Despite a widespread transition of business operations to digital platforms, not enough attention is paid to cyber security policies. A manual that spells out the measures a company should take in order to protect sensitive data and information should be part of mission critical policies such as physical security, business continuity, and disaster recovery planning. This cannot be just a short paragraph in a business plan you submit to a bank hoping to get a commercial loan.
In the days of client/server network architecture, IT security policies were mostly centered on firewalls, antivirus software, and access control through username/password credentialing. This is largely insufficient protection in the current cyber threat environment. As a business owner or manager, this is what you need to include in a modern cyber security policy manual:
* Guidelines
* Accountability
* Chains of custody
* Schedules
* Procedures
When it comes to modern IT security policies, the reputation of your organization is on the line. Data protection has become an extremely important business process because virtually all information is handled at the digital level; everything from customer records to employee files needs to be protected at all times from data breaches and network intrusions. In 2019, an evaluation conducted by Forbes magazine concluded that the reputation damage suffered by Fortune 500 companies after major IT security incidents was generally followed by a 7% loss in market capitalization.
When drafting an information security plan, business owners should take into account the following:
* General data protection.
* Business continuity.
* Disaster recovery.
* Keeping customer information private.
* Incident response and mitigation.
The best approach to writing a cyber security policy is to do so with the advice of information security specialists who can identify the required policies. In some cases, the existing technology platform may not be adequate to providing a secure environment; in other cases, there may be issues related to ethics or regulatory compliance. What is certain is that doing business without a firm IT security policy these days is not something you want to deal with.
