Data security is a significant global concern. The number of annual breaches is trending upward. 2011 saw 419 incidents, while in 2021 there were 1,862, impacting almost 300 million people. Security regulations and certifications increase data protection and reduce risk to companies and consumers.
Companies spend, on average, $3.5 million on compliance. However, non-compliance costs an average of $9.4 million. Compliance issues can put your company and consumers at risk, but here’s how the right software can help.
When you have the right software in place, it provides ongoing security system monitoring. Most businesses don’t have the resources to assess their business operations and security more than periodically and during auditing periods.
Software, on the other hand, works in the background all the time. It consistently measures your company’s operations against the compliance framework you must adhere to. Automated security software solutions reduce your company’s risk of falling out of compliance between assessment and audit periods.
Human error can lead to serious issues with non-compliance. Your employees may unwittingly place your customers and company at risk. Human error contributes to up to 95% of data security incidents. Compliance issues can arise from the following mistakes:
With the right software, you can configure the program to provide an automated solution to tasks prone to human errors.
It can take a long time for a person or company to realize a security gap exists. Unfortunately, gaps are often not detected until it is too late. When you aren’t aware of the threats, you can’t address them.
If your company has a breach and the investigations discover compliance issues, it can result in hefty fines. With the right software in place, you receive instant notification when a threat to data security occurs. You can address the issue before it turns into a security failure.
The consistently evolving cybersecurity threats require regulatory and certification changes to keep up. Often, these changes result in additional or alternate requirements.
While companies are usually given a timeframe for making the necessary changes to continue compliance, staying on top of the shifting sands of regulation and cybersecurity threats is often challenging. The right software alerts you to regulatory changes, allowing you to make the needed adjustments and avoid compliance issues.
Maintaining compliance as your company grows is difficult. Whether you add new technology, staff or locations, you must ensure that any steps you take in the process comply with security regulations. The right security compliance software scales with your business, ensuring consistency throughout your operations.
At Compyl, we understand the need for robust software that provides the tools you need now and into the future. Our all-in-one information and security software solutions help you avoid compliance issues. It automates error-prone tasks, alerts you to security gaps and changing regulations, and helps you manage staff training, vendors and contracts. Request a demo to discover what we can do for you.