Stand Out From The Crowd

Surveys by IBM over the years consistently show that companies are not prioritizing cybersecurity compliance and overall threats.  This year was no different.

The IBM Marketplace Survey Results show that 62% of companies consider cybersecurity a number one concern as they plan their IT infrastructure, with an additional 22% citing regulations and compliance in their top five concerns list.

While more than half of companies surveyed put security in the forefront of their ‘to do’ list, another half doesn’t do this. Additionally, only a small portion implement regulations and compliance measures that are a part of optimal cybersecurity implementation.

With the hybrid work environment, every layer of security you add to your company’s cybersecurity steps is an extra potential entry point if not overseen correctly.  This reality is unfortunately creating more insecurity for many companies because they are not taking the basic cyber hygiene steps of having assessments with their updated security measures.

The array of cybersecurity tools and software don’t help companies to find straightforward solutions that oversee all risks in a holistic way.  Furthermore, tools don’t have in mind meeting compliance regulations, unless they are scoring for compliance or have been created with the purpose of helping companies with compliance alone.

Confusion and overwhelm arise because companies adopt multiple cybersecurity tool and software solutions with no blueprint or straightforward, clear plan.  Compliance is not only about regulation, it gives companies an outline to build a holistic cybersecurity posture while respecting the industry’s security needs so that work can move along smoothly on all ends.

How to follow a set of cybersecurity guidelines that can protect and hold companies accountable legally if a breach arises is a huge benefit of compliance.  Following compliance regulations is going to be key to how your company can stand up in court if need be due to a breach or some unfortunate attack and/or data loss that you will have to account for in a legal way.  Following compliance regulations helps you to defend the measures that your company took according to the best cyber hygiene steps for compliance and also with cyber resiliency for the overall company in mind.

Due diligence as a company that holds sensitive data is essential for every company, not to mention ones that hold an important function for an entire city such as critical infrastructure companies or important patient data such as healthcare institutions, which means life or death at times for patients.

When you fail to meet compliance regulations there are legal consequences that result in fines, and this hits your bottom-line big time.  It also tarnishes your reputation for some time, which means you are going to have to rebuild trust with customers.

If we look at the European Union’s General Data Protection Regulation (GDPR), US-based companies can be fined and have been fined in court for not complying with GDPR.  You don’t have to be in the country of origin to be affected by compliance regulations.

Another example is China’s new Data Security Law.  It applies to non-Chinese businesses that store data within China or collect it from Chinese people.  For this law non-compliance fines start at $15,000 and can reach as much as $1.55m.

In addition to state data security compliance regulations, you are also going to want to make sure you meet your specific industry cybersecurity compliance regulation.  For example, the Health Insurance Portability and Accountability Act (HIPAA), which affects companies that handle healthcare data.  Covered organizations under HIPAA must meet the standards set forth and have eyes and ears on third-party apps and services as well as their own systems such as when using teleconference platforms like Zoom.  The platform must have features that meet HIPAA-compliant systems.  Using third-party apps that don’t fall under HIPAA compliance regulations could put a company in legal danger and failure to comply with HIPAA standards can cost businesses as much as $50,00 per violation, almost $1.5m a year.

Worst case scenarios for severe breaches include criminal charges and jail time.  This is unfortunate, when there’s enough support out there for every company to meet compliance regulations and cyber resilience.  Everyone knows that breach is not a matter of ‘if’ anymore, it is a matter of ‘when’.  This knowledge alone should have the IBM Marketplace Survey Results at 100% of companies holding cybersecurity and compliance regulations at number one.

When you meet compliance regulations you can stand out from the crowd of companies that are not prioritizing this important practice and most importantly, you build a cybersecurity posture that prepares you for the ‘when’ in a way that proves your due diligence and beyond.

Caring for your people, processes and procedures, means caring for everything that your company stands for.  This makes success with a lot of bonuses, from safe data to great brand reputation, and no fines.

If you need support meeting compliance regulations and your overall cybersecurity posture let’s talk.  Schedule your free consultation here: https://calendly.com/ncxgroup

 

Photo courtesy of Ollyy