Information security standards

Standards provide us with a common set of reference points that allow us to evaluate whether an organization has processes, procedures, and other controls that fulfill an agreed-upon minimum requirement. Depending on the needs of the business or stakeholders, an organization may build and manage its own procedures in accordance with information security principles. It offers third parties such as customers, suppliers, and partners confidence in an organization’s capacity to deliver to a specific standard if that business is compliant with the standard.

This can also be a marketing strategy whereby the company can gain a competitive advantage over other organizations. When customers are evaluating a company’s products or services, for example, an organization that is compliant with a security standard may have the edge over a competitor who is not.

On the other hand, some regulatory and legal requirements may specify certain standards that must be met in certain circumstances. Suppose your company stores, processes, or transmits cardholder data. In this case, you must be in compliance with the Payment Card Industry Data Security Standard (PCI DSS). There are a variety of organizations involved in accepting credit and debit cards and the PCI DSS applies to each and every one of them. Major credit card firms such as Visa and Mastercard have identified these criteria as being the industry benchmark. Failure to comply with these standards may result in fines, increased processing fees, or even the refusal to do business with certain credit card companies.

Furthermore, if you are supposed to be compliant with a standard but are not, and you suffer a security breach as a result, you may be subject to legal action from the consumers who were harmed as a result of the breach.

Standards can also assist firms in meeting regulatory requirements such as those imposed by the Data Protection Act, Sarbanes–Oxley Act (SOX), Health Insurance Portability and Accountability Act (HIPAA), and other similar legislation. Utilizing standards to establish a solid foundation for managing and protecting your information systems will make it easier for your organization to comply with current and future regulatory obligations than for an organization that does not use standards.

Let’s have a quick look at some of the important standards in the field of information security.

The ISO/IEC 27000 family of information security standards

The ISO 27000 Family of Information Security Management Standards is a collection of security standards that form the basis of best-practice information security management. ISO 27001, which establishes the requirements for an Information Security Management System (ISMS), is the series’ backbone.

ISO 27001 is a global standard that defines the criteria for an ISMS. The structure of the standard is intended to assist companies in managing their security procedures in a centralized, uniform, and cost-effective manner.

Payment Card Industry Data Security Standard (PCI DSS)

The PCI Security Standards Council (PCI SSC) is an independent organization founded by Visa, MasterCard, American Express, Discover, and JCB to administer and oversee the PCI DSS. According to this regulation, companies, financial institutions, and merchants must comply with a set of security criteria when dealing with cardholder data. A secure environment needs to be maintained to receive, process, store, and transmit cardholder information.

Federal Information Security Management Act (FISMA)

The Federal Information Security Management Act (FISMA) is a set of data security principles that federal agencies must follow in order to preserve and secure their data. Private enterprises that have a contractual connection with the government are likewise subject to FISMA’s regulations.

Government data and information are protected, and governmental expenditure on security is kept under control. FISMA established a set of regulations and standards for government institutions to follow in order to meet data security objectives.

Health Insurance Portability and Accountability Act (HIPAA)

In order to protect the privacy and confidentiality of patient health information, the Health Insurance Portability and Accountability Act (HIPAA) of 1996 mandated the development of national standards. This is also known as the Kennedy–Kassebaum Act.

Health information that may be used to identify a specific individual is covered by the HIPAA, which applies to all forms of protected health information (PHI). All covered entities such as healthcare providers, health plans, and healthcare clearinghouses are under the Health Insurance Portability and Accountability Act of 1996.

Due to the security standard in place, patients may rest easy knowing that the fundamental health-related information they provide will be kept confidential.

NIST Cybersecurity Framework (NIST CSF)

The NIST framework for cybersecurity is a useful tool for organizing and improving your cybersecurity program. In order to assist businesses to establish and enhance their cybersecurity posture, this set of best practices and standards was put together.

A cybersecurity program built on the NIST Cybersecurity Framework (NIST CSF) is widely regarded as the industry standard. To assist enterprises in managing and reducing cybersecurity risk, the NIST CSF provides suggestions based on existing standards, guidelines, and practices.

No matter where they are located, all organizations may use this framework despite its original intent to protect important US infrastructure corporations.

SOC reporting

An internal control report developed by the American Institute of Certified Public Accountants (AICPA) is called the System and Organization Controls (SOC) for service organizations. Using SOC reports, service providers may increase their customers’ trust in the services they deliver, as well as their own internal control over those services. SOC 1, SOC 2, and SOC 3 are the three types of reports that can be used based on the requirements.

The SOC 1: SOC for Service Organization: ICFR report (type 1 or 2) evaluates an organization’s internal financial reporting controls in order to evaluate the impact of the controls of the service organization on the financial statements of its customers.

The purpose of the SOC 2: SOC for Service Organizations: Trust Services Criteria report (type 1 or 2) is to reassure customers, management, and other stakeholders about the appropriateness and efficacy of the service organization’s security, availability, processing integrity, confidentiality, and privacy measures (trust principles).

The SOC 3: SOC for Service Organizations: Trust Services Criteria for General Use report is a condensed version of the SOC 2 (type 2) report for consumers who want assurance regarding the security, availability, processing integrity, confidentiality, or privacy controls of service organizations. SOC 3 reports may be freely disseminated since they are general-purpose reports.

Cybersecurity Maturity Model Certification (CMMC)

To examine its contractors’ and subcontractors’ security, competence, and resilience, the US Department of Defense uses the Cybersecurity Maturity Model Certification (CMMC). This framework’s goal is to make the supply chain more secure by eliminating vulnerabilities. Control practices, security domains, procedures, and capabilities make up the CMMC.

Five levels of management are utilized in the CMMC architecture. The lowest maturity level is level 1, while the highest is 5. There are tiers of service that contractors are expected to provide depending on the amount of data they manage under the contract. Achieving each level of certification necessitates meeting particular standards by collaborating with various cybersecurity elements.

Information security standards help prove that the organization meets the stipulated data security levels and is compliant. These standards need to be effectively implemented and managed, and that is the role of an Information Security Management System (ISMS).