- May 19, 2020
- Tag: Financial Services
The technical expertise of cybersecurity engineers during compliance readiness evaluations provides an ‘all-in-one’ solution for an effective cyber-risk management program. Engaging Cybersecurity Engineers throughout the compliance readiness process ensures the proper development and implementation of security controls to help organizations become compliant. This all-inclusive model can be leveraged to reduce the costs associated with compliance readiness procedures, thereby eliminating the barrier of entry for small and midsize businesses.
In today’s complex computing ecosystem, it has become increasingly challenging to audit IT systems without possessing an understanding of system processes and procedures. When working towards the attainment of a cybersecurity compliant infrastructure, said system processes and procedures are essential to the proper placement of security controls.
For a compliance readiness vendor, the primary objective is to ascertain whether corporate computing environments are ripe for the deployment of certain regulatory compliance frameworks. This primary objective is often carried out by conducting technical operations, including active and passive risk assessments; metrics analysis; security control functionality audits, etc.
These operations are conducted to reduce the likelihood and impact of risks associated with the failed deployment of compliance frameworks. Hence, specialized knowledge and experience in cybersecurity engineering are critical for the detection of system irregularities and the implementation of appropriate countermeasures that are required for specific regulatory compliance programs.
Understanding The Compliance Readiness Process
A compliance readiness process is performed to ensure that an organization is capable of meeting the requirements of regulations, standards, and best practices in accordance with security and privacy. At Goldsky Security, our cybersecurity engineers collaborate with small to midsize businesses to design a compliance readiness process that uniquely maintains a perfect balance between technical and administrative procedures.
The inclusive compliance readiness model performed by Goldsky Security Engineers helps to pinpoint key areas where cybersecurity regulations and standards could be proactively implemented to enhance the cyber-resilience posture of small to midsize organizations.
Compliance readiness processes are positioned to ensure that:
- Organizations are adequately protected with updated controls needed to uphold government and industry standards and regulations.
- Cybersecurity risks are regularly monitored, analyzed and mitigated as business operations continue to evolve.
- The risk strategies adopted by organizations are functional and applicable to combat the ever-changing threat landscape and technological innovation.
Five Key Attributes of Effective Compliance Readiness Vendors
Compliance readiness vendors play a crucial role in ensuring that an organization’s infrastructures and capabilities are prepared to support the challenges associated with implementing regulatory compliance. A compliance readiness process consultation at GoldSky offers quality compliance readiness services by adopting cybersecurity best practices under a comprehensive cybersecurity framework. This process consultation is administered by competent cybersecurity engineers managing every process in the compliance readiness lifecycle, from compliance evaluation to process testing and validation.
An effective compliance readiness vendor displays the following key attributes:
- An understanding of diverse business models, including niched domains and governing jurisdictions.
- The ability to efficiently design and test technical frameworks prior to large scale implementation.
- An amplitude for developing compliance operating models, which accounts for unique organizational assets, such as people, processes, and technologies.
- The ability to detect and patch technical and administrative gaps, to enhance an organization’s incident response capabilities.
- Experience in designing appropriate regulatory compliance training programs, and building effectiveness metrics based on customized needs.
The Effects of Cybersecurity Engineers On Compliance Readiness Processes
Compliance in cybersecurity entails the designing of programs and procedures, which establish risk-based controls that ensure the confidentiality, integrity, availability, and privacy of data and systems.
Having cybersecurity engineers onboard is advantageous, as their understanding of the intricacies of technical and administrative security controls can be leveraged to shorten the compliance readiness workflow. Thus, improving affordability and providing an equal playing field for small to midsize businesses.
Below describes the effects of cybersecurity engineers in the compliance readiness process:
- Besides ensuring regulatory compliance, a cybersecurity engineer also adds value by strategizing, implementing, monitoring, and upgrading security measures to protect an organization’s assets.
- Cybersecurity engineers develop and update security controls, therefore they are equipped with firsthand knowledge of the most effective tools to achieve specific risk management goals, in accordance with industry best practices.
- Deployment of a holistic disaster recovery plan and an incident response strategy to mitigate against unique attack tactics, techniques, and procedures.
- Final Words
The financial service industry has been the frontrunner in the adoption of the latest technologies, including cloud computing, data analytics, blockchain, etc. With the increased complexities of information systems and regulations around customer’s personal data protection, regulatory compliance has become one of the key information security objectives in the financial services industry.
The presence of a varied number of regulations and cybersecurity standards have further overburdened organizational growth. However, full compliance with statutory regulations is only possible when there is a comprehensive understanding of the technical information infrastructure and what it implies. Organizations should, therefore, avail the services of a team of cybersecurity engineers as compliance readiness vendors to ensure that are inclusive adherence to cybersecurity regulations.
All in all, non-technical compliance readiness vendors may not possess sufficient exposure to cyber-risks nor the ever-changing ways cyber adversaries interact with security countermeasures. Therefore, it is essential that the compliance readiness posture of the financial services industry is assessed by cybersecurity engineers who are equipped to offer preventive, detective and corrective controls as needed.