Security compliance management is the process of system assessments and monitoring of the devices and networks to confirm they comply with regulatory requirements of local cybersecurity standards and industries.
Compliance isn’t always easy to be on the top, especially for highly regulated industries and sectors. Often change, as do threats and vulnerabilities. As a result, organizations often have to respond quickly to remain in compliance. In addition, it isn’t easy in organizations with large, complex infrastructures or teams spread over high-stakes platforms or geographic areas.
The dangers of falling out of compliance put you and your customers at risk of breaches, attacks, and of course, at-risk fines from regulatory agencies. For this reason, it’s essential to be on top of security compliance management.
Compliance is vital for numerous reasons, viz., reputation, trust, security, and data integrity, but it also affects a business’s bottom line. The Ponemon Institute marks noncompliance as the top factor that amplifies the cost of a data breach.
Compliance is a significant factor in the cost of data breaching organizations, and compliance failures found an average price of $2.30 million for data breaching, more than organizations that complied with regulations. In 2020, it will cost $5.65 million for data breaches with high compliance failures.
When companies do not comply, their breach costs include penalties, fines, and lawsuits. For this reason, organizations out of compliance in highly regulated industries — like healthcare, energy, and finance — tend to experience these additional costs long after the breach, sometimes years later.