Chapter 3Legal and Regulatory Landscape

In today's rapidly evolving digital landscape, cybersecurity has become a critical concern for businesses of all sizes. Small and medium-sized businesses face a complex legal and regulatory environment that governs cybersecurity practices. It is crucial for board members to have a comprehensive understanding of this landscape and ensure that their company complies with the latest cybersecurity regulations. This chapter aims to provide a detailed overview of the legal and regulatory framework surrounding cybersecurity, including the relevant laws, regulations, and industry standards that impact SMBs.

Governments worldwide have recognized the importance of cybersecurity and have implemented regulations to enhance data protection, privacy, and overall security. In the United States, the Federal Trade Commission (FTC) has been granted broad authority to regulate and enforce cybersecurity measures. Additionally, individual states have established laws and regulations regarding data breach notifications and safeguarding personal information. Across the European Union, the General Data Protection Regulation (GDPR) has brought significant changes to how companies handle and protect personal data, placing a strong emphasis on privacy and accountability.

Compliance with these legal and regulatory requirements is essential for SMBs to protect their customers' data, maintain their reputation, and mitigate the risk of penalties and legal liability. ...

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