Audit, Track, Document

Essential Steps for Businesses of All Sizes

It is essential for entities in highly regulated industries, such as healthcare, finance, and manufacturing, to have checks and balances in place to ensure compliance with critical regulations. A lapse in compliance standards can be costly, not only in the form of assessed penalties but also in terms of security vulnerabilities. Insider threats should be a consideration in any compliance strategy. Insider threats are employees or contractors who pose a risk to an organization by mishandling sensitive data or violating security policies, whether intentionally or not.

Insider threats: not just an enterprise problem

Delta Defense 2020

Delta Defense, a small firearms training company based in Wisconsin, suffered a data breach when an employee accidentally sent an email containing sensitive customer data to an unintended recipient. The breach affected approximately 100 customers and highlighted the importance of employee training and implementing secure communication practices.

Elkhorn Public Schools 2021

A former employee of Elkhorn Public Schools, a small school district in Nebraska, was arrested and charged with unauthorized access to a computer system. The employee had allegedly accessed student and staff data without authorization and then used the information to create fake social media accounts.

CyberSponse 2021

CyberSponse, a small cybersecurity company based in Virginia, suffered a data breach when an employee stole sensitive customer data and shared it with a third party. The breach highlighted the risks of insider threats in the cybersecurity industry and the importance of implementing access controls and monitoring.

According to a 2022 Ponemon Institute Study, Insider Data incidents were up 34 percent from 2020. Growth has come from three categories: Employee/Contractor negligence, Cyber credential theft, and Criminal or Malicious Insiders. These threats can impact businesses of all sizes and industries. SMBs must implement measures to prevent insider threats and maintain regulatory compliance to protect their sensitive data and business operations.

Keep Insider Threats in Check

Conduct Routine Compliance Audits

Organizations that do not regularly audit their adherence to compliance standards are more vulnerable to cyberattacks perpetrated by insiders or other threat actors, which can be costly financially and reputationally. There is also the possibility of compliance violations, which can result in additional financial penalties.

Track Access

Organizations need to track access to their critical data and systems to prevent insider threats. Tracking access is a primary element of compliance that helps organizations protect themselves from a number of risks. Patient data from a leading hospital was once leaked to the public due to poor access tracking. As a result, the patients and their insurers sued the hospital for failing to maintain the necessary security measures.

Have Proper Documentation

Regulators may audit your compliance at any time. Inadequate proof of compliance documentation can cause delays, force you to incur rush fees with an external auditor, and can potentially result in additional fees from regulating agencies.

Other Considerations to Remember

Routine Compliance Audit

Rather than just assuming you comply with safety regulations, a Routine Compliance Audit will ensure you know where you stand.

Be Aware

Most industries require businesses to adhere to some level of compliance. Depending on the industry, these requirements can vary greatly. Being aware of all the compliance regulations that apply to your business is critical.

Comply

When faced with an audit from a regulatory body, demonstrate to them that you have made a solid effort to comply with stringent regulations such as HIPAA. This will likely increase the possibility of the regulators being lenient during the audit process.

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It is critical for businesses to maintain compliance with regulatory requirements to survive and thrive in today’s business environment. By partnering with an IT service provider, you can ensure that your resources and processes are set up to meet all industry-specific compliance needs.

IT Regulatory Compliance: Are You Protected Against Insider Threats?