We all know what compliance means in business; it is when an organization abides by the regulations or the standards set by authorities in a particular area. These can be related to industrial safety, privacy, or as we will talk about; security compliance.
Security compliance in web-based businesses is relatively a new concept. Since we saw significant growth in the number of online companies, governments and other authorities announced a set of strict regulations. These were put in place to ensure data security and operational integrity. But of course, compliance is a complicated subject, and this is not all. Let’s jump in to understand what security compliance is.
What is security compliance?
Security compliance is basically the process of adhering to the binding regulations on data security set by the authorities such as governments and professional organizations. There are several regulations and frameworks on security such as HIPAA, ISO, and GDPR.
These regulations differ from each other both in focus and targeted industry. Companies need to follow these regulations in order to continue their businesses without any security risks or possible legal suits.
A company that embraces security compliance management continually follows the binding regulations, put the necessary security structures in place in its networks, constantly monitor its database to see any vulnerabilities, and always makes the necessary changes.
All of the regulations above have a common goal, they all want to make sure that the sensitive data on company networks cannot be accessed by unauthorized parties. This is the core aim of all security regulations as authorities want to protect online consumers from the dangers of the internet.
As you can imagine, a company that strictly follows these regulations and frameworks is considered to be compliant, and they benefit from business continuity, a better brand name, and increased profits due to the sense of security in the eyes of the customers.
Why security compliance is important?
There are several good reasons that explain the importance of security compliance. Long story short, if you have a business that operates online, stores and uses sensitive data, you definitely need to comply with the regulations on data security. But we went above and beyond and put together a list to highlight its importance.
1-) Better & trusted brand name
If you are following the regulations that are set by the trusted authorities, it means that you are taking the necessary precautions to protect your customers’ personal information. This, of course, will result in better and a more trusted brand name that will lead people to do business with you instead of your competitors.
Let’s say you can confidently advertise you are following GDPR without any security or regulatory gaps, people will naturally choose you as they will know they are secure online using your company.
2-) Avoiding legal actions
Compliance is not just for your customers, it is also crucial to how authorities such as governments see your company. There is a reason that they put those regulations in place and they want to see companies following them.
If you do not follow the well-known regulations, authorities will keep their eyes on your company even stricter than your competitors. There is a high chance that you will face lawsuits and other legal actions such as capital penalties when you do not comply. So, just make sure to manage your security compliance to avoid legal actions.
3-) Advanced network security
Security regulations and frameworks forces organizations to spend more on network security and personal data protection. There are certain cybersecurity services promoted and encouraged by these regulations and they are usually the best in the market.
As we said earlier, the main goal of security compliance is to increase data protection. This exactly means that you need to up your security game by using more advanced services and getting help from the latest technologies. These will help your IT security team to streamline their work and serve your company as best as they can.
How to manage security compliance?
Security compliance is not something that you can succeed in by yourself. There are many layers to security compliance and mainly two fronts; the legal side and the technology and data protection side.
The best thing to do is get help from an online vendor that has the necessary licenses and the legal help that can assist you in the path of compliance. These companies follow the standards for you and offer the necessary services forced by the authority. This will make things so much easier for your company and it is also crucial to be on the safe side.
But you need to look for an experienced and trusted cybersecurity compliance management solution. There are several criteria to look for when choosing your vendor. First of all, you need to know how flexible and capable they are when it comes to providing you with the latest security services.
Other than this, you will need to make sure that they are following up with you in time, reviewing and tracking the latest changes in regulations, and that they have an automated system that is free from human error for most parts.
If you get assistance from a reliable security compliance management solution, the investment you made to them will come back to you in a short time. You will see better conversions, you will avoid legal actions, and you will definitely be a more trusted company in the eyes of the public.
Security compliance is a big issue that has several layers. It needs to be taken seriously as it directly affects the success of your business. Being a compliant company that follows the regulations will help you increase your profits, eliminate the risk of penalties, and minimize any potential cyber threats.
If you own a company that operates online and stores sensitive data, be aware of the importance of security compliance before it becomes too late. Investing in better security precautions on your company database will not only satisfy the authorities and customers, but it will also satisfy you as a company.