Though protecting sensitive information has long been a concern, the advent of the internet heightened the potential for theft, exposure, and unauthorized access. Cybercrimes are rising, with phishing and ransomware attacks increasing by 3,000% from 2019 to 2021. Governments, businesses, and consumers are vulnerable.
If your business handles sensitive data, you are responsible for protecting it. Security and compliance help you ensure you keep it safe. Understanding their differences is essential to meeting your obligations.
Maintaining data security and privacy is the primary aim of agencies that develop regulations and standards. Complying with these laws and frameworks helps you protect customer data. It may also be a legal obligation. The steps to secure data and information may be an element of compliance, but you can also introduce measures beyond your legal or certification obligations.
Security refers to the systems and tools you put in place to protect sensitive data and information from a breach, cyberattack, or leak. Security measures generally cover the following components of a business:
Security measures or controls help reduce risk and vulnerability across all three sectors of your business.
Compliance refers to a set of third-party rules or standards that you must adhere to in fulfilling legal obligations or maintaining security certification. These third parties require you to implement measures for maintaining security and compliance. Whether a government entity or the International Organization for Standardization, the entity aims to protect sensitive assets.
The E.U.’s General Data Protection Regulation is one example of legal data security requirements that any company that does business within the E.U. is legally obligated to comply with. The law establishes guidelines for information security. If you don’t comply, you are subject to substantial fines. On the other hand, the ISO 27001 framework is voluntary. Non-compliance may result in a loss of customer trust and a lack of certification, but it won’t lead to fines.
Information security and regulatory or standards compliance are intricately interlinked. Still, they are not the same, making it challenging to ensure the measures you implement fulfill both aspects of protecting your company and customers. Compyl’s end-to-end security and compliance automation platform streamlines your security processes and compliance obligations, providing you with real-time risk alerts and ongoing compliance monitoring. Request a demo to learn more about how we can help.