IT security compliance entails protecting the integrity and confidentiality of information and technology assets within an organization. By complying with standards and regulations for data and information protection, such as – GDPR, NIST, HIPAA, companies can improve their information security strategy based on their industry and the type of data they maintain. By complying with regulations and standards, they can avert legal repercussions, downtime and enjoy several benefits. That’s what we are discussing in this article today.
Why IT security compliance became more pertinent after the pandemic?
As the Covid-19 pandemic spread globally, it created several challenges for businesses. As a result, they had to find ways to adapt to the ‘new normal.’ They accelerated their digital transformation and started adopting remote working practices. The increased reliance on technologies, such as the internet, the cloud, and remote working culture increased their exposure to cyber risks.
Cybersecurity statistics reveal that the average cost of a data breach has increased by $137,000 due to the post-pandemic remote working culture.
That’s why the role of IT security compliance has become more critical than ever. With proper IT security compliance in place, companies can protect their digital assets and maintain a trusting relationship with consumers even during times of uncertainty. Compliance focuses on both business and technical needs and has several benefits for businesses.
Key benefits of IT security compliance
Helps you avoid fines and penalties
Lawmakers have made several laws and regulations that protect the security and privacy of personal and other data collected by businesses and organizations. Non-compliance with these laws can attract severe fines and penalties. A company with robust security compliance can effectively secure the data they collect and prevent fines and penalties.
Protects Business Reputation and enhances trust
Besides financial damages, data breaches hamper trust between the organization and its customers. It gives an impression that the company does not take appropriate steps to protect the privacy and security of its customers. With a robust compliance mechanism in place, higher protection against data breaches can be ensured. It also helps companies maintain more substantial stakeholder and customer relationships.
Enhances Data Management Capabilities
To ensure compliance, companies have to track what sensitive customer data they hold and how they can keep it safe and secure. They have to continually look for ways to process and manage their data to support customer privacy and confidentiality. Better data management helps to mitigate risks and data security breaches.
Provides insights for better operational benefits
In a bid to satisfy the privacy requirements in their industry, companies can figure out their poorly managed assets, human resources, and other resources in their organization. With this knowledge, they can take actions to address the flaws and increase operational efficiency.
For example, while auditing the data it collects on its customers, a company may find out that a small percentage of people on the list opted-in to the data collection process. By purging the contacts that did not opt-in, that company can reduce its data storage costs and improve its reputation.
Enhances Company Culture
By complying with standards and regulations, a company can demonstrate industry leadership in Information Security and construct an internal corporate culture that sees data security as a matter of pride and trust. It instills a sense of relief in the employees, and they foster a collective sense of pride in their organization.
The regulations are often not written in a way that the average person can easily understand. Therefore, to reap all the benefits as mentioned above of IT security compliance, companies must partner with a security professional to decode and understand relevant requirements and devise a robust implementation plan.