Since data breaches have become more common than ever, maintaining the privacy and security of clients is a major challenge being faced even by many of the well-known companies. In the context of information security, compliance refers to making sure that your company meets all the data privacy and security standards that apply.
When the organizations are mandatorily made to comply with such a standard, they would of course incur certain costs. However, the benefits of sticking to such mandatory compliance have several benefits which will be discussed in detail below.
You can avoid penalties and fees
The existing information security compliance laws are specific to a particular field or industry under which your company falls. In places like Europe, North America, etc, the legislation protecting the privacy and security of collected data are being aggressively imposed.
When a company violates these laws, they will be liable to pay a heavy penalty fee. An organization can easily avoid such situations by adequately securing the privacy and security of data in accordance with the information security compliance laws.
A few common information security compliance frameworks are given below.
- GDPR (European General Data Protection Act): Fine up to 20 million Euros or 4% of the global turnover of the company.
- HIPAA (Health Insurance Portability and Accountability Act): Fine from $100 to $50,000/violation, the penalty can be anything up to $1.5 million yearly.
- PCI-DS (Payment Card Industry Data Security Standard): Fine from $5000 to $100,000/month.
The only way in which companies can avoid paying such high sums as penalty fees, they must ensure that they comply with the information security compliance regulations specific to their industry.
Your business reputation remains protected
You must have noticed that in the 21st century, data breaches have become very common. Over the past decade, several major companies experienced devastating data breaches. This can hugely hamper your company’s reputation and send the wrong message to your customers.
When such data breaches occur, the company under question will seem as though it is not taking enough measures to ensure the protection of its customer’s data. Apart from the humongous penalties associated with such data breaches, a company would also have to inform its customers and hope that it can repair its relationship with the customer.
For more secure protection of data, major companies like Microsoft and Google are shifting towards modern authentication instead of basic authentication. Such authentication will involve multi-factor authentication which would provide higher protection against data breaches.
Companies need to primarily assess what sensitive data they possess before focusing their efforts towards information security compliance. Companies need to start utilizing a streamlined system for automation through which reduced lag times and seamless authentications can be made possible.
Improves data management capabilities
The recent requirements of information security compliance mandate are forcing several organizations to change their data management processes in such a way that the collected data remains safe and the operational efficiency also increases.
When the asset management protocols for data monitoring are in place, the risks and data security breaches can be mitigated. Companies should also think about upgrading their systems in such a way that the API integration processes are simplified to a great extent.
Operational benefits are promoted
When a company tries to satisfy the privacy requirements of collected data by using certain security applications and tools, the poorly managed assets and personnel get exposed frequently.
This way such assets and personnel can be redeployed to improve operational efficiency. The data security and privacy management solutions can also be deployed to the internal network of the organization through which certain processes, people, and applications can be detected who are managed inadequately.
Company culture gets enhanced
Through the information security compliance mandates, companies have a unique opportunity to enhance their company culture. By employing cutting edge security measures, a company can easily gain leadership in information security.
This way, companies can create a culture where data security and privacy are given the highest priority and come across as an organization that takes all the necessary measures to ensure the safety and privacy of their customers.
During a time when several major companies have reported data breaches, your company can gain loyalty from customers by adopting certain measures to ensure the highest protection against data breaches.
Through the above points, you can clearly see how important it is for companies to strive to comply with the information security compliance mandates during times when data breaches have become very common.
Seems too complicated? Well, you can hire an expert information security compliance consultant by Cosant who can make staying safe from data breaches a lot easier. With the help of such a consultant, streamlining information security compliance, reducing data breach risk, and responding quickly if a data breach gets detected, becomes very easy.