The development of regulatory frameworks and standards has emerged from the need to address the challenges and requirements in managing IT and safeguarding data. These frameworks and standards have not only evolved over time, but they have been shaped by technological advancements and emerging cyber security threats. The development of frameworks and standards has been primarily driven by the following factors:
- Regulatory bodies are emphasising the need for organisations to be accountable for their cyber security practices and to comply with specific standards and regulations.
- Advanced cyber threats are becoming more frequent and damaging, often encompassing the sophistication that was once confined to state-sponsored threats but are now in the hands of opportunists and hacktivists.
- Critical infrastructure and essential services (eg, healthcare, energy, finance) that are vital to the functioning of society and the economy. This includes federal legislation, such as the Cyber Incident Reporting for Critical Infrastructure Act (CIRCA) of March 2022.
- A lack of uniformity in cyber security practices across different sectors and regions. Inconsistent approaches can lead to gaps in security and compliance challenges.
- The executive order on improving the nation’s cyber security that was passed by the United States president in May of 2021.
It is clear that organisations need to be resilient in the face of cyber threats, ensuring they can continue to operate and recover quickly from disruptions. With the growing amount of personal data being collected and processed, there is a heightened need to protect this data from cyber threats and data breaches. Cyber incidents not only have a significant economic impact, leading to financial losses and undermining trust in digital services for the broader economy, but in some cases can cost lives, especially where the healthcare industry has been targeted. Regulatory compliance is crucial for building organisational resilience. Companies that grasp the full scope of their risks recognise that compliance isn’t just a checkbox activity, but a fundamental part of an overall security strategy. By adhering to regulations and implementing security best practices, organisations can better position themselves to withstand and quickly recover from most cyber incidents. This approach ensures that when a crisis hits, the groundwork for rapid recovery is already in place.
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