Legal and Regulatory Compliance
Organizations must comply with various legal, regulatory, and industry standards related to cybersecurity. These regulations are designed to protect sensitive information, ensure privacy, and enhance the security of critical infrastructure. Adhering to these regulations is a critical aspect of risk governance and helps mitigate legal and financial risks associated with non-compliance.
Key cybersecurity-related regulations include:
General Data Protection Regulation (GDPR): A comprehensive data privacy regulation that governs the collection, processing, and storage of personal data of EU citizens.
Health Insurance Portability and Accountability Act (HIPAA): A U.S. regulation that mandates the protection of health-related data and privacy for healthcare organizations.
Federal Information Security Management Act (FISMA): A U.S. law that requires federal agencies and contractors to secure information systems.
Payment Card Industry Data Security Standard (PCI DSS): A global standard designed to ensure that organizations handling credit card data maintain secure environments.
Organizations must ensure that their risk management practices comply with applicable regulations, as non-compliance can result in financial penalties, legal liabilities, and reputational damage.