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For small and medium-sized businesses (SMBs), regulatory and industry compliance can feel like more of a burden than necessary. Many of the most critical compliance measures are also the most straightforward to implement. Below are five practical steps any SMB can take to meet regulatory demands without breaking the bank.
In the context of compliance, documentation refers to policies, procedures, and standards.
Together, the documentation establishes your company’s method of operating securely.
Identifying all company hardware, software, and even human resources enables you to identify where potential vulnerabilities might lie. After all, you can only protect the assets you know about. This entails keeping a running list of all computers, servers, mobile devices, cloud services, and relevant personnel roles. Be sure to revisit and reconcile asset inventories periodically to ensure that newly added or retired assets are accounted for.
Not all data is equally sensitive. Understanding the types of data you hold—and how it’s stored and transmitted—helps you apply the right level of protection to it.
Even with documented policies and asset inventories, unrecognized weaknesses can leave you exposed. Conducting regular risk or security assessments shines a light on any blind spots. The assessments can be simple checklists or more formal risk assessments that review technology, processes, and employee practices. Once gaps are identified (e.g., out-of-date software or missing procedures), take action to remediate them.
Adopting an industry-recognized security framework (such as NIST CSF) helps you maintain consistent, standardized controls across your business, making compliance easier to manage. Choose a framework suited to your industry or legal requirements such as HIPAA for healthcare. Start with the most critical controls and build out from there––adding more as your business grows and as the cyber threat environment evolves.
For SMBs, compliance doesn’t have to be overwhelming or prohibitively expensive. By focusing on foundational elements, you can build a robust compliance posture. Remember: Start small, stay consistent, and build incrementally. Over time, these simple yet powerful steps can dramatically improve your compliance efforts and overall security readiness.
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