Many companies strive to ensure their cybersecurity is under control by implementing the latest technology to protect systems and networks. However, even after integrating protection from cyber threats, it is important to be confident in the ability to protect company systems from hackers. As a result, a cyber maturity assessment is critical to successful vulnerability and breach detection.
Cybersecurity maturity is the capability and degree of readiness of an organization to mitigate threats and vulnerabilities from hackers. Padgett-Beale Financial Services can achieve an effective cybersecurity program by using a compliance-based management approach. Compliance management can refer to processes that ensure individuals or employees follow the required standards and rules (Garrett, 2018). Padgett-Beale Financial Services must choose the appropriate framework and standards, determine required regulations and laws to comply with and identify the best practices for maturity assessment to achieve an impenetrable cybersecurity management program.
Analysis
Frameworks And Standards to Use
When companies develop cybersecurity plans, they must consider the standards or framework to use in their information technology management program. Padgett-Beale Financial Services can utilize the National Institute of Standards and Technology (NIST) framework while developing its cybersecurity management program. The NIST framework can be a powerful tool for organizations to improve and organize their cybersecurity programs (Christopher et al., 2014). It provides best practices and guidelines to assist a company like Padgett-Beale Financial Services in creating and enhance its cybersecurity management.
The NIST framework can help Padgett-Beale Financial Services to better prepare in detecting and identifying cyber-attacks and offers guidance on how to recover from, prevent, and respond to cyber threats. The NIST cybersecurity framework will be important to Padgett-Beale Financial Services for various reasons. Firstly, the company will no longer be concerned about unseen vulnerabilities and risks. Secondly, the firm will have access to the correct asset inventories that need protection (Calder, 2018). Therefore, the framework can enable Padgett-Beale Financial Services to leverage the knowledge of professionals who have handled similar cybersecurity risks.
Compliance in the financial industry is extremely important; therefore, Padgett-Beale Financial Services should follow the Payment Card Industry Data Security Standards (PCI DSS) in the creation of a cybersecurity management program. PCI DSS refers to global standards that stipulate how an organization should handle information on credit cards. For Padgett-Beale Financial Services to comply with PCI DSS, it must maintain secure data networks and consistently monitor data in all networks to limit credit card data from being stolen and destroyed (Ukidve et al., 2017). However, it is critical to note that whereas PCI DSS requires companies to implement multifaceted security solutions, integration of security measures into existing systems can cause problems to the systems.
Laws And Regulations to Address
Financial services companies must comply with various laws and regulations to operate efficiently and avoid frequent violations of consumer rights. The cybersecurity management program for Padgett-Beale Financial Services must consider the requirements of the Gramm-Leach-Bliley Act (GLBA), Sarbanes Oxley Act (SOX), and the identity theft red flags rule. GLBA established rules that govern the use of consumer information by financial institutions. The regulation applies to firms that provide significant financial products, and it requires companies to inform customers of how consumer data is shared (Sheikh, 2020). In addition, customers are given a chance to opt out of the data-sharing rules that a financial institution has with third-party vendors.
On the other hand, SOX requires firms to produce a system that can facilitate internal balances and checks to verify the correctness of financial records. Furthermore, SOX maintains that firms should have cybersecurity systems that sufficiently protect and monitor financial information. The identity theft red flags rule must be followed by all financial firms. It requires all financial institutions to implement written programs to mitigate, prevent, and detect identity theft regarding the maintenance or opening of accounts. Such accounts may include margin, credit card, savings or checking, and retail brokerage accounts (Sheikh, 2020). The three laws are important to protecting consumer information and ensuring financial processes are efficient.
Best Practices to Assess Program Maturity
Several practices can help to assess the maturity of the cybersecurity management program used by Padgett-Beale Financial Services. The program should aim to reach the adaptive tier of the NIST framework. When the systems are adaptive, the company will continually change cybersecurity practices based on current and previous activities such as predictive indicators and lessons learned. In addition, the risk management approach should use risk-informed procedures and policies to combat potential cyber threats. Padgett-Beale Financial Services should ensure security policies align with business and regulatory requirements to avoid lawsuits.
The firm should confirm that vulnerability and threat management processes have the agility to stay ahead of evolving cyber-attacks. The company should further verify that security operations are diligent, swift, and active in protecting assets and identifying system intrusions (Garrett, 2018). Such practices can ensure the firm looks beyond the present threats to build cost-effective and innovative solutions to cyber-attacks.
Summary
While creating its cybersecurity management program, Padgett-Beale Financial Services must select the framework and standards to use, determine required laws and regulations, and establish best practices to assess the program’s maturity. The finance industry faces growing cyber threats; therefore, Padgett-Beale Financial Services must invest in cybersecurity to avoid cyberattacks that hurt their business. The company should use a NIST framework and adopt the PCI DSS to protect credit card data. In addition, the firm must adhere to SOX, GLBA, and the identity theft red flags rule to secure consumer data and rights. The best practices ensure that the program complies with business and regulatory requirements and promote continual cybersecurity awareness.
References
Calder, A. (2018). NIST cybersecurity framework: A pocket guide. IT Governance Publishing Ltd.
Christopher, J. D., Gonzalez, D., White, D. W., Stevens, J., Grundman, J., Mehravari, N., & Dolan, T. (2014). Cybersecurity capability maturity model (C2M2). Department of Homeland Security, 1-76. Web.
Garrett, G. A. (2018). Cybersecurity in the digital age: Tools, techniques, & best practices. Wolters Kluwer.
Sheikh, A. F. (2020). CompTIA security+ certification study guide: Network security essentials. Apress.
Ukidve, A., SMantha, D. S., & Tadvalka, M. (2017). Analysis of payment card industry data security standard [PCI DSS] compliance by confluence of COBIT 5 framework.International Journal of Engineering and Research Applications, 7 (1), 42-48.