Risk Compliance

Compliance risk refers to a company’s possible exposure to legal penalties, financial forfeiture, and substantial loss as a result of failing to follow industry laws and regulations, internal policies, or prescribed best practices. Compliance risk is often referred to as integrity risk. Compliance risk affects organizations of all shapes and sizes, whether they are public or private, for-profit or charity, state or federal. Failure to comply with applicable laws and regulations can have an impact on revenue, leading to a loss of reputation, business opportunities, and valuation.

Begin working towards compliance, it's important to figure out what regulations or laws you need to comply with

Follow The Standards & Stay Resilient

Think of those standards as a formula that describes the best way of doing something

What is it all about ?

Modern IT systems can now process a large amount of data in a short period of time. To ensure safe processing, information must be kept secure and accessible, as well as its integrity preserved. After all, if information begins to leak, it can create a trust issue and put the company at a competitive disadvantage. Information security is becoming increasingly vital, especially in the age of Facebook, Twitter, and other social media platforms, but it is also becoming increasingly vulnerable to dangers. As a result, firms must prioritise well-organized and clearly operational professional IT security management.

Regulations

ISO/IEC 27001

INFORMATION SECURITY MANAGEMENT

When it comes to keeping information assets secure, organizations can rely on the ISO/IEC 27000 family.

ISO/IEC 27001 is widely known, providing requirements for an information security management system (ISMS), though there are more than a dozen standards in the ISO/IEC 27000 family. Using them enables organizations of any kind to manage the security of assets such as financial information, intellectual property, employee details or information entrusted by third parties.

What are ISO 27001's 14 domains?

The 14 domains of ISO 27001 provide the best practices for an information security management system (ISMS). As outlined in Annex A of the ISO standard, this approach requires companies to determine information security risks and then choose appropriate controls to handle them

ISO 27001 Domains
ISO 27001 Domains
ISO 27001 Domains

What is the distinction between ISO 27001 and ISO 27002?

ISO 27001 essentially establishes the compliance standards for becoming certified. ISO 27002, on the other hand, is a set of guidelines designed to assist you in introducing and implementing ISMS best practises.

In a nutshell, ISO 27002 is a reference manual or a practise test. It's absolutely packed of regulations, guidelines, and pointers to assist you prepare for the "exam" – ISO 27001. There is no such thing as ISO 27002 certification, therefore don't worry about it! It exists solely to assist you in preparing for ISO 27001.

Steps in Obtaining ISO certification
ISO Certification

Steps in Obtaining 27001

There are many reasons why you may want to adopt a management system. You could increase your success in tenders, improve internal efficiency, reduce costs or simply prove to your potential customers that you are credible, We use an innovative yet systematic strategy to quickly establish information security management practices to boost the organization’s cyber security.

General Data Protection Regulation

The General Data Protection Regulation (GDPR), the Data Protection Law Enforcement Directive and other rules concerning the protection of personal data

What's the Law?

The GDPR (General Data Protection Regulation) was adopted by the European Parliament in April 2016 as a replacement for an outdated data protection directive from 1995. This regulation is scheduled to take effect on May 25, 2018. It includes procedures that enterprises must use in order to secure personal (sensitive) data and, as a result, maintain privacy for EU individuals. As a result, GDPR comes into the equation to control all transactions that occur within EU member states as well as personal data that must be exported to countries outside of the EU.

GDPR Primary Objective

The GDPR would cover primary identifying information (such as name, address, and ID numbers), online data (such as location, cookie data, IP address, and RFID tags), health and genetic data, racial or ethnic data, sexual orientation, biometric data, and political beliefs. It is a requirement that any organisation (or corporation) that stores or processes sensitive information of EU residents within EU member states conform to GDPR, even if they have no economic presence within the EU.

GDPR Impact

GDPR would have the greatest impact on the following industries: technology (53%) inline services (45%), software businesses (44%), financial services (37%), internet services or SaaS (34%), and retail or consumer packaged goods (34%). GDPR mandates severe penalties for any type of noncompliance, which can reach up to 20 million euros or 4% of global annual turnover, whichever is greater.

Distinction between SOC2 and GDPR?

Is GDPR compliance attainable for Web, Mobile, and Cloud application?

General Data Protection Regulation

GDPR compliance is required for any application that collects, processes, or maintains personally identifiable information (PII) about EU citizens. To guarantee that the application is GDPR compliant, the following critical points must be properly adhered to.

  • Accountability regarding what PII is being collected, why it is being gathered, and how it will be processed.
  • Individuals’ permission to access their info.
  • Contact information for the DPO is included on the Breach Notification Form.
  • Encryption of data and use of HTTPS for apps
  • A link to GDPR-related individual rights
  • Only acquire and process data that is absolutely required for a program to function.
  • If the PII acquired through the application is being forwarded to a third-party vendor for processing, enter into a DPA with the processors.

Steps in Obtaining GDPR

Payment Card Industry Data Security Standard (PCI DSS)

The Payment Card Industry Data Security Standard (PCI DSS) is a collection of security rules supported by the five most powerful payment companies in the world: Visa, Mastercard, JCB, Discover, and American Express. Any firm (merchant or service provider) that stores, processes, or transmits payment card data must certify to their compliance with the standard on an annual basis.

Why is PCI DSS compliance so important?

  • Shows that your company uses and protects your customers' sensitive payment data in a safe and secure manner, reducing the risk of payment card fraud.
  • Assurance that the organization abides with regulatory standards and data protection regulations
  • It is critical to have adequate security procedures in place to protect the security of client payment information.
  • It protects your systems from security breaches or hacking attempts.
  • Compliance aids your company's reputation.
  • It also boosts the ROI and strategy of your company's IT investments.

How SysYork Can Assist You with PCI DSS Compliance

 

  • Assessment of PCI DSS Readiness and Gaps
  • Consulting and implementation assistance
  • Risk assessment of information inventory in accordance with the PCI DSS Framework
  • Control mapping for security

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