FRAMEWORKS AND STANDARDS-GRC,GDPR,SOX,PCI DSS,SOX,ISO

GDPR,SOX,HIPAA,GDPR,ISO,PCI DSS

1. Governance, Risk, and Compliance (GRC) is a structured way to align IT with business goals while managing risks and meeting all industry and government regulations. It includes tools and processes to unify an organization's governance and risk management with its technological innovation and adoption. Companies use GRC to achieve organizational goals reliably, remove uncertainty, and meet compliance requirements. INTRODUCTION TO GRC

2. GRC stands for governance, risk (management), and compliance. GRC combines governance, risk management, and compliance in one coordinated model.

3. DATA-DRIVEN DECISION-MAKING You can make data-driven decisions within a shorter time frame by monitoring your resources, setting up rules or frameworks, and using GRC software and tools. RESPONSIBLE OPERATIONS GRC streamlines operations around a common culture that promotes ethical values and creates a healthy environment for growth. It guides strong organizational culture development and ethical decision-making in the organization. IMPROVED CYBER SECURITY With an integrated GRC approach, businesses can employ data security measures to protect customer data and private information. Implementing a GRC strategy is essential for your organization due to increasing cyber risk that threatens users' data and privacy. Why is GRC Important?

4. 1.Governance Governance is the set of policies, rules, or frameworks that a company uses to achieve its business goals. It defines the responsibilities of key stakeholders, such as the board of directors and senior management. Good governance includes the following: Ethics and accountability Transparent information sharing Conflict resolution policies Resource management 2.Risk management Businesses face different types of risks, including financial, legal, strategic, and security risks. Proper risk management helps businesses identify these risks and find ways to remediate any that are found. 3.Compliance Compliance is the act of following rules, laws, and regulations. It applies to legal and regulatory requirements set by industrial bodies and also for internal corporate policies. In GRC, compliance involves implementing procedures to ensure that business activities comply with the respective regulations. THREE PILLARS OF GRC

5. GRC CAPABILITY MODEL Learn You learn about the context, values, and culture of your company so you can define strategies and actions that reliably achieve objectives. Align Ensure that your strategy, actions, and objectives are in alignment. You do so by considering opportunities, threats, values, and requirements when making decisions. Perform GRC encourages you to take actions that bring results, avoid those that hinder goals, and monitor your operations to detect sudden changes. Review You revisit your strategy and actions to ensure they align with the business goals. For example, regulatory changes could require a change of approach.

6. STANDARDS AND POLICIES - IT GOVERNANCE What is IT Governance? IT governance refers to the framework of principles, processes, and structures that guide an organization's use of information technology. It ensures that IT initiatives and investments are aligned with business objectives, risks are managed effectively, and resources are optimized. Effective IT governance is crucial for success in today's digital age. The Role of Standards and Policies Standards and policies are essential components of IT governance. Standards define technical specifications and best practices for IT implementations. Policies outline acceptable use, security protocols, and risk management procedures. Together, they provide a clear roadmap for responsible and efficient IT operations.

7. ISO/IEC 38500 The international standard for corporate governance of IT. COBIT Control Objectives for Information and Related Technology, focusing on IT process management and control. ITIL Information Technology Infrastructure Library, offering best practices for IT service management. Key Standards in IT Governance NIST CYBER SECURITY FRAMEWORK Provides a voluntary framework for improving critical infrastructure cybersecurity.

8. Focus: High-level principles and guidance for effective IT governance in all types and sizes of organizations. Strengths : Broad overview, emphasizes alignment with business needs, flexible and adaptable. Weaknesses : Lack of specific processes and controls, requires further customization for implementation. Ideal for: Establishing a solid foundation for IT governance, aligning IT with business strategy, demonstrating compliance with regulatory requirements. ISO/IEC 38500

9. Focus: Comprehensive framework for IT process management and control, with detailed guidance on five core domains: Align, Plan & Organize, Build, Deliver & Support, Monitor & Assess. Strengths: Structured approach, comprehensive controls, widely recognized and accepted. Weaknesses : Can be complex to implement, focus on controls might overshadow flexibility. Ideal for: Organizations seeking well-defined processes and controls, enhancing compliance and risk management, improving IT service delivery. COBIT

10. Focus: Best practices for IT service management across the service life cycle, including service strategy, design, transition, operation, and continual service improvement. Strengths: Practical and service-oriented, focuses on customer satisfaction, continuous improvement. Weaknesses: Less emphasis on technical controls and security, may not directly address all organizational governance needs. Ideal for: Organizations prioritizing service quality and customer experience, optimizing IT service delivery, implementing Agile and DevOps practices. ITIL

11. Focus: Voluntary framework for managing and reducing cyber security risks, with prioritized functions and categories, including identification, protection, detection, response, and recovery. Strengths: Flexible and customizable, adaptable to different risks and priorities, focuses on outcomes over specific controls. Weaknesses: Not a one-size-fits-all solution, requires commitment and resources for proper implementation. Ideal for: Organizations seeking to improve their cybersecurity posture, manage cyber risks effectively, align with industry best practices. NIST Cybersecurity Framework

12. Feature ISO/IEC 38500 COBIT ITIL NIST Cybersecurity Framework Scope High-level principles and guidance IT processes and controls IT service management Cybersecurity risk management Structure Five core principles and seven high-level areas Five core domains and 23 processes Five service lifecycle stages Functions and categories based on desired outcomes Complexity Relatively simple Comprehensive and detailed Moderate Customizable, can be scaled Focus Aligning IT with business, governance principles IT process management and control Customer-centric service delivery Managing cybersecurity risks Target Audience All organizations IT professionals, management IT service providers, operations teams Organizations of all sizes, critical infrastructure providers

13. IT CONTROL, RISK AND COMPLIANCE IT Control : Safeguarding your IT assets and processes. Definition: Mechanisms that implement policies, procedures, and processes to mitigate risks and achieve objectives. Examples: Access controls, data encryption, system monitoring, change management. Risk Management: Anticipating and mitigating potential IT threats. Definition: Identifying, assessing, and addressing vulnerabilities and threats to minimize their impact. Examples: Threat analysis, vulnerability assessments, incident response plans, business continuity planning. Compliance : Adhering to relevant regulations and industry standards. Definition: Meeting legal and regulatory requirements, such as data privacy, security, and financial reporting. Examples: GDPR, HIPAA, PCI DSS, SOX.

14. AUDITS - ISO 27000 SERIES Published by the International Organization for Standardization (ISO) and the International Electrotechnical Commission , the ISO/IEC 27000 series is comprised of over a dozen standards designed to help organizations improve their information technology security by building a strong information security management system (ISMS). An ISMS implemented according to these standards is designed to mitigate risk across three pillars of information security: people, processes, and technology.

15. STANDARD PURPOSE AUDIENCE KEY POINTS ISO/IEC 27000 Overview and definitions Everyone Introduces ISMS terminology and explains relationships between other standards ISO/IEC 27001 Requirements for ISMS (certifiable) Businesses seeking certification Lists requirements for building and maintaining a compliant ISMS ISO/IEC 27002 Information security controls Businesses implementing ISO 27001 Details and explains the 93 controls listed in Annex A of ISO 27001 ISO/IEC 27003 Guidance for building an ISMS Businesses pre-audit Offers general guidance on developing and implementing an ISMS ISO/IEC 27004 Monitoring and evaluating ISMS security Businesses seeking to improve ISMS Suggests ways to evaluate and monitor the effectiveness of ISMS controls ISO/IEC 27005 Code of practice for information security risk management Businesses managing information security risks Provides best practices for risk assessment, mitigation, and monitoring ISO/IEC 27006 Requirements for ISO 27001 auditors Certification bodies and auditors Defines qualifications and requirements for organizations performing ISO 27001 audits ISO/IEC 27007 & 27008 Guidelines for ISMS audits Businesses seeking ISO 27001 certification Explains what auditors will consider during an ISMS evaluation ISO/IEC 27017 & 27018 Security controls for cloud data Businesses using cloud services Provides controls for securing data stored in the cloud ISO/IEC 27033 Code of practice for network security Businesses managing internal networks Expands on network security controls included in ISO 27002 ISO/IEC 27034 Application security controls Businesses developing or using applications Focuses on data structure and assurance prediction frameworks for applications ISO/IEC 27035 Information security incident management Businesses with incident response plans Covers incident response plans and communication protocols ISO/IEC 27701 Privacy information management system Businesses handling personal data Explains how to build a PIMS alongside an ISMS, focusing on data privacy

16. PCI - DSS The Payment Card Industry Data Security Standard (PCI-DSS) is a set of global compliance requirements for organizations that store, process, or transmit cardholder data. Implementing PCI-DSS safeguards sensitive customer information, minimizes the risk of data breaches, and protects your business from financial penalties and reputational damage.

17. The Six Core Principles 1.Build and maintain a secure network and systems. 2.Protect cardholder data. 3.Maintain a PCI-compliant vulnerability management program. 4.Implement strong access control measures. 5.Regularly test and monitor systems and networks. 6.Maintain a comprehensive information security policy.

18. PCI DSS Compliance Levels Level 1 Includes organizations that handle more than 6 million card transactions a year. These businesses must pass a Qualified Security Assessor (QSA) assessment each year and have an Approved Scanning Vendor (ASV) do a quarterly network visibility scan. Level 2 Includes organizations that handle from 1 million annual card transactions up to 6 million. They must complete an annual Self-Assessment Questionnaire (SAQ) and might be required to submit quarterly ASV network vulnerability scans. L evel 3 Includes organizations that handle more than 20,000 annual card transactions up to 1 million. Like level 2 businesses, level 3 businesses must complete an annual SAQ and might have to submit a quarterly network vulnerability scan. Level 4 Includes organizations that handle fewer than 20,000 annual card transactions. Like levels 2 and 3, these businesses must complete an annual SAQ and might have to submit a quarterly network vulnerability scan.

19. HIPAA The Health Insurance Portability and Accountability Act (HIPAA) sets the standard for sensitive patient data protection. Companies that deal with protected health information (PHI) must have physical, network, and process security measures in place and follow them to ensure HIPAA Compliance. Covered entities (anyone providing treatment, payment, and operations in healthcare) and business associates (anyone who has access to patient information and provides support in treatment, payment, or operations) must meet HIPAA Compliance. Other entities, such as subcontractors and any other related business associates must also be in compliance.

20. HIPAA Privacy Rule: Protects patients' right to control their PHI and limits its disclosure without authorization. Security Rule: Mandates safeguards for electronic PHI (ePHI), including encryption and access controls. Transactions and Code Sets Rule: Standardizes healthcare data formats to facilitate electronic transactions.

21. HIPAA COMPLIANCE CHECKLIST

22. SOX SOX compliance is compliance with an act of congress called the Sarbanes-Oxley Act, which sets deadlines for compliance and publishes rules on requirements. Congressmen Paul Sarbanes and Michael Oxley drafted the act with the goal of improving corporate governance and accountability, in light of the financial scandals and corporate fraud that occurred at Enron, WorldCom, and Tyco, among others. In 2002, the United States Congress passed the Sarbanes-Oxley Act (SOX) to protect shareholders and the general public from accounting errors and fraudulent practices in enterprises, and to improve the accuracy of corporate disclosures.

23. SOX compliance is compliance with an act of congress called the Sarbanes-Oxley Act, which sets deadlines for compliance and publishes rules on requirements. Congressmen Paul Sarbanes and Michael Oxley drafted the act with the goal of improving corporate governance and accountability, in light of the financial scandals and corporate fraud that occurred at Enron, WorldCom, and Tyco, among others. In 2002, the United States Congress passed the Sarbanes-Oxley Act (SOX) to protect shareholders and the general public from accounting errors and fraudulent practices in enterprises, and to improve the accuracy of corporate disclosures. SOX

24. First rule: This rule concerns the destruction, alteration, or falsification of records and the resulting penalties. Second rule: A rule that defines the retention period for records storage; best practices suggest corporations securely store all business records using the same guidelines as public accountants. Third rule: This rule outlines the type of business records that need to be stored, including all business records, communications, and electronic communications. THREE MANAGEMENT OF ELECTRONIC RECORDS RULES

25. Enhanced Financial Reporting: Improved accuracy, reliability, and transparency of financial reporting. Reduced Risk of Fraud and Errors: Minimizes the likelihood of financial misstatements and fraudulent activities. Increased Stakeholder Trust: Boosts investor confidence and strengthens market reputation. Improved Operational Efficiency: Streamlined accounting processes and better risk management. Competitive Advantage: Demonstrates commitment to ethical and transparent business practices. THE BENEFITS OF SOX COMPLIANCES

26. The General Data Protection Regulation (GDPR) is the toughest privacy and security law in the world. Though it was drafted and passed by the European Union (EU), it imposes obligations onto organizations anywhere, so long as they target or collect data related to people in the EU. The regulation was put into effect on May 25, 2018. The GDPR will levy harsh fines against those who violate its privacy and security standards, with penalties reaching into the tens of millions of euros. GDPR

27. Perso nal d ata : Any inf o rma tion r elatin g to an identified or identifiable individual (e.g., name, address, email, health records). Data controller: The organization determining the purposes and means of processing personal data. Data processor: Any entity processing personal data on behalf of the controller. Lawful basis for processing : Justification for collecting and processing personal data (e.g., consent, contractual necessity, legitimate interests). Data subject rights: Rights granted to individuals regarding their personal data (e.g., access, rectification, erasure, objection to processing). KEY CONCEPTS AND DEFINITIONS

28. Enhanced customer trust and loyalty: Demonstrating responsible data handling practices. Reduced risk of regulatory penalties and reputational damage: Avoiding fines and negative publicity. Improved data governance and security: Strengthening data protection measures. Competitive advantage: Standing out as a privacy-conscious organization. Innovation and business development : Facilitating responsible data-driven initiatives. THE BENEFITS OF GDPR COMPLIANCE