Being the highly desired commodity it is, data will always be targeted by malicious entities, therefore, guarding it should be a major priority. According to UnderDefense, investing in a cybersecurity compliance company or aid in these digital times stands out as the best way to go about it. So, how does one begin their deep dive into how essential compliance is?
Well, it only begins with understanding compliance to the best of your ability. Once that’s done, let’s take a closer look at the benefits cybersecurity compliance company services would give you as well as what would happen with a mindset that’s geared towards non-compliance. By the end, you’ll understand why cybersecurity compliance is so important.
Defining compliance
Cybersecurity compliance is defined as an organization’s adhering to data protection mandates set by regulatory bodies. With literally billions of dollars spent on cybersecurity each year due to the rising number of cyber attacks, it’s safe to assume that a lot of that goes to compliance. An organization that complies with certain regulations shows that they are handling data of all sorts in a way that best protects it.
Just about every organization using information irrespective of size and industry will need to meet the security requirements. This is essentially proof of proper handling of sensitive data. Some authorities/mandates like HIPAA which works mainly with sensitive health-related information are among the many in existence that many businesses comply with.
Furthermore, it’s important to note that various regulatory authorities, such as FISMA, require agencies to create and implement data protection programs. Additionally, there are:
- Internationally recognized standards like ISO 27001 for comprehensive data security management;
- The GDPR, which specifically addresses data protection within the European Union sets strict rules on data protection, privacy,and the rights of individuals regarding personal data.
Complying with multiple mandates simultaneously is usually the norm, something that’s virtually impossible to sort through manually. Employing a cybersecurity compliance company or related help to bring automation and centralization to the mix is something to look at. Spending on compliance will usually cost thousands to millions of dollars, which seems insane, but as we’ll see below, the accompanying benefits are worth the price.
How cardinal it is
It often seems as though the only thing compliance is good for is added defense against malice, but that’s rather simplistic. In truth, entire operations are positively impacted by it in a myriad of ways. Below is a look at these ways in detail:
It improves organizational threat protection
Because it makes sure that all information management is up to par, groups complying with mandates show a desired level of readiness for all situations. With its presence, organizations have no choice but to better their data protection, especially as threats keep increasing. The threats that they would be able to handle will vary and include the following:
- ransomware
- distributed denial of service
- corporate espionage
- phishing
It saves money
As stated earlier, a lot of money is spent adhering to these measures, and that appears to be a deterrence. However, what’s interesting is that way more is saved from taking the initiative. This shows itself best when one realizes that nothing regarding said measures is optional, meaning that not adhering to them will result in fines.
Some of the most brutal blows companies receive as a result of non-compliance come in the form of legal trouble. This is highly problematic as a company being sued by an entity whose data has been violated may affect everyone involved, which is not ideal.
It preserves trust
A company’s reputation is of huge importance when it comes to money-making. Because compliance is so effective when it comes to guarding information, the perception of quality bleeds into the overall operation. As such, potential customers looking at proper data management take it as a measure of product quality and are more willing to use it.
As one would think, the same is the case for companies who don’t or refuse to comply, with only the opposite results. Said results are presented as potential customers showing less interest in them and their product, which negatively affects their bottom line. This is only made worse if a company falls victim to a breach, which will not only scare off customers but affect stock value.
Customer and public trust is incredibly difficult to win and even more so after a major cyber attack. This is why you should invest in cybersecurity compliance as it reduces the chances of such a breach.
It helps to cover risks
Non-compliance can simply lead to different penalties (not only financial risks) but even loss of business. If you focus on compliance efforts, you can minimize these risks. First of all, compliance holds a pivotal role in safeguarding organizations and especially, startups. We speak here far beyond mere defense against malicious threats. For example, financial risks can loom large in the absence of compliance. Non-compliance can trigger:
- financial penalties
- business relationships issues
- significant revenue losses
On the other side, proactive efforts within cybersecurity protection can act as a bulwark against the financial danger. By adhering to all regulations and standards, you or our company can minimize the risk of fines and protect the reputation, be trusted by users and much more. Ultimately you can get customer loyalty.
However, compliance offers more than just financial protection. It empowers organizations to navigate the landscape of the digital age. You can also tackle a diverse array of challenges. In general, compliance is a strategic investment that not only helps to cover you against threats but also enhances the capacity to thrive in today’s complex digital environment.
Final thoughts
With the above piece in mind, it’s safe to say that compliance’s importance can’t be overstated. Long story short, if one puts money into a cybersecurity compliance company to help with data management, operations become far more efficient in a number of ways. The costs are high, but pale in comparison to those incurred from non-compliance, hence their necessity.
Having said that, being compliant is only easier when you’re already equipped with the tools and IT personnel. As such, always make sure you’re ready to take compliance on, because this makes for an easier compliance journey as well as making it less expensive.