Businesses need to understand the necessity of meeting cybersecurity standards as cybercrime is one of the most common threats companies are facing. Companies can face legal consequences if they fail to meet cybersecurity requirements.
How failure to meet various regulations can result in legal consequences:
Ramifications of International Regulations- A well known cybersecurity law is General Data Protection Regulation (GDPR), which is a European law but could still apply to US companies if they store data in the E.U. or collect European customers data.
Industry-Specific Standards- Many companies have their own cybersecurity regulations like Health Insurance Portability and Accountability Act (HIPAA). Companies that handle health data have highly sensitive information that's why they should meet this standard.
Government Contracts- Companies that have government contracts may need strict standards because if they fail to comply with their cybersecurity standard they may face penalties. Governments also carry confidential information on people, research, and development which they would want to be protected and safe. Failure with their security standards can lead to legal action.
Cybersecurity Compliance Is More Crucial Than Ever
Companies should take cybersecurity more seriously as governments are taking it. Companies could face fees, loss of business, and even jail time under these increasing regulations. Businesses should not ignore cybersecurity's strict standard anymore and apply all cybersecurity laws to avoid failure.
Cyber attacks will be increasing more in the upcoming years because the majority of global energy companies are failing to practice basic cyber security protocols. The increased vulnerability will increase cyber attacks because energy companies are not doing basic cybersecurity necessities. Energy companies will need to improve their cybersecurity frameworks. Energy companies have poor funding for cybersecurity which results in a lack of understanding how important the cyber security topic is and its effects afterwards if not taken seriously.
Energy companies to increase investments in cybersecurity and be extremely careful with information. There are few other things like continually monitoring the IT network to see any unusual changes which could occur into a threat later on. Put alerts and recommend potential threats that are simple to understand and act on. Patch management tool is a great option that helps patching softwares.