How Do You Write an Information Security Plan? A Step-by-Step Guide

In today’s digital age, businesses handle vast amounts of sensitive information—from client financial records to proprietary data. Protecting this information isn’t just a good business practice; in many industries, it’s a legal requirement. This is where a Written Information Security Plan (WISP) comes into play. Whether you’re running a small business or managing a larger organization, having a robust Information Security Plan ensures that you’re equipped to handle potential risks and comply with data security regulations.

Here’s a friendly, step-by-step guide to help you create and implement an Information Security Plan for your business.

Step 1: Assess Your Business Needs

Before drafting an Information Security Plan, you need to understand your business’s specific needs. Start by answering the following questions:

• What type of sensitive data does your business handle? (e.g., personal identifiable information, financial records, or intellectual property)
• Who has access to this data?
• Are you subject to specific data security regulations, such as the FTC Safeguards Rule, the Gramm-Leach-Bliley Act (GLBA), or HIPAA?

Example:
A CPA firm handling tax returns must secure personal and financial information such as Social Security numbers and bank details. Their WISP should prioritize access control and encryption for data stored digitally.

Step 2: Conduct a Risk Assessment

A risk assessment is critical to identify vulnerabilities in your current security measures. Evaluate:

• Physical risks (e.g., office security or unauthorized physical access to servers)
• Digital risks (e.g., outdated software, phishing threats, or weak passwords)
• Human risks (e.g., lack of employee training)

Example:
A small accounting firm might discover that employees are using weak passwords or reusing the same ones for multiple platforms. A strong WISP would include password management guidelines and tools to mitigate this risk.

Step 3: Define Security Policies and Procedures

Your Information Security Plan should include detailed policies to address the risks identified. Check out these tips on access control and data encryption. These policies should cover:

• Data access controls: Who has access to sensitive information and how is it managed?
• Incident response plans: What happens in the event of a breach?
• Encryption standards: How is data encrypted at rest and in transit?

Example:
For a financial services firm, the WISP might mandate two-factor authentication (2FA) for accessing client portals and encrypted email for transmitting sensitive client data.

Step 4: Train Your Employees

Your employees are your first line of defense. Regular training ensures they understand their roles in maintaining data security. Focus on:

• Recognizing phishing attempts
• Following proper password management
• Understanding your company’s WISP policies

Example:
Host monthly cybersecurity training sessions to review common scams and provide employees with tools like password managers.

Step 5: Monitor and Update Your Plan

Cybersecurity threats are constantly evolving, so your WISP should be a “living document” that gets reviewed and updated regularly. Conduct an annual review or update it whenever there’s a significant change in your business, such as adopting new software or hiring additional staff.

Example:
If a CPA firm implements new tax software, their WISP should be updated to include security protocols for using that software safely.

When to Create or Revise an Information Security Plan

You should create or revise your WISP when:

• Your business starts handling sensitive data for the first time
• You expand your services or hire new employees
• Regulatory requirements for your industry change
• A security incident highlights vulnerabilities in your current system

Implementing Your Information Security Plan

Once your WISP is drafted, implement it by:

1. Distributing the document to all employees.
2. Conducting training sessions to ensure everyone understands their roles.
3. Using tools like encryption software, firewalls, and password managers to reinforce your policies.
4. Establishing a process for regular audits and updates.

Why Choose Barith for Your WISP Needs?

At Barith, we specialize in creating comprehensive Written Information Security Plans (WISPs) tailored to financial professionals and CPA firms. We understand the unique challenges of protecting sensitive financial data while staying compliant with industry regulations like the FTC Safeguards Rule and GLBA.

Our WISP services include:

• A detailed risk assessment to identify vulnerabilities
• Custom-tailored security protocols for your firm
• A certificate of compliance to demonstrate adherence to regulatory standards

Let us handle the complexities of your WISP so you can focus on running your business. Learn more about Barith’s WISP services here.

Creating an effective Information Security Plan might seem overwhelming, but with the right approach and the right partner, you can safeguard your business, protect your clients’ trust, and stay ahead of potential risks.