Cyberattack Risk Issues

Companies need to take strict measures for protecting their data and information against cyberattacks. It’s imperative since any loophole left in the security system will lead to devastating consequences that will cost the company millions.

In fact Cybercrime Magazine reports that by 2025 cybercrime will cost a total of 10.5 trillion annually.

Reports occur almost daily on the issues of cyber attacks.  It includes professional firms like lawyers also.  A recent Financial Times article outlined how law firms were preparing ‘war games’ relating to cyber attack scenarios.

That’s why companies need to compile and implement policies that will help protect them. This article will illuminate what policies companies need to implement as well as highlight the importance of these policies too. So, let’s begin:

Why Do Companies Need IT Policies?

As highlighted earlier, companies need to implement IT policies in order to protect their data of every sort. However, it’s not just from external attacks; companies also need these policies so that it protects the data from unauthorized or illegal access.

In addition, a company also need to formulate these policies so that it can monitor access from the provider’s end. Since the internet provider is continuously monitoring and in contact with the data flowing through the connection, the organization has to come up with the right policies that can protect their data and assist in carrying out any legal suit against infringement of any kind.

Furthermore, these policies will also help administer the necessary steps in case a cyberattack has occurred. For instance, if a company is using Xfinity internet, it can call Xfinity phone number for assistance in navigating defenses against a cyberattack or even call the team for legal appearance in case of a lawsuit filed against the attackers.

What Defines IT Policies?

Forming IT policies for the protection of organizational data depends upon the pertaining risk faced by the company for their data. From IT security to personnel access and behavior, an organization has to carry out effective risk assessment for coming up with the right policies.

IT Policies Companies Must Formulate

With the idea of what IT policies are and why they’re needed, it’s time to check for some policies that companies need to formulate to maintain data integrity and legal protection:

Acceptable Use Policy

The Acceptable Use Policy (AUP) outlines the guidelines for the use of company’s resources, particularly IT equipment, for the employees and all concerned. The prime focus of this policy is to ensure that company personnel use company’s equipment only for appropriate needs.

This policy mitigates any inappropriate use such as accessing employee information, records, or any confidential information other than what the employee has been authorized for. Finding any violation, the company can legally proceed against the accused using this policy.

Change Management Policy

The Change Management Policy ensures that any changes in the company’s database are monitored accurately and vigilantly. Employees, vendors, and customers must adhere to this policy while interacting with the company’s data in any manner.

It helps minimize any negative impact by monitoring various aspects of data management including approval, documentation, implementation, sharing, etc. spread across hardware, software, SDLC, databases and other applications. Failure to comply with this policy will result in strict legal actions against the accused.

Incident Response Policy

The Incident Response Policy is to provide a continuity plan in case of data breach in the business’s information/ database. This can be a result of failure to comply with the aforementioned policies or a cyberattack.

It’s also referred to as Disaster Recovery Plan, which navigates the steps to be taken in case the policy is activated. The policy consists of steps including preparation, identification, containment, eradication and recovery, each designed to help the assigned teams manage the pertaining issues.

Vendor Management Policy

Since companies and businesses interact with various vendors in different spheres of their business, it’s imperative that a Vendor Management Policy is formulated. It allows the company to legally strengthen their relationship and work proceedings with the vendors it’s working with.

The VM covers various vendor-related aspects, including compliance, security risks, production risks, network and database access and interaction, etc. Since the vendors interact directly with company’s resources, the VMP is crucial to ensure integrity for the company’s resources. 

Network Security Policy

In the world of internet where cyberattacks are quite imminent, having a Network Security Policy is as important as business capital. This policy helps the company navigate and protect processes involving the company’s internet network.

From recording running hardware and software to log records, network interactions to access details, and cyberinfrastructure to security risk and compliance management, it covers a wide range of aspects.

The Network Security Policy is crucial since it communicates the network standards the company and entities associated with it must follow. Failing to do so will result in legal actions falling under the category.

IT Final Thoughts

The above are some important IT policies that companies should formulate for protecting their assets as well as strengthening their legal approach in case of a breach. These should be aligned with company’s goals and should be prepared after a thorough risk assessment spread across all concerned domains to ensure protection against cyberattacks of any kind.