Why mere compliance can no longer ensure cybersecurity for businesses

"Cybersecurity is a race without a finish line. It's a perpetual arms race between defenders and attackers." 

–Ginni Rometty 

In an era dominated by digital interactions and the unprecedented volume of data exchanges, cybersecurity has transcended its role from a mere compliance requirement to an absolute necessity. While regulatory mandates have driven organisations to prioritise cybersecurity, the true essence of robust cybersecurity practices goes far beyond compliance. 

Historically, various regulations such as the Central Bank Guidelines, other local legislations, or international regulations like the General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA) in many countries, and industry-specific standards like the Payment Card Industry Data Security Standard (PCI DSS) have enforced cybersecurity measures. 

Organisations are legally obligated to comply with these regulations, with non-compliance potentially leading to substantial fines, legal liabilities and reputational damage. While compliance-driven initiatives have undoubtedly improved cybersecurity practices in many sectors, they have also given rise to the mistaken belief that meeting these requirements is the ultimate goal of cybersecurity.

Cyber threats are not static. They continually evolve and adapt to new technologies and vulnerabilities. Cybercriminals are relentless in their efforts to breach systems and steal sensitive data. Relying solely on compliance standards can leave organisations vulnerable to novel threats. 

A comprehensive cybersecurity strategy goes beyond compliance, emphasising proactive measures to identify, mitigate and adapt to new and emerging threats. This involves continuous threat intelligence gathering, vulnerability assessments and robust incident response plans. 

The SolarWinds cyberattack exposed the vulnerabilities of even the most sophisticated organisations. Attackers exploited a supply chain weakness to compromise numerous government agencies and private companies. Compliance measures alone could not have prevented this attack, highlighting the need for proactive threat detection and mitigation strategies.

A data breach can inflict immeasurable damage to an organisation's reputation and erode customer trust. While compliance measures can help mitigate legal and financial repercussions, they cannot fully restore lost trust. 

A robust cybersecurity posture significantly reduces the likelihood of breaches and their associated fallout, safeguarding an organisation's most valuable asset – reputation. It requires the technical aspects of security and a strong focus on privacy, transparency and ethical data handling.

Cyberattacks can disrupt operations, leading to downtime, financial losses and damaged customer relationships. Having robust cybersecurity measures ensures business continuity and minimises the impact of cyber incidents. 

This extends beyond compliance requirements, as it is a matter of ensuring the survival and resilience of the organisation in an increasingly digital-dependent world. It involves comprehensive disaster recovery and business continuity planning. 

The NotPetya ransomware attack disrupted operations at global companies like Maersk and Merck. While these organisations had to disclose the breach for compliance reasons, their ability to recover quickly and minimise disruptions hinged on their comprehensive business continuity plans and cybersecurity measures.

For many businesses, intellectual property and proprietary data are their lifeblood. Compliance requirements may not adequately protect these invaluable assets from theft, industrial espionage or insider threats. Tailored cybersecurity measures are essential to safeguarding intellectual property and proprietary information. This includes technological safeguards, firm policies, access controls and employee training.

Organisations that transcend compliance and invest in advanced cybersecurity practices gain a competitive edge. In an era where customers and partners increasingly prioritise security and privacy, a strong cybersecurity posture becomes a selling point in its own right. 

This competitive advantage stems from demonstrating a commitment to data protection, which includes comprehensive data encryption, secure software development practices and regular security audits. Companies like Apple and Google commit to user privacy and data security as a competitive advantage. By exceeding compliance requirements and implementing strong encryption and privacy protections, these companies attract users who value their commitment to data protection.

Beyond the legal and financial considerations, there is an ethical responsibility to protect sensitive information. Whether safeguarding personal data, healthcare records or preserving proprietary research, organisations have a moral duty to ensure the security of the information entrusted to them by individuals, clients and stakeholders. 

Ethical considerations also encompass responsible disclosure of security vulnerabilities and adherence to international norms on cyber behaviour. Facebook faced ethical dilemmas regarding data privacy when it was revealed that a third-party company, Cambridge Analytica, mishandled user data. Beyond compliance with privacy laws, ethical considerations became paramount, forcing the company to reevaluate its data handling practices.

On a broader scale, strong cybersecurity practices are crucial for national security. Governments must protect critical infrastructure, secure defence systems and safeguard citizen data. Cyberattacks on these fronts can have far-reaching consequences that extend well beyond mere compliance requirements, affecting the security and sovereignty of nations. 

Implementing robust cybersecurity measures involves partnerships between public and private sectors, cybersecurity education and workforce development and international collaboration on cyber norms. It is also necessary to proactively secure critical assets, foster a cybersecurity-aware culture, and collaborate with international and local stakeholders to strengthen cybersecurity resilience in an increasingly digital world.

Cybersecurity is not merely an item to check off on a compliance checklist. It is an essential and dynamic component of our interconnected digital world. While compliance standards provide a baseline for security, they should be viewed as the minimum requirement, not the ultimate goal. 

To truly protect sensitive data, maintain trust, ensure business continuity and stay ahead of the evolving threat landscape, organisations must embrace cybersecurity as a fundamental necessity regardless of their size or industry. This encompasses a multifaceted approach, seamlessly integrated into their core operations and values, encompassing technology, human factors, legal considerations and ethical principles. Beyond compliance, it is about safeguarding the future of individuals, businesses, and nations in an increasingly digital and interconnected landscape.

BM Zahid ul Haque is an Experienced CISO and Cyber Digital Transformation Strategist. The author can be reached at bmzahidul.haque@gmail.com.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.