IT and regulatory compliance are required to ensure that the industry, location, and business function-specific data privacy and security standards are specified.
Compliance may be viewed as a cost center by executives who want to invest in solutions that meet the bare minimum criteria. This view can result in a lack of support and resources for the development and maintenance of a strong and robust security program.
Businesses are surely not alone if this point hits close to home. Many cybersecurity professionals struggle to quantify or convey a story about how their compliance operations benefit the company and save money over time.
Let’s look at some of the reasons and benefits of IT security compliance, and how they can help firms quantify and convey the program’s worth to leadership.
Compliance mitigates the risk of a breach
The consequences of a data breach can be disastrous for any company: according to the Cost of a Data Breach Report 2021, the average cost increased from 3.86 million to 4.24 million in 2021. Hundreds of millions of dollars can be lost in some high-profile cases.
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Having a consistent, dependable compliance program that demonstrates the organization’s commitment to ethical behavior goes hand-in-hand with protecting the company’s brand and reputation.
Cybersecurity compliance is frequently perceived as a cost center; nevertheless, the value of the program if done correctly rests in the absence of incidents. While the old adage “no news is good news” holds true in this case, the value of a mature compliance program in terms of fines and other costs should not be underestimated.
Compliance lowers the expense of fines, which are on the rise
Depending on the industry, firms may discover that regulations and requirements are increasingly driving expensive compliance fees that have a significant impact on their bottom line. They should decide if the risks of noncompliance outweigh the long-term costs of investing in the necessary processes, tools, and overhead.
It’s more critical than ever to stay on top of cybersecurity regulatory compliance needs. Although only federal government agencies are required to take immediate action to ensure data security, the government encourages state and local governments, as well as private businesses, to do so as well.
Compliance automation saves time and money
Data protection should entail more than simply ticking boxes to ensure that the company avoids fines and penalties. Businesses can more easily justify to stakeholders, prospects, customers, partners, and others that they are protecting all vital data, not just what is regulated, if they invest the time and money upfront to streamline compliance with their security program.
Automation will expand efficiency and creativity across important areas of the business and boost ROI, regardless of whether the firm has a mature or immature compliance program. By eliminating duplicate content, automation can minimize management expense and analyst labor as the number of necessary compliance standards grows.
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The relevance of SIEM in achieving security control goals
Reviewing the control requirements outlined in each framework can be overwhelming, regardless of where the firm is on its path to a mature compliance program. The outcome is a standard framework of anywhere from 200 to 400 controls and procedural prerequisites for the GRC, security, and IT teams to implement.
Many tools and technologies are now available to help firms expedite their compliance activities, resulting in less time spent implementing methods, a more automated compliance program, and a higher return on investment (ROI).
Using the power of real-time analytics, businesses can ensure consistent and dependable compliance. Monitoring compliance management through analytics can detect this in real-time, closing the window for compromise or reducing the impact of an attack. It’s more than a report at the end of the month that reveals to the auditor that there were communications from the open internet to the PCI enclave.
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