Cybersecurity Compliance: Regulations for Industry Sectors
When we mention or hear the term ‘cybersecurity’ we know it means security related to the computers. To be clearer, cybersecurity refers to the protection of computer systems or IT networks from any damage to their hardware or software. It also means the protection of theft or damage all the electronic data stored in their systems. In addition to hardware and software protection, it also protects from disruption of the services that cyber world provides. Organizations all over the world try to protect themselves from any cyber threats by ensuring compliance of all cyber security related regulations. They hire IT specialists who have done special IT security courses that enable them to work in this field.
Attackers can cause serious damage to computer systems by gaining illegal access to their network, by sending malicious data or through code injection. They can also psychologically manipulate people into divulging confidential information through various forms of social engineering. The field of cybersecurity is gaining more importance than ever because of the increasing dependence we have on the internet and computer systems now. Due to the growth of smart devices, internet of things etc. while we are set to gain a lot, we have also opened up to all kinds of cybersecurity threats.
For organizations, the threat is real. All their data is on these IT networks and their workforce has full dependence on the computer systems to carry out organizational tasks. There is an increase in different types of regulations for all industries to cater to the challenge of cybersecurity. This is especially true for countries like India. According to a study by University of Maryland, India, China, Russia, Saudi Arabia and South Korea are one of the most vulnerable countries for cyber-attacks. However, the government of India is taking big leaps in the field of a digital country. Start-ups and big enterprises both have started to make a mark in the security space boosted by the government’s ‘start-up India’ program. As government is trying to improve the ease of doing business in the country, cyber security will be of crucial importance. All this should improve India’s position in the field of cyber security.
In this article, we take a quick look at the major industries and the areas where they require or already have cyber security related regulations.
- Finance and Insurance
There are many sets of compliance within cybersecurity. These compliances are adhered to by all major financial institutions to ensure that the confidential customer financial data is secure. It is also important to comply to make sure that there is no oversight on the part of the company. State and central government bodies issue requirements for the banks, insurance and other financial corporations for protection of consumers and their financial details.
- Retail
While retail sector might not look like it should have to comply for cybersecurity purposes in a big way, it is a crucial point where customer information needs to be protected. For example, customer credit and debit cards are swiped at the point of shopping in retail stores. For this sector, processing of payment information as well as holding customers’ card related data is a matter of major cybersecurity precautions.
- Healthcare
One of the critical elements of healthcare is insurance. All consumers of the healthcare industry deal with insurers, third party service providers etc and their personal information needs to be kept safe and secure. Cybersecurity compliances ensure no manhandling and fool-proof security of such data.
- Public Sector Units
Several Indian government entities are constantly under the threat of being attacked by cyber miscreants. The motive of such attacks is usually financial. Recently, the Indira Gandhi International Airport in New Delhi had its website hacked resulting in check-in counters being non-operational for many hours. Similarly, many such government authorities like ONGC, BSNL and TRAI had also been hacked in the past. The government has been working on improving the existing cyber regulations. The challenge however is in formalising the laws. Currently, there is considerable security for critical infrastructure like defence, telecom, energy and space sectors.
The cyber security market in India is currently pegged at USD 717.18 million and is expected to go to USD 1333.65 million by the end of 2020. It is natural to say that there will be tremendous growth in the field of cybersecurity. This will spell good news for companies in the field of cybersecurity products and services. Major organizations are also willing to increase their budgets and planning to invest in advanced level security suites. There is positivity in the air for cyber security agencies and product manufacturers for the future as customers are realising the importance of managed security services and the assessment of security threats.
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