The challenges and benefits of implementing cybersecurity compliance in your organization
By TOI Staff January 7, 2023 Update on : January 7, 2023
Nowadays it’s all about data, and the information you have as a business directly affects the profits you make. Big tech companies make their revenues almost purely based on the user data they have; the more you have, the more powerful you are. However, it is crucial to know that the information you store comes with great responsibility.
In order to regulate how web-based organization use, store, or share information they have, and what they do to protect their networks from cyber attacks, governments have developed certain standards. Being compliant with these standards has become significant over the years with increasing data breaches.
But as always, this process might be complicated for some businesses. Although it has its challenges, it also offers a number of benefits. Let’s discuss both the hardships and the potential good cybersecurity compliance offers to your organization.
What is cybersecurity compliance?
Any online organization needs to have a cybersecurity structure consisting of policies, tools, and recovery plans. Not a single organization is exempt from cyber attacks, and it is its responsibility to have the tools to fend off possible attacks. If this organization stores user or client data in some way, this puts even more pressure on them to ensure advanced cybersecurity.
Since not all companies are able or simply willing to put these measures in place, authorities came up with regulations on this matter. This is basically what cybersecurity compliance is: acting in accordance with the regulatory bodies regarding cybersecurity in your industry. These regulations are set based on industries or countries, and they explain what companies should do to protect their online existence from cybercriminals.
Organizations find it difficult to comply with these regulations, because there is more than one standard, and sometimes these may become confusing. However, in general, all of these regulations aim one thing in common; keeping the data confidential, integral, and available. This is called the CIA of network security and is common in almost all regulations. If you want an in-depth explanation of the terms, learn more about cybersecurity compliance.
Challenges of implementing cybersecurity compliance
Cybersecurity compliance has its challenges. Companies are aware of these challenges and these are what make businesses hesitate about implementing compliance in their organizations. However, challenges can be overcome with proper planning and putting the right people in the right places. Here we explain some of the most common challenges of cybersecurity compliance.
1-) Overlapping regulations
Cybersecurity compliance is not a single regulation that all companies can just follow. There are multiple security standards for each industry, and the practices advised on these standards might overlap.
In addition to having multiple regulations for the same industry, there are also some companies that need to implement another security regulation. A company that stores the personal data of their customers might have to be GDPR compliant, but if they also receive payments online, they also need to implement PCI DSS. This makes it very complicated, especially for smaller businesses.
2-) Emerging and unknown security threats
Cybercriminals do not continue failed or easily defendable attacks all the time. They do also develop their game to hit online organizations with something they do not know yet. When you think about how many of them are out there and how organized they are, this becomes a real challenge for businesses.
They may not always be able to keep up with emerging and unknown security threats. Cyber attacks are diverse in purpose and type, and they require specific methods to be prevented.
3-) Lack of trained professionals
Cybersecurity compliance has two fronts: the technology needed to protect the online existence of the organization, and the legal advice needed to make sure you are keeping up with the regulatory bodies.
Getting expert assistance on these fronts might be challenging for some organizations, particularly for smaller businesses. They don’t have the budget to hire all these professionals, and some of them even don’t have a dedicated IT team.
Benefits of cybersecurity compliance
Compliance is definitely needed in this day and age where cyber threats are risking consumer information and business-related data. If companies manage to overcome the above-mentioned challenges, there will be a set of benefits waiting for them. We gathered some of these benefits for you.
1-) Enhanced data security
Cybersecurity regulations are developed by professionals hired by the authorities; so they know what they are doing. If you have a small organization with limited resources, following these standards will immediately improve your data security practices.
2-) Increasing customer trust
Being able to say you are GDPR compliant will make a difference when people choose merchants for their purchases. Compliance will not only make your business secure, but it will also increase customer trust and will eventually bring more business in.
3-) Avoiding legal penalties
Governments take compliance very seriously; to the point where they will penalize non-compliant organizations. Sensitive data is everything today, and any online entity that puts consumer data at risk will face consequences. If you want to avoid legal issues, implementing compliance is a must.
Cybersecurity compliance is a significant step for every business with an online presence to take. Regulations on online security benefit both businesses and their consumers and help them create a robust and safe online environment. Know the challenges you might face in the compliance process, but also know that you will be rewarded when you overcome them.