There is no doubt the extent of the numerous benefits a business may gain from adopting technology or moving online, however with the growing reliance on information technology comes heightened risks, evident in the rising occurrences of data breaches, fraud, and the proliferation of malicious code.

Neglecting information security comes with consequences that are far too significant for a business to ignore. Some of the potential issues a business can face if it ignores Information Security will be as result of the following areas:
 

Cyber Crime Legislation
There are Cybercrime laws in many countries which address offences like unauthorized system access, deliberate damage to systems, and the distribution of malicious software. While these laws do not prescribe specific security protocols, they influence the responsibilities of company personnel. Businesses must stay vigilant against these threats and implement appropriate countermeasures that comply with applicable laws to address them effectively.

Managing Records

Certain national laws mandate that businesses maintain and periodically review their records, with similar obligations existing at the governmental level. In some countries, businesses are legally required to generate reports or provide records for legal and regulatory purposes. Not having good information security in place to protect business information may have significant consequences.

Securing Electronic Payments

From a legal perspective, it is crucial in most countries to provide evidence in court that a customer purchased a product or service from a business. Similarly, tax authorities require clear documentation of when individual transactions occurred. Without good information security practice in place, it may be extremely difficult for a business to preserve clear documentation of transactions as electronic files are more susceptible to modification thereby posing significant risks when transactions are disputed.

Digital Signatures
In many countries multiple laws legitimize electronic signatures, as such signatures for electronic documents have the same legal effect as written signatures for a paper document. For this reason, businesses need to have robust information security practice to ensure digital signatures are safeguarded.

Data Protection

Certain laws outline general requirements, such as mandating “reasonable security” measures for sensitive data. Others provide specific guidelines, including stipulations for particular technologies, such as encryption. While many laws emphasize the importance of securing sensitive information, they also create opportunities for organizations to leverage advanced security technologies as a competitive advantage.

Privacy

Privacy laws impose stringent security requirements on businesses and mandates that data controllers and processors implement measures ensuring the confidentiality, integrity, and resilience of processing systems. Businesses must adopt safeguards proportional to the risks involved in data handling, promoting secure and responsible management of personal data.

Hakim Fubara CISSP, CISM, CISA, CEH, PCI-QSA, ISO/IEC 27001 Lead Auditor