CSA Cyber Trust and Cyber Essentials Marks: Why they matter
There are always new dangers to be aware of in today’s technologically-driven society. By connecting to the Internet, a hacker has a better opportunity to target your company. Organizations and governments throughout the world are beginning to pay attention to the growing threat of cybercrime. Without a comprehensive cybersecurity strategy, companies run the danger of losing money and their good name.
Over four in ten (43 percent) corporations and two in ten (19 percent) charities in the UK were hacked in 2018, according to a ‘Cyber Security Breaches Survey 2018.’ According to the results of the poll, 38% of small businesses had spent nothing to safeguard themselves against cyber dangers.
According to a separate report, more than a third of small firms in the UK are operating at or below the “security poverty line”. Fraudulent e-mails and online impersonation were the two most common forms of cyber-crime. In the Internet Security and Threat Report, malicious e-mails were also revealed to be the most common type of cyberattack. According to Ponemon Institute research, the average cost of a data breach in 2019 is $3.92 million, which is a significant sum.
What is Cybersecurity?
The goal of cybersecurity is to protect your company’s data from both internal and external threats. Technology, techniques, structures, and practices that are utilized to prevent unwanted access or harm are all included under the umbrella term “network security.” For any cybersecurity strategy, confidentiality, data integrity, and availability are the primary objectives to be achieved.
It is possible for a company’s reputation to be ruined as a result of cybersecurity vulnerabilities. A hacker could access information like bank accounts or credit card numbers and sell it in the “dark web,” where there are open markets for such information.
The company’s banking or credit card facilities could be revoked or violated if outsiders access such sensitive information. Individual data is compromised in high-profile security breaches that are disclosed on a monthly basis around the world.
A second but related concern is that an organization’s reputation may be damaged if a hacker discovers sensitive information about it. Significantly few small businesses could withstand the harm to their reputation that such a data breach may do to them.
There is a possibility that the damage done to the company’s good name and the image will be more devastating than the data loss itself. If a company’s consumer data is compromised, legal or regulatory action may follow. In the event that a third party suffers a loss, they may bring a lawsuit against the Organization.
Organizations might also be subject to significant penalties and/or legal action arising from breaches of privacy laws in many jurisdictions.
Also Read: March 2022 PDPC Incidents and Undertaking
Breach of the Protection Obligation by Seriously Keto
In the case of Seriously Keto, the Organization was made to pay a whopping fine of S$8,000 after the personal data of approximately 3,073 individuals were affected due to a ransomware infestation.
It was revealed that the Organization engaged a vendor to develop its e-commerce and membership website. It claimed that it relied on the vendor to make the necessary security arrangements to protect the Affected Personal Data. However, there were no clear business requirements specifying that the vendor was to recommend and implement security arrangements to protect personal data hosted on the website.
Seriously Keto admitted that it had failed to conduct any periodic security reviews prior to the Incident. Such periodic security reviews could have revealed the existence of the unprotected file within its network infrastructure.
With this Incident, aside from the financial penalty that they will face, this could tarnish the relationship of the Organization with its clients, disrupt the business information, and lose the trust of key shareholders, stressing the importance of cybersecurity.
Why CSA Cyber Trust and Cyber Essentials Marks matter
The SG Cyber Safe Programme assists Singapore firms in strengthening their digital security posture and enhancing their cybersecurity posture. The following initiatives are included in the program:
1. Cybersecurity Toolkits for Enterprises
To assist organizations in taking a more proactive role in cybersecurity, CSA has adapted the SG Cyber Safe cybersecurity toolkits for key enterprise roles, including big company executives, Small Medium Enterprise (SME) owners, information technology (IT) teams, and employees. They gain a better awareness of cybersecurity concerns and risks as a result of the toolkits.
Additionally, they will enable these stakeholders to adopt cybersecurity measures that are relevant to their job functions, such as business leaders becoming bilingual in technical and strategic languages, IT teams understanding how to best implement cybersecurity within their Organization, and employees adopting tips to combat the most common threats they face.
2. SG Cyber Safe Partnership Programme
The CSA will work with the industry to raise cybersecurity awareness among local businesses, individuals, and the general public. Under the SG Cyber Safe Partnership Programme, organizations might create training content, products and services, or community outreach programs to promote awareness and encourage businesses and the general public to adopt good cybersecurity practices.
3. SG Cyber Safe Trustmark and Mark of Cyber Hygiene (Coming soon in 2022)
The CSA Cyber Trust and Cyber Essential Marks matter because these are marks of distinction for enterprises that have put in place good cybersecurity measures that correspond to their risk profiles. A separate cyber hygiene mark will be developed to complement the SG Cyber Safe Trustmark. The marks will be introduced in early 2022.
With these marks, it will boost the posture of organizations when it comes to cyber hygiene. With this, clients and stakeholders can make sure that their personal data will be safe, and the chance of such data being leaked is slim as such marks are indicators that the Organization is proactive in making sure that they comply with the standards in keeping the personal data safe.
Cybersecurity and Privacy Ninja
Cybersecurity experts like Privacy Ninja have been promoting and elevating the cybersecurity postures of organizations. With their help, organizations need not worry about financial penalties or circumstances that could tarnish their reputation due to any cybersecurity issues.
Talk to us! We can handle your cybersecurity needs.
Also Read: What you need to know about appointing a Data Protection Officer in Singapore