Securing Sensitive Data: The Interplay of Risk and Compliance in Cybersecurity

In cybersecurity, risk and compliance play crucial roles in safeguarding sensitive data.

Risk refers to identifying potential cyber threats and assessing their potential impact on the organization.

Compliance involves adhering to established security standards and regulations to protect against those risks.

A common compliance standard in the financial sector of Canada is the Office of the Superintendent of Financial Institutions (OSFI) Cyber Security Self-Assessment Guidance.

Best practices include implementing strong passwords, encrypting data, regular system updates, and employee training on security awareness.

For example- a Canadian bank follows OSFI’s guidance by conducting regular cybersecurity assessments, ensuring customer data is encrypted and safely stored, and training employees to recognize and respond to phishing emails.

By doing so, they reduce the risk of data breaches and uphold their compliance obligations to protect customers’ financial information.

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