Cyber Security Risk Assessment and Management can cover many
different security certifications or be subject to many different regulations.
Here is a list of security certifications and regulations:
CYBER Secure Canada
CyberSecure Canada is dedicated to Canada’s cybersecurity certification program designed for small and midsize businesses (SMB). This program will allow organizations to enhance their competitive advantage by certifying that their organization's supply chain is certified and can be trusted by their clients and business partners.
What is CyberSecure Canada Certification?
CyberSecure Canada Certification is a cybersecurity certification program that helps small and medium-sized organizations implement certification requirements so they can proactively protect their organizations, employees, clients, and partners from the latest intelligent cybersecurity attacks so they may protect their reputation and financials.
Why should your organization get certified with CyberSecure Canada Certification?
By performing a Cyber Security Risk Assessment and Management program including CyberSecure Canada Certification, an organization will improve their competitive advantage in the industry by reassuring their clients and business partners that their valuable data is safe and secure. This will greatly reduce direct and indirect impacts on the organization from cyber criminals using the latest cyberattacks. Organizations can now protect from any financial loss, reputation damage, and protect critical IT infrastructure.
If you are a services organization, your services may have an impact on your clients financial reporting. This can result in your client auditors requiring assurance that your controls surrounding your services are designed to work and operate effectively. Assurances of your processes and security would be part of a Service Organization Control (SOC) audit and it will help create trust and credibility. SOC 1 and SOC 2 audit reports are different with certain distinct differences that your organization must consider before deciding which one is best for your organization:
What is SOC 1?
SOC 1 (Service Organization Control) is known in the industry as the Statement on Standards for Attestation Engagements (SSAE) 18. SOC 1 report focuses on a service organization’s controls that are relevant to an audit of a customer’s financial statements. These control objectives are related to business processes and information technology.
A SOC 1 report Type I audit report will focus on a description of a service organization’s control and how these controls are designed to achieve the control objectives. A SOC 1 Type II audit report expands on a SOC 1 Type I report by adding opinions on the operating effectiveness to achieve related control objectives. SOC 1 audit reports are restricted to the management, user entities and user auditors of the organization.
What is SOC 2?
SOC 2 (Service Organization Control) addresses an organization’s controls in relation to their operations and compliance. This includes availability, security, processing integrity, confidentiality and privacy. An organization may choose a SOC 2 audit report to focus on any area of the five Trust Service principles including Type I or Type II audit. A SOC 2 report includes a detailed description of the auditor’s test of controls and results.
PCI compliance is the Payment Card Industry Data Security Standard (PCI DSS) security standards that are designed to ensure that all organizations that accept, process, store, or transmit credit card information maintain a secure environment safe from cyber security threats. The Payment Card Industry Security Standards Council (PCI SSC) was developed to manage the ever-changing evolution of the Payment Card Industry (PCI) security standards. They focus on improving payment account security through the transaction process. The PCI DSS is administered and managed by the PCI SSC that is an independent body that was created by Visa, MasterCard, American Express, and many other payment organizations. Enforcement of the PCI compliance is the responsibility of the payment brands and acquirers and not the PCI council.
The Personal Information Protection and Electronic Documents Act (PIPEDA) applies to all Canadian organizations in the private sector that collect, use or disclose personal information in the course of a commercial activity. According to Canadian law, it is defined as commercial activity of any particular transaction, act, or conduct, or any regular course of conduct that is of a commercial character, including the selling, bartering, or leasing of donor, membership or other fundraising lists. If your organization operates nationally in Canada, it is important to note that Alberta, British Columbia and Quebec have their own private-sector privacy laws that are similar to PIPEDA.
A cyber security risk assessment developed for an organization to understand, manage, control, and mitigate their cyber risk as it is a crucial part of any organization's risk management strategy and proactive data protection efforts.
Cyber security assessments are not new when it comes to management of business risk and it is an evolving system as cyber security threats mature. As the world relies more on technology to do business, the inherent cyber security increases over time resulting in changes to IT processes, IT procedures, and cybersecurity measures.
Cybersecurity Framework was developed by The National Institute of Standards and Technology (NIST) to provide organizations a base for industry best practices.
A cyber security risk is what an organization faces if they experienced a cyber attack that would damage their reputation and cause potential financial loss. It would be measured from zero, low, medium, to high including three risk factors as part of a cyber security risk vulnerability assessment. These include:
A cyber risk assessment is defined as an evaluation of cyber security business risks that are used to identify, estimate, and prioritize risk to business operations, business assets, and business information systems.
The primary purpose of a cyber risk assessment is to help management support proper business risk responses. They provide an executive summary to help management make informed decisions about cyber security. The cyber risk assessment process is concerned with answering the following questions:
An organization management tool needs to answer the following questions:
These strategic questions will help organizations understand the value of data information and allow organizations to better understand their information risk management process in the scope of protecting business needs.
There are many reasons an organization wants to perform a cyber risk assessment as well as look into their cyber risk management.
Cyber risk assessments and cyber risk management are integral to any business including information risk management and strategy.
This will be high level and summary that will cover multiple areas as well as questions to be asked. An organization needs to have a clear understanding of what data they have, what infrastructure they have, and the value of their data that they are trying to protect from cybercriminals.
Here are 10 questions when preparing for a cyber security assessment:
Many of these questions are easy and self-explanatory. Organizations need to know the following information:
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