IT security compliance occurs when organizations demonstrate that their cybersecurity system meets specific security regulations and standards, such as HIPAA, GDPR and NIST. Cybercrimes, along with human error, can put a business at risk for legal repercussions when confidential information is stolen or corrupted. Companies are also susceptible to downtime when security issues occur, which can halt production and impact productivity.
IT Security compliance aims to help businesses avoid fines and penalties, while also keeping consumer information protected. This is generally achieved by creating systems that protect the privacy of customer data and block costly data breaches. By remaining in compliance with applicable security standards, organizations can also protect their business’s reputation and enhance company culture.
What Is IT Security Compliance?
There were more than 3.2 million fraud and identity theft reports received in 2019, according to a study conducted by Javelin Strategy & Research. More companies are becoming dependent on technology, making them susceptible to cybercrimes, such as email fraud, ransomware attacks, phishing scams, malware and website spoofing. Due to the high number of security threats that businesses regularly face, it is critical to meet all IT security compliance standards and controls.
IT security compliance drives businesses to practice due diligence to protect digital assets and maintain a trusting relationship with consumers. When a business chooses to do business in a country that has strict security laws, or in a heavily-regulated market like finance or healthcare, they must ensure that their business meets privacy laws to prevent hefty penalties. Like standard security protocols, compliance focuses on both technical and business needs.
Why IT Security Compliance Is Important
Every digital-driven enterprise must stay ahead of compliance to protect their organization, maintain efficiency, prevent penalties and guard against surprises that disrupt business operations. For most businesses, protecting valuable customer data is a top priority.
Whenever a business chooses to obtain sensitive information, such as a customer’s social security number or credit card number, they are accepting responsibility for how this data is handled. Businesses are obligated to take the necessary precautions to protect private consumer information and guard against internal and external IT threats.
Here are some of the top reasons that IT security compliance is important.
Increases Trustworthiness In Your Industry
Customers who purchase a product or service want to know that any personal or financial information they hand over to a business will remain protected. Complying with IT security standards helps protect a business’s reputation in their industry.
Just one data breach can cause considerable harm to a company’s reputation. In many cases, a small business is not able to recover from such an attack. By making IT security compliance a priority, these organizations can help protect themselves from digital threats and maintain healthy consumer and stakeholder relationships. In time, a business that continually meets security compliance will be known as trustworthy, which can also boost its bottom line.
Enhances Company Culture
Businesses that collect personal information from their customers are able to improve their corporate culture by implementing innovative security compliance measures that meet or exceed applicable security regulations and standards. These businesses are often known for their leadership in IT and develop a corporate identity that focuses on the importance of consumer privacy.
When cyber attacks and data breaches occur, companies must report these events to their customers or clients. When these same companies take a proactive approach to maintaining security compliance, they can garner loyalty from their employees as the business took the appropriate steps to protect consumer data.
Enhances Data Management Capabilities
Proper IT security compliance is dependent on how well a company manages their data. Enterprises are tasked with keeping track of what sensitive customer data they hold and developing strategic solutions for safely accessing and efficiently modifying this information.
Compliance standards and requirements are forcing organizations to find better ways to process and manage their data in a way that supports privacy and confidentiality. This generally starts with a comprehensive audit of all existing data systems, followed by implementing organizational systems designed to make this data easily searchable. Many businesses take data management a step further by identifying new marketing opportunities that provide even more value to the organization.
Reach Out To An Experienced IT Security Compliance Firm
The digital world is evolving rapidly, and modern businesses must keep up or risk the consequences. Staying in compliance with critical IT security standards and regulations is essential for protecting businesses and their customers. When organizations need help with compliance, they often seek assistance from an experienced IT security compliance firm. To learn more about why IT security compliance is important or to speak with a reputable IT security compliance expert, contact the professionals at SeaGlass Technology.