As businesses increasingly rely on technology and the internet to operate, the need for compliance and cyber security has become more critical than ever. With the rise in cyber attacks and data breaches, companies must take steps to protect themselves and their customers from potential legal liabilities.
One of the key areas of compliance for businesses is data protection. In India, the Personal Data Protection Bill, 2019, version of which is currently under consideration by the government, seeks to regulate the collection, storage, and processing of personal data by companies. The bill establishes strict rules for data protection, including the need for companies to obtain explicit consent from individuals for the collection and use of their personal data.
Another area of compliance for businesses is network and information security. The Ministry of Electronics and Information Technology (MeitY) has issued guidelines for the protection of critical information infrastructure (CII), which include requirements for incident management, threat intelligence sharing, and regular security audits.
In addition to compliance, businesses must also take steps to protect themselves from cyber attacks and data breaches. This includes implementing robust cybersecurity measures, such as firewalls, intrusion detection systems, and encryption, as well as training employees on security best practices.
However, it's not just large businesses that need to be concerned about compliance and cyber security. Small businesses, MSMEs, and start-ups are also at risk of legal liabilities and reputational damage from data breaches and cyber attacks. In fact, according to a study by the Indian Computer Emergency Response Team (CERT-In), small businesses and MSMEs accounted for more than half of the cyber incidents reported in India in 2020.
Raghnall Insurance Broking & Risk Management has recently launched an all-in-one solution for protecting against cyber risks, Business Cyber Shield. This product offers a unified approach and ecosystem for cyber security that includes Cyber Risk and Vulnerability assessment, Insurance, compliance and End point security all in one place, providing a one-stop-shop for businesses of all sizes to protect against cyber threats and stay compliant with regulations.
In conclusion, compliance and cyber security are essential for businesses of all sizes in today's digital age. By implementing robust cybersecurity measures and staying compliant with regulations, companies can protect themselves from legal liabilities and reputational damage from data breaches and cyber attacks. Raghnall's Business Cyber Shield is a great option for businesses to protect themselves and stay compliant with the regulations.