to Remote Work
Given the fact that remote working environments are usually more insecure compared to office networks, they are constantly targeted by cybercriminals looking for easy access to critical business data.
Laidback Security Practices
Lack of an efficient security posture can lead to serious gaps in your IT infrastructure security that can then be leveraged by cybercriminals. In addition to this, ignoring compliance with your industry’s regulatory standards can further increase the risk of being attacked.
Cybercriminals target weak spots in your systems and networks to gain unauthorized access to your critical business data. As such, it is imperative to not only ensure that the right security software and network settings are in place, but also keep your software updated. This involves installing software patches and updates when they are available to fix any vulnerabilities as and when they appear.
Not staying compliant with your industry’s regulatory standards can not only cost you a lot in terms of hefty penalties but also significantly increase the risk of potential cyberattacks. Do you want to know how? Let us explain.
Compliance: What It Is and Why It Is Important
With cyberattacks rampant, compliance has become more than just a set of legal regulations put forth by the government. It offers a clear framework for businesses to mitigate their cybersecurity risks and protect their critical data. They also comprise data privacy laws that dictate the type of safety precautions to be implemented when handling your company’s critical data.
Organizations can use these regulatory standards as a baseline to incorporate the right security systems in place. As mentioned above, compliance with these standards can not only protect you from hefty penalties and expensive lawsuits but also maximize IT security in your organization. And that’s not all, by upholding compliance standards, you can build trust among your customers by signaling to them that you are serious about protecting their critical data. Personal data was involved in 58% of breaches in 2020. As such, it is only fair on your customer’s part to expect your compliance.
Importance of Documentation For Compliance
Compliance regulations are a set of guidelines that need a proper framework to be implemented without fail. This framework essentially combines multiple documentation processes and enables users to incorporate them together. As such, it requires proper documentation of all guidelines, procedures and processes.
Compliance is a comprehensive process. That said, documenting all the steps helps bring clarity and facilitate consistency. Lack of proper documentation can lead to you risking noncompliance and attracting potential lawsuits and hefty penalties. On the other hand, staying compliant will not only help you save a lot of time and money, but also mitigate the risk of cyberattacks.
While we may have come a long way in terms of how advanced our cybersecurity solutions today are, cybercriminals are always looking to stay one step ahead with increasingly innovative and sophisticated attacks. That’s why businesses today need to stay compliant and ensure continuous innovation in their cybersecurity measures in order to keep pace with cybercriminals.
In the upcoming chapters, we will discuss more on the importance of documentation for compliance, so stay tuned.
Download our free Documentation Framework for Compliance eBook to know more about what’s needed for your documentation framework to ensure compliance.
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