There’s a shift upon us in the way organizations approach their cybersecurity strategy. Where organizations once focused on meeting compliance demands, they are now prioritizing risk mitigation.
Sure, compliance is still critical. Meeting mandates in the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI DSS) must be achieved to satisfy the auditors. But now, identifying, evaluating and prioritizing risks across an organization is becoming front and center.
Why? The business’ operating environments must be secured, without impeding business functions.
Today’s security leaders are focused on taking a modern, risk-based approach to security where everything is evaluated within the context of the business. Technologies, people and processes are then adopted to support the risk-centric strategy.
Why Compliance Isn’t Enough
Yes, compliance standards can provide a solid blueprint for security controls. Yet, these guidelines produced by regulatory bodies typically only concentrate on subsets of business operations. In the financial services industry, for example, compliance standards focus on how to best handle credit card transactions. In healthcare, compliance is focused on proper management of medical records.
However, the regulatory bodies that set compliance requirements don’t look holistically at the overall interests, or protections, of the business. They don’t take into count how the business operates or the basis of what is needed to properly secure operating environments. Why would they? It’s not their objective.
While compliance remains necessary for legal reasons, focusing on compliance alone makes for an insufficient strategy to meet legal, ethical and fiduciary obligations related to information security and privacy. Simply put, they don’t work to mitigate overall risk.
Learn how to build regulatory cybersecurity compliance into your IT operations.
Enabling Risk-Based Security
When taking a risk-based approach to your security strategy, it’s wise to start with a comprehensive cybersecurity risk assessment. Here, with an all-inclusive view of your environment, you can assess every area including those areas that simply following compliance standards won’t take into account. By considering your technical limitations, along with your business goals and the threat landscape, you can map out a risk-based cybersecurity strategy that will more fully achieve true organizational protection.
At Veristor, when we perform a risk assessment, we’ll outline the results while prioritizing gaps where an organization’s security controls aren’t properly mitigating risk. This enables you to make informed decisions on both activities and investments in people, process, and/or technology.
By setting compliance-centric approaches aside and focusing on a holistic, risk-based cybersecurity strategy, you will lead other areas of the business to make more mature risk-based decisions, thereby improving your security posture across your entire business