The Top 5 SEC Cybersecurity Best Practices for 2021

The Top 5 SEC Cybersecurity Best Practices for 2021

In today’s digital age, cybersecurity has become a top priority for businesses operating in almost every industry. With cyber threats constantly evolving, the SEC has issued guidance on best practices to help companies safeguard against these threats.

Here are the top 5 SEC cybersecurity best practices for 2021:

1. Implement a Robust Cybersecurity Framework

A cybersecurity framework is a set of guidelines that help organizations manage and reduce their cyber risk. The SEC recommends that companies implement a cybersecurity framework suitable for their size, industry, and risk profile. Some examples of cybersecurity frameworks include the National Institute of Standards and Technology (NIST) Cybersecurity Framework, the Center for Internet Security (CIS) Controls, and the ISO/IEC 27001 standard.

2. Conduct Regular Risk Assessments

To effectively identify cybersecurity risks, companies must conduct regular risk assessments. These assessments help organizations understand their vulnerabilities and quantify the potential impact of a cyber attack. The SEC recommends that companies conduct risk assessments on a regular basis and use the results to develop or update their cybersecurity policies and procedures.

3. Provide Ongoing Cybersecurity Training

Employees are often the weakest link in a company’s cybersecurity defense. Ensuring that employees have the necessary knowledge and skills to identify and respond to cyber threats is critical. The SEC advises companies to provide ongoing cybersecurity training to employees, including phishing awareness training, social engineering training, password management, and incident response.

4. Establish Incident Response Plans

Incident response plans outline the steps organizations must take when responding to a cybersecurity incident. The SEC advises companies to develop and maintain incident response plans and test them regularly to ensure that they are effective. Companies should also establish a clear communication plan to notify key stakeholders, such as customers, regulators, and law enforcement agencies in the event of a cyber incident.

5. Conduct Regular Vendor Risk Assessments

Third-party vendors can pose significant cybersecurity risks to organizations. The SEC recommends that companies conduct regular vendor risk assessments to evaluate the cybersecurity risks associated with their third-party vendors. Companies should ensure that their vendors have appropriate cybersecurity measures in place and regularly review and monitor vendor cybersecurity practices.

In conclusion, implementing these SEC recommended cybersecurity best practices will help companies protect themselves against cyber threats. By implementing a cybersecurity framework, conducting regular risk assessments, providing ongoing training, establishing incident response plans, and conducting regular vendor risk assessments, organizations can improve their cybersecurity posture and safeguard against cyber threats.