Cyber Security compliance: a necessity for your business
30 Nov 2022
Cyber Security compliance: a necessity for your business
No business is entirely immune to cyber attacks in this era of digitalization. At least 30,000 websites are hacked daily worldwide, with over half of cyber crimes committed against small to midsize businesses. While 51% of SMEs do not have cyber security measures in place, thinking they are "too small" to get hacked, the average ransom paid by mid-sized organisations in 2021 was $170,404.
Complying with cyber security standards has become paramount in determining an organisation’s ability to protect data, prevent financial penalties, build consumer trust, and develop a security culture. The COVID-19 pandemic-related remote work witnessed a 75% spike in daily cyber crime. The pandemic affected 35% of ransomware attacks, 51% of phishing emails, and 55% of data exfiltration. Small and medium-sized businesses (SMBs) are consequently more susceptible to cyber threats as a result of their inadequate adoption of security procedures in the wake of the pandemic.
Cybersecurity Compliance Benefits for Your Business.
To apply a systematic risk governance strategy and rule out any vulnerabilities that could harm the business, consumers, and stakeholders, cyber security compliance entails aligning an organisational risk management framework with predefined security measures in the business analysis. Meeting the data security requirements of SOC2, ISO 27001, PCI-DSS, HIPAA, CCPA, and other important legal frameworks enables your company to recognize, analyse, and counter cyber threats, safeguard your intellectual property, and gain the trust and loyalty of customers.
The following are the several advantages of creating a resilience-focused "prescriptive" security posture for your company:
Increases the capacity for data management
To protect customer privacy, businesses today should prepare to store sensitive data on secure digital platforms. Only authorised administrators should have access to data stored on the organisation's existing software infrastructure or in cloud-based solutions. Integrating data management and cyber security capabilities helps to prevent unauthorised access, malware attacks, and data breaches in the industry landscape while maintaining confidentiality and integrity.
Promotes operational efficiency.
By removing noise and concentrating on the essential, organisations utilising security technologies can manage surplus data, reveal privacy flaws, uncover wasted resources, apply new resources to increase operational efficiency, and reduce wasteful data usage. The overall organisational infrastructure in the industry analysis is strengthened by investing in cyber security measures, which also aid in preventing weaknesses that attract adversarial actors.
Enables best practises in the industry
The IT team, compliance officials, and supervisors in your company can identify risks, reduce process errors, prevent misunderstandings, and make pertinent decisions with a streamlined and efficient workflow by adopting security practice guidelines in the business world.
By implementing consistent cyber security standards, B2B and B2C service transactions become more customer-focused, meet user expectations, and conserve important resources.
Avoids charges and penalties.
Businesses risk significant financial penalties for failing to adhere to adequate security laws. Almost all regulatory authorities charge costly compensation for organisations that do not strategize strict corporate governance and consumer protection policies. HIPAA charges $100 to $50,000 per violation of security norms, while Payment Card Industry Data Security Standard (PCI-DSS) penalises the organisation with fines between $5,000 and $100,000 per month.
Develops consumer trust and brand reputation.
The cost of the threat posed by cyber attacks and data breaches is not limited to business interruption and financial loss.
Lack of strong cyber security measures permanently damages your brand's reputation and turns away customers. When a brand experiences a data breach, 78% of consumers cease interacting with it online, and 36% completely stop.
Customers are more likely to trust companies that effectively protect confidentiality and foster cyber security compliance. A trustworthy brand image and consumer trust are enhanced by effective security governance.
The conclusion
In addition to malware, ransomware, and phishing assaults, it would be advisable to be on the lookout for tech support fraud, identity theft efforts, social engineering attacks, and other advanced threats for your economic business.