Is a Cybersecurity Policy Necessary?

Is a Cybersecurity Policy Necessary?

Cybersecurity policies are documents that determine how to protect the business from threats and describe what actions should be taken if a threat should occur.

Are there instances where as a business you don’t need one? No. There is no reason that any and every company that deals with private client information should not have one. If you don’t have one, get one.

What is a cybersecurity policy?

A cybersecurity policy is a written security document that outlines the strategies and processes that are put in place to help ensure that an organization’s security program is defined and supports the business strategies and objectives.

These policies and procedures are living documents that continually evolve and should be constantly updated. Reviews of these policies should be done on a quarterly basis to coincide with any BCP (Business Continuity Plan) plan and testing. This type of policy is typically referred to as a “Written Information Security Policy” or “WISP.”

Why is a cybersecurity policy important?

Cybersecurity policies are a must-have for any business

A cyber policy has become critical for companies of all sizes, and in all industries. A good cybersecurity policy or WISP will not only detail how a business protects its internet and private information but also how it can detail what steps to take if an incident occurs. Your response when something happens is critical for business continuity and your client’s safety.

A business that has no plan for the protection of their information, and no plan for responding to an incident creates a significant risk from both criminal prosecutions and regulatory or civil penalties.

Don’t operate your business without a cybersecurity policy, don’t be unprepared.

Cyberattacks and data breaches are becoming more costly to an organization, and the risks are only increasing. In the past two years, the threat has become even more of an issue due to the increasing amount of work-from-home users. The challenges of protecting both office and home infrastructures are an increase in risk.

The PR when a breach happens can be detrimental if not fatal to a business. Loss of trust, loss of customers, loss of productivity, and limited options for recovery can permanently close your business.

Having a WISP will help focus the company and strategy on the proper procedures to protect your technology infrastructure, and minimize risk while fortifying operations.

Of course, if there is an incident requiring you to implement your cybersecurity policy, the WISP procedures will reduce the company’s overall exposure. This will also benefit your insurance provider’s protection requirements and remove any denial of coverage that may ensue.

Hopefully, it will also save you money on your premiums in the future.

What should be included in your Cybersecurity Policy?

Below is a starting point for our discussions about your policy

The list of what a WISP should include is lengthy. It is not possible to list them all within this post. However, there are several templates available on the internet or on agency websites such as NIST, ISO, CIS, and PCI. We tend to prefer NIST as a starting point.

Make sure that your policy covers all your business-specific standards. Managed Service Providers that are also Managed Security Service Providers (MSSP) are industry experts in understanding your business, understanding the standard security measures specific to your industry, and how to implement them. We will give our recommendation at the bottom of this post.

Here is a list of components within a standard Cybersecurity Policy Framework:

• Identification of the Designate Person responsible for maintaining and enforcing the plan, as well as key stakeholders

• Risk Assessment Requirements and Reporting

• Employee Training Requirements (cybersecurity)

• Password and credential guidelines and restrictions

• Internet usage restrictions and exception documentation

• Access controls

• Data storage and security requirements

• Procedures for lost or stolen devices and potentially high-value targets

• Procedures for securing computers and devices (both office and home)

• Procedures related to your Security patches and updates

• Procedures and requirements for backups (onsite and offsite)

• Multi-factor authentication enforcement

• Documentation of security breaches

• Communication plan for incidents and response teams

What do you do if you don’t have a Cybersecurity Policy?

If you don’t have a cybersecurity policy, get one. Call us for a discussion on what’s next.

The best thing to do is to reach out to us for a free consultation. Selenium Technology Partners works with your business to create a policy that will be aligned with your business goals, budget, and industry standards.

Selenium will provide a free risk network and asset assessment to let you know where you stand as well as what steps you need to take to get serious about your Cybersecurity Policy.

For more information on our high-end cybersecurity services, reach out to us.

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