Regardless of where your business operates, organizations must ensure that they handle personal data securely and responsibly. Businesses that are looking to expand their global reach by expanding into the European market must comply with a very specific set of regulations that govern data privacy for citizens of the EU. Growing businesses should have a plan in place to help them comply with the rules and regulations of the General Data Protection Regulation, or GDPR, and one way to help your business prepare for this transition is to work with an experienced managed threat intelligence provider like ZeroFox.
ZeroFox offers a comprehensive Managed threat intelligence solution and works with companies across the globe to safeguard their assets from threats. In this article, we will review how managed threat intelligence works and how it can help security officers comply with GDPR requirements and protect their organization’s sensitive data from cyberattacks.
Understanding the Basics
Managed Threat Intelligence
Managed threat intelligence involves collecting, analyzing, and sharing information about the latest cyber threats and vulnerabilities that may affect a company’s systems, data and assets. Managed threat intelligence combines human expertise with advanced technology, such as machine learning, to analyze security data from several sources across the public and private attack surface, including log files, network traffic, and threat intelligence feeds. The data is analyzed and processed to unravel patterns that may point to a possible threat. This insight is then fed to a customer’s system to help identify threats before they occur.
One of the major reasons managed intelligence is vital is that it helps organizations stay ahead of potential threats by enabling them to anticipate cyber attacks and helping them monitor their systems, networks, and applications for malicious activity. It also disseminates real-time information to organizations, allowing them to detect and respond to threats in a more effective and timely manner.
Managed threat intelligence also places the company’s security management in the hands of an expert. Therefore, the organization can focus on delivering its services rather than worrying about possible attacks. All this comes at a fraction of the cost compared to what organizations often spend on systems and security teams to monitor their networks for security risks.
Managed threat intelligence service providers constantly monitor cyberspace for evolving threats and better security solutions. This gives them valuable information that go a long way in helping organizations create robust protection systems and mitigate potential damage should a risk actually materialize, as well as improving their incident response capabilities by providing early warning of potential threats.
General Data Protection Regulation (GDPR)
GDPR is an acronym for General Data Protection Regulation, a regulation enacted by the European Union in 2018 to protect the privacy and personal data of EU citizens. The GDPR establishes strict rules on how organizations must collect, process, store, and share personal data and grants individuals greater control over their own data. Failure to comply with GDPR can result in significant fines and legal consequences for organizations that handle EU citizens’ data.
GDPR aims to uphold the privacy of European Union citizens as well as their personal data. Every organization that works with EU citizens must comply with the requirements, regardless of its location around the globe.
Even if your business does not currently operate in the EU, you may soon find yourself preparing for a GDPR transition for any one of the following reasons:
- Access to the EU Market: Companies outside the EU may undergo GDPR transitions to demonstrate their commitment to data protection and privacy, gaining access to the EU market and building trust with EU consumers.
- Enhanced Data Protection Standards: Companies that transition into GDPR compliance show their dedication to safeguarding customer data and respecting privacy rights, meeting the stringent data protection requirements of the EU and reassuring EU consumers.
- Cross-Border Data Transfers: Companies must implement GDPR-compliant data protection measures to facilitate the flow of data from the EU. This data may be required for their decision-making.
- Mitigating Legal and Reputational Risks: Non-compliance with the GDPR results in substantial financial penalties and harms a company’s reputation. This prompts companies to proactively undergo GDPR transitions to avoid legal consequences.
- Harmonization of Data Protection Practices: Companies that align with GDPR requirements enjoy consistency in data protection practices across markets. They also simplify compliance efforts by adopting principles that have influenced global data protection standards.
- Competitive Advantage: Demonstrating GDPR compliance differentiates companies, positioning them as trustworthy and responsible custodians of personal data. This resonates with privacy-conscious consumers and provides a competitive edge.
- Interconnected Financial Systems: For financial services organizations, EU expansion not only offers access to a larger customer base, it also enables them to tap into the diverse financial markets across the EU and take advantage of the interconnectedness of the European financial system.
Any organization that does not comply with GDPR regulations may be fined a whopping 4% of its global annual revenue or €20 million (whichever is greater). It also risks losing access to the EU market. Any company that loses the European market stands to lose significant opportunities for growth and expansion. The European Union, which comprises over 450 million consumers, is one of the largest single markets in the world.
On the other hand, organizations that comply with the regulation stand to gain significant new growth opportunities in addition to enhancing customer loyalty and trust by demonstrating a strong commitment to data privacy.
What are the requirements for GDPR compliance?
Organizations that process large amounts of personal data or sensitive data must:
- Appoint a DPO (Data Protection Officer)
- Conduct Data Protection Impact Assessments (DPIAs) to mitigate potential data protection risks.
- Implement appropriate technical and organizational measures to ensure the security and confidentiality of personal data.
Organizations looking to comply with these requirements face several challenges, including:
- Complexity: GDPR compliance can be complex and challenging, especially for organizations that process large amounts of personal data.
- Resource Constraints: Compliance with GDPR is costly, especially for smaller organizations that have limited resources.
- Inconsistencies in Data Processing Laws: There are inconsistencies in data processing laws across different countries, making it difficult for organizations to conduct security operations across multiple countries to comply with GDPR.
How Does Managed Threat Intelligence Help Prepare for a GDPR Transition?
Managed threat intelligence can help organizations transition to meeting GDPR regulations by offering better support, deeper insight, and enhanced proactivity against potential threats and risks to sensitive data. Here are the steps managed threat intelligence takes to achieve GDPR compliance.
Identifying Data Security Risks
Your organization can use managed threat intelligence to understand and address the data security risks and vulnerabilities that may jeopardize GDPR compliance. Managed threat intelligence also enhances your capacity to conduct risk assessments and gap analysis in the future to stay ahead of emerging threats.
Organizations can proactively identify and prioritize vulnerabilities based on their potential impact and likelihood of exploitation by conducting vulnerability risk assessments. This enables them to implement appropriate mitigation measures, such as patches, security controls, or process improvements, to reduce the overall risk exposure and enhance their security posture.
Monitoring Data Breaches
Real-time monitoring and detection are essential for preventing and mitigating the impact of data breaches. Data breaches can occur at any time; the longer it takes to detect them, the more damage is done. Fortunately, you can leverage managed threat intelligence to monitor for data breaches. You can also use threat intelligence to detect and respond to data breaches.
Incident Response and Threat Mitigation
GDPR focuses on the speedy process of incident detection and response to mitigate threats. First, the data processor should have the technical capability to reduce threats. The organization should also notify relevant authorities of data breaches within 72 hours of noticing them. The data owners may ask for it to be erased after an incident.
Your organization can leverage managed threat intelligence to coordinate a speedy incident response and mitigate the risks posed by data breaches and cyber threats.
Automating GDPR Compliance with Managed Threat Intelligence
Use managed threat intelligence to automate processes like data monitoring, threat detection, and incident response, which are vital for GDPR compliance. Automating GDPR compliance processes through managed threat intelligence can save time for organizations. Manual monitoring and analysis of data are labor-intensive and time-consuming. Companies can streamline these processes by leveraging automation. This allows for real-time monitoring and rapid identification of potential data breaches or security incidents. It helps free up employee workloads to focus on other tasks that help drive the business forward sacrificing security preparedness.
Managed threat intelligence enables adjustments and improvements based on ongoing review and analysis. Continuous monitoring and improvement help close gaps and ensure full compliance with GDPR.
AI enhances this process by leveraging machine learning algorithms to process and analyze vast amounts of data rapidly. It can identify patterns, anomalies, and potential risks, providing valuable insights into potential threats and vulnerabilities. AI-powered systems can automate the detection and response to security incidents, enabling real-time threat mitigation and reducing response times.
ZeroFox offers a unique solution by combining AI-driven technology with a comprehensive approach to GDPR compliance. ZeroFox utilizes AI to monitor and analyze social media platforms, your external attack surface, and the deep web for potential data breaches, information leaks, and other security risks. Our solution provides proactive threat intelligence, alerting organizations to potential GDPR compliance issues and empowering them to take timely actions to mitigate risks.
ZeroFox’s AI-powered platform can identify and assess risks associated with personal data exposure, unauthorized data sharing, and other GDPR-related concerns. It provides organizations with actionable insights and recommendations to strengthen their data protection practices and ensure compliance with GDPR.
Employees should be aware of the GDPR requirements and comply when interacting with company resources. It is vital that they understand threat intelligence and how they should use it when discharging their duties. It helps prevent errors and mistakes that can cause your organization to violate GDPR regulations.
Once you are done with all the steps above, measure the success of the implementation. Bring stakeholders on board by demonstrating the value of managed threat intelligence in terms of security, lower risks, and cost savings. Finally, evaluate the return on investment (ROI) of implementing managed threat intelligence in the organization.
Manage Your GDPR Transition With ZeroFox
Managed threat intelligence can play a crucial role in effectively and quickly managing your organization’s transition to GDPR compliance. It automates several security procedures, such as vulnerability monitoring and incident detection, reduces incident response time, and enables the organization to be proactive in monitoring security risks. In addition, managed threat intelligence is a cost-effective approach to enhancing data security and GDPR compliance as your organization will not have to spend more on systems and employee labor to achieve your security goals.
ZeroFox threat intelligence provides industry leading tools, techniques and expertise to help your organization detect and disrupt prospective attackers. Schedule a Demo today to see how ZeroFox can support your GDPR compliance journey.