Cybersecurity Best Practices for Regulated Businesses
Cybersecurity Best Practices are always a complex matter, but it’s even more so for regulated businesses. Protecting digital infrastructures in industries governed by strict regulations—such as manufacturing, air and water travel, utilities, fishing, education, medicine, and pharmaceuticals—requires meticulous attention to detail and compliance. These sectors often have people’s safety and well-being at stake, with operations that can change or even save lives. They may involve hazardous materials or dangerous working conditions. If compromised, cyberattacks could threaten public safety or expose extremely sensitive data.
With this in mind, if your company is part of a regulated industry, here are some essential cybersecurity best practices to ensure full compliance and robust protection.
1. Consult an Attorney
Whether you rely on in-house or outside legal representation, start by having an attorney brief you on your industry’s specific cybersecurity regulations. Given that federal and state laws frequently change, it’s wise to schedule a legal briefing at least once a year. For example, Vermont began regulating data brokers in 2019, and South Carolina updated its breach notification laws the same year.
Legal counsel can help you understand the nuances of these laws, ensuring that your cybersecurity best practices align with current legal requirements and industry standards.
2. Run a Comprehensive Risk Assessment
Once you’re clear on your legal responsibilities, the next step is ensuring compliance through a thorough risk assessment. This evaluation identifies vulnerabilities within your digital infrastructure. It can be conducted by your internal IT team or by third-party cybersecurity experts specializing in regulated industries.
Regular risk assessments—at least annually—help confirm that you are implementing the latest cybersecurity best practices. Additionally, schedule an assessment whenever your company undergoes significant changes, such as adopting new mobile devices, switching operating systems, or transitioning to a cloud-based data backup system. These changes can introduce new security risks that need to be addressed promptly.
3. Develop a Strategic Action Plan
After identifying potential risks, collaborate with your leadership team to create a comprehensive action plan. This plan should include:
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Implementation Timelines: Set deadlines for installing new email filters, antivirus software, security cameras, and other protective measures.
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Access Control Policies: Define which employees have access to specific parts of your network, minimizing the risk of insider threats.
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Data Backup and Recovery Plans: Establish protocols for regular data backups and swift recovery in the event of a breach.
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Employee Screening: Incorporate background checks for job applicants to mitigate insider risks.
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Security Budget: Allocate funds to support your cybersecurity initiatives effectively.
Document all security policies clearly so employees can review, understand, and acknowledge them. This transparency fosters a culture of cybersecurity awareness within your organization.
4. Partner With Cybersecurity Experts
Working with IT managed service providers (MSPs), particularly those specializing in regulatory compliance, can significantly strengthen your cybersecurity posture. These external partners offer:
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Expert Risk Assessments: MSPs bring specialized knowledge to identify and mitigate vulnerabilities effectively.
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Security and Disaster Recovery Planning: They assist in developing and implementing comprehensive security strategies tailored to your industry’s regulatory requirements.
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Ongoing Compliance Support: Regular audits and continuous monitoring help ensure you remain compliant with evolving laws and industry standards.
Remember, following regulations is just the starting point for achieving robust cybersecurity. Hackers can easily access publicly available legal requirements and exploit any gaps left unguarded. To truly safeguard your digital infrastructure, it’s crucial to adopt proactive cybersecurity best practices and advanced security measures that go beyond mere compliance.
By consulting legal experts, conducting regular risk assessments, developing strategic action plans, and partnering with cybersecurity professionals, your regulated business can maintain strong defenses against ever-evolving cyber threats.
