Regulations and compliance standards are in place for effectively every industry to uphold, many of which address cybersecurity in some way or another. Let’s talk for a moment about why compliance to these standards is of the utmost importance for your organization.
Before we address anything else, let’s go into why these compliance standards exist in the first place.
Like many of the standards and regulations that so many industries are required to meet, put forth by federal and state governments, industry groups, and other authority figures, your cybersecurity requirements are primarily rooted in the interest of the common good.
After all, your business isn’t the only entity likely to be negatively affected by a cybersecurity breach—the real repercussions reach far beyond your organization.
Consider what kind of data you’ve collected and stored throughout your operations each day. It’s effectively guaranteed that most of it could be a valuable resource for a cybercriminal. All the payment and personally identifiable information you’ve collected from your customers and clients, as well as your staff, could be used to target them. Data that pertains to your own business could be used to target it further.
While your business could very well be targeted for the sake of targeting it, it could also be targeted as the first step in a more ambitious effort.
It’s this reality that makes it so important for as many businesses as possible to maintain an established minimum level in terms of their cybersecurity, and why these kinds of regulations exist. By helping enforce that more businesses abide by these set standards, cybersecurity is elevated for all.
Think of these regulations as the tide, raising all businesses rather than ships.
That being said, these regulations and compliance standards aren’t always the easiest to follow, especially with how many overlap and how many very much don’t. It’s not impossible—far from it—for any business to miss checking every box. Trouble is, this is enough to warrant a fine, and these fines are just one of the consequences you’re bound to face.
Your consequences will likely include these financial setbacks, as well as a potential to lose face with your audience, going so far as to involve legal troubles and rescinded business permissions that have a direct impact on your ability to operate. What if, let’s say, you failed to uphold the Payment Card Industry Security Standards Council’s requirements, as outlined in the Payment Card Industry Data Security Standard (better known as PCI DSS)? If your non-compliance led to a cardholder’s data being breached, you could face some very challenging consequences. You may have to pay a fine or higher merchant fees—or both—or even lose your ability to accept card payments at all.
That’s one example that most businesses need to actively avoid. What else applies to your business, due to your industry or other factors?
With extensive experience in assisting businesses with their IT management and maintenance—including their compliance needs—XFER and our team can help you in the same way. Find out more by calling 734-927-6666 / 800-438-9337.