What is Security Compliance Management

Cyber security compliance management is the ongoing process of monitoring and evaluating systems, devices, and networks to ensure they meet regulatory requirements, as well as industry and local cybersecurity standards.

Remaining compliant can be particularly challenging, especially for heavily regulated industries and sectors. Regulations, standards, threats, and vulnerabilities constantly evolve, requiring organizations to respond quickly to maintain compliance and security. This can be particularly difficult for organizations with large and complex infrastructures or geographically dispersed teams.

The consequences of non-compliance are severe, as it puts both your organization and your customers at risk of breaches, attacks, and potential fines from regulatory agencies. Therefore, it is crucial to prioritize and implement effective security compliance management practices to mitigate these risks and safeguard your business and its stakeholders.

Understanding Security Compliance Management

Security compliance management encompasses the application of security controls and continuous monitoring systems and policies to guarantee compliance standards for information security with current regulatory standards. Organizations employ various measures such as risk assessment, incident response, and system and network surveillance to safeguard against security threats effectively.

By getting in touch with Mobiz, you can implement robust and effective information security compliance management strategies to safeguard your organization against potential cyber threats and ensure adherence to regulatory standards. Contact us today and our customer support representatives will assist you!

Why is Security Compliance Important in Management?

We have shortlisted some of the reasons why security compliance is crucial in management:

Avoiding Fines and Penalties with Security Compliance

Industries, such as healthcare, are bound by specific regulatory standards, making a robust security compliance system essential to ensure adherence to these rules. Any breach of these standards, whether intentional or not, can result in severe fines and penalties.

For instance, the healthcare sector in the United States must comply with HIPAA, the Health Insurance Portability and Accountability Act, governing the handling and maintenance of personal and medical patient records. Depending on the violation’s severity, consequences range from fines up to $50,000 per violation to the possibility of facing legal matters. For example, Lifespan Health System Affiliated Covered Entity (Lifespan ACE) paid $1,040,000 to the Office of Civil Rights following a HIPAA violation due to the theft of an unencrypted laptop in August 2020.

Improving the Bottom Line through Security Compliance

Security compliance protects your reputation and positively affects your organization’s financial performance. Studies have shown that companies with robust privacy and security policies generate 25% more profits than their competitors with weaker IT governance.

Moreover, the cost of maintaining compliance is significantly lower than the expenses incurred from non-compliance, including penalties, decreased production, and legal fees. On average, non-compliance costs are estimated to be 2.65 times higher than compliance-related expenses. Therefore, investing in security compliance can improve your business’s financial outcomes.

Building and Maintaining Customer Trust through Security Compliance

Customer trust is paramount in any business, and data breaches can severely damage the relationship between an organization and its clients. Implementing a comprehensive security compliance program demonstrates your commitment to safeguarding customer data.

By prioritizing security compliance, you send a strong message to your customers that you care about their data security and privacy. Maintaining a good reputation is essential since it can take years to build, but a single data breach can tarnish it irreparably. Additionally, having a clear compliance program fosters transparency and enhances customers’ perception of your company.

Studies in the United States reveal that after experiencing a data breach, around 83% of people refrain from doing business with a company for several months, and 21% may never return. Therefore, it is crucial to prioritize security compliance to prevent such negative impacts on your business.

Demonstrating Better Data Management with Security Compliance

Effective compliance management begins with thoroughly understanding sensitive data and implementing efficient, privacy-preserving procedures. Compliance management software can help map security frameworks and ensure consistent and appropriate handling of compliance decisions.

Maintaining well-organized records of data proves your compliance efforts and facilitates better, informed decision-making. Consider redesigning your data management process or adopting automated systems to streamline and simplify compliance.

What are the Examples of Compliance Management?

Compliance management addresses digital compliance risks that can impact employees and customers. Various data regulations are designed to prioritize privacy, assuring customers that their data will not be misused unethically. For instance, information security compliance standards are critical in the healthcare sector to safeguard patient data. Access to patient data must be logged, and audit trails should be available in case of any data breaches. Organizations can effectively investigate data breaches by practicing appropriate authorization controls and logging procedures. Without robust auditing, an organization may face penalties and other consequences due to inadequate cybersecurity and data management.

Data privacy concerns, such as phishing, pose significant threats. While social media is valuable for marketing, it can also become a source for phishing and social engineering attacks. Employees managing corporate accounts need to understand what is suitable for sharing on such platforms. With compliance management, employees sharing events and information on social media can better comprehend data privacy protocols, enabling them to avoid becoming victims of social engineering and phishing, which could put corporate data at risk.

Regulations like GDPR and CCPA require companies to provide documentation to EU and California residents, informing them about data privacy practices and the use of their data. GDPR also mandates that companies give EU customers the option to have their data removed from the platform. Compliance management ensures that all regulatory requirements are met, and procedures align with local and international laws. This approach fosters trust with customers and ensures legal compliance.

The Bottom Line

Cybersecurity compliance management is vital to implementing security controls and monitoring systems to meet regulatory standards. It can be challenging due to evolving regulations, threats, and organizational complexities. Non-compliance risks breaches, attacks, and fines making robust security practices essential. Compliance enhances customer trust, improves data management, and positively impacts the bottom line. Addressing data privacy and social engineering threats is crucial, and adhering to GDPR and CCPA regulations is essential for transparency and legal compliance. Effective security compliance management safeguards organizations, fosters trust, and ensures long-term success in the digital landscape.