Navigating the complex world of cybersecurity is a top priority for firms. To assist you in ensuring ongoing compliance, we’ve compiled the top five cybersecurity questions with detailed answers to help your firm create a thorough cybersecurity compliance program.
Frequently asked questions
Each question addresses a critical aspect of cybersecurity, providing you with valuable insights to protect your firm, its employees and its clients.
1. How can my firm mitigate cybersecurity risk?
Answer: Mitigating cybersecurity risk involves a multi-faceted approach:
- People: Regular and comprehensive training is key to reducing risks associated with human errors. Increasing your team’s awareness of threats, such as email phishing, can prevent costly cyber-attacks.
- Technology: Develop and implement policies and procedures tailored to your firm’s unique challenges. Identify and address points of weakness that could lead to successful cyber-attacks.
- Vendors: Exercise diligence when dealing with vendors. Perform due diligence before establishing relationships, and regularly thereafter, to ensure compliance with your firm’s requirements and processes.
2. Why is employee awareness and training critical for cybersecurity?
Answer: Employees play a pivotal role in cybersecurity. Awareness and training programs are crucial to ensuring that employees comprehend information security policies and possess the skills to identify and prevent social engineering or phishing attacks—common threats faced by advisory firms.
3. What type of cybersecurity training should my firm invest in?
Answer: Cybersecurity training should be comprehensive, covering various skill levels:
- Basic Training: All employees should complete basic cybersecurity training, including best practices for mobile device usage, password management and identification of cyber threats.
- Intermediate Skills: Job-specific advanced skills training, like recognizing Personal Identity Information (PII), is crucial. Tailor training to specific roles.
- Specialty Training: Some roles, like IT support technicians, may require specialized training on cybersecurity risks relevant to their job functions.
4. What is the NIST framework?
Answer: The NIST framework comprises five functions, providing a comprehensive approach to risk management:
- Identify: Develop an organizational understanding of cybersecurity risks.
- Protect: Implement safeguards for critical services.
- Detect: Identify cybersecurity events.
- Respond: Take action in response to detected incidents.
- Recover: Maintain resilience plans and restore capabilities post-incident.
5. How should my firm go about implementing the NIST Framework?
Answer: Implementing the NIST Framework involves a strategic process:
- Assessment: Conduct a comprehensive assessment of your firm’s current cybersecurity posture and identify areas aligned with the NIST functions.
- Customization: Tailor the NIST functions to address your firm’s specific risks and challenges.
- Policy Development: Establish clear policies and procedures in accordance with each NIST function to guide your cybersecurity program.
- Training and Awareness: Ensure that employees are well-versed in the NIST Framework principles through targeted training and awareness programs.
- Continuous Improvement: Regularly review and update your cybersecurity program, incorporating lessons learned and staying abreast of evolving threats.
By following this approach, your firm can effectively implement the NIST Framework, enhancing its cybersecurity resilience.
Complying with COMPLY
Cybersecurity has been a top priority for many years now and is only becoming more of a focal point for firm’s compliance program. For further guidance on how to create and maintain your firm’s compliance program, download The Ultimate Guide to Cybersecurity Compliance.
If you are in need of a cybersecurity partner – look no further!
COMPLY offers tailored consulting and technology services to help your firm identify and address compliance risks. We’ve created other tools to help your firm navigate the cyber space. By utilizing COMPLY’s tools and solutions, your firm can ensure it protects its own and its clients’ data.