The constant surge in security attacks is driving regulatory authorities to put the accelerator on security compliance. The recent cyberattacks could possibly be the long-awaited wakeup call global regulators needed to present new proposals and put new protocols into effect.
For instance, the Transportation Security Administration (TSA) in the US called for immediate action on two security requirements for pipeline owners and operators.
This comes as no surprise because the recent cyberattacks have been sending a resounding message to governments, propelling them to adopt rigorous security protocols to fight off threat actors and their malicious motives. Consequently, businesses need to create flexible security plans that can incorporate the emerging security requirements enforced by supervisory bodies.
In this blog, we present a commentary around the changing regulatory landscape and how companies around the globe can strike the right balance between regulations and security risk prevention.
The drastic change in the global regulatory landscape
In the European Union, for example, the NIS2 regulation demands policies and procedures to reinforce supply chain security, simplify reporting duties, and impose stronger enforcement measures.
On the other hand, the US Cybersecurity and Infrastructure Agency (CISA) is working to improve and promote critical infrastructure security and resilience beyond borders through information sharing, recognizing that the safety and security of critical infrastructure requires the combined efforts of public and private partners across the globe.
Regulations are directly proportional to resiliency
Regulations are exactly what they imply. They are established to offer greater security, management, and control over operational procedures. To explore these further, regulatory watchdogs need to examine whether there are sufficient federal and third-party resources for organizations to comply with global security requirements.
This is particularly imperative for organizations spanning worldwide to meet requirements within the timeframes required, giving more thought to the scope of their assessments.
We must incorporate flexibility in regulations
Developing best practices and controls to promote cyber resilience should and will be a continuous, joint effort between businesses and governments. More consideration should be given to how global supply chain realities may affect the capacity to replace equipment to fulfill segmentation needs.
While it is encouraging to see businesses coming up with strategies to prevent various types of security attacks, there’s much work to be done in the security domain. Zero-trust framework, cloud-based security mechanisms, data protection, and multi-factor authentication need to be regularized across the board, across all industry verticals.
Collaboration will be essential more than ever
To solve the constantly expanding security threats, we must all work together globally. So, instead of simply expressing what we believe is wrong with the requirements and offering remedies, let’s come up with methods to overcome these complications and cooperate constructively.
None of these new criteria will be simple to meet over the globe, and many are unplanned and unbudgeted efforts. But now is the moment to embrace them, working with regulators throughout the regulatory process to ensure they have broader optics with industry input. This teamwork and vigilance will result in enhanced cybersecurity.