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Any business operating within a particular industry needs to abide by a set of rules. Many companies have often fallen victim to the law because they do not meet these requirements. According to a Globalscape report, companies have lost an average of 4,005,116 US Dollars in revenue due to non-compliance.
For many other companies, the repercussions of non-compliance have been in the form of penalties, federal fines, business disruption, or even total shutdown of operations. What exactly does it mean to be compliant?
Check out our latest video to learn about being compliant:
Compliance refers to an organization’s adherence to rules, laws, regulations, specifications, and guidelines that govern their business operations. These regulations vary depending on the industry, location, and structure of the business. These guidelines are often established by the state, a governing body, or a federal agency.
Some industries are heavily regulated compared to others. For example, financial institutions are subject to regulatory compliance to protect clients’ and investors’ financial data from malicious attackers. At the same time, energy suppliers need to adhere to regulations to ensure environmental protection.
Examples of these industry regulations include:
In the information technology landscape, compliance regulations are typically aimed to enhance data security. Compliance guidelines provide businesses acceptable standards to develop robust cybersecurity policies.
What Is Cybersecurity Compliance? Cybercriminals are continually innovating new cybersecurity risks and programs to compromise company security in today’s business environment. As the number and severity of cyberattacks continue to increase, regulation authorities are continually seeking to establish rigid and more effective compliance regulations.
Cybersecurity compliance involves developing programs that establish security controls, often enacted by a regulatory body, that help protect the availability, integrity, and confidentiality of transferred, processed, and stored data.
How Can Your Business Employ Cyber-Security Compliance? Is your organization thinking about cybersecurity compliance? The following steps will guide you through the process of becoming compliant.
At Outsource IT Solutions Group, we offer years of expertise and experience in providing compliance solutions to businesses in Naperville, Aurora IL, and throughout the Chicago Area.
Reach out now to get familiar with compliance requirements that apply to you and ultimately become compliant.