In today’s world, all sizes of businesses collect and store confidential data of their clients, employees, partners, and suppliers. For this reason, safeguarding confidential data is regulated under global, and local compliance laws, standards, and regulations. These compliance requirements apply to all businesses regardless of their size, and they are obligated to meet these standards at all times.
Compliance laws, regulations, and industry standards require businesses to put some security measures, and policies in place to safeguard confidential data. Usually, compliance regulations give explicit directions about how businesses should safeguard and govern data.
Additionally, most compliance regulations demand certain identity access management tools and policies that will enable greater control over how data is being accessed. But, in reality, these compliance regulations request the minimum amount of security policies that represent a corporation’s systems’ integrity, credibility, security, and confidentiality.
Commonly, meeting compliance regulations are the indicators of security measures to safeguard sensitive data, but adherence to these regulations doesn’t indicate that a business is cyber secure against all kinds of cyberattacks. That’s why, accomplishing security compliance is really important, especially in this era where cyber crimes increase exponentially. For those who have little knowledge, let’s see in detail what is security compliance.
What Is Security Compliance?
Security compliance is a procedure of conducting regular audits on current systems and making risk assessments in accordance with compliance regulations and laws. The primary goal of security compliance is to implement modern security measures that meet various security-related compliance regulations and laws.
To accomplish security compliance, a business’ security and compliance teams should work together and make a security compliance plan. Commonly security compliance plans require conducting regular audits in current systems to detect any non-compliant areas, regulatory gaps, and vulnerabilities. Conducting regular audits allows businesses to fix all kinds of vulnerabilities, and regulatory gaps in current systems.
Security compliance allows businesses to implement more effective data management and identity access management tools, and put specific security policies in place. Accomplishing security compliance helps businesses to mitigate the risks of possible cyber-attacks, and facilitate data management and security.
Security compliance aims to create procedures to safeguard sensitive data before data breaches occur. Security compliant companies ensure data confidentiality with the ways it is done by procedures. Lastly, it requires creating incident response plans for affected parties after data breaches happen.
How to Construct a Security Compliance Plan?
Accomplishing security compliance is essential, and necessary for all sizes of businesses. But, most of them consider security compliance as an intimidating, and complex concept that requires a lot of time and resources. But, If you conduct a security compliance plan and apply a step-by-step approach, it doesn’t necessarily have to be complex and difficult. Let’s see the steps of the security compliance plan.
1- Assessment of Security Infrastructures
The first step of the security compliance plan is to assess the current security infrastructure. During the assessment, you can clearly see which security tools and policies you have to safeguard sensitive data. In the assessment step, you should also list and document which types of sensitive data your company collects, and stores. Then analyze how your security tools and policies safeguard sensitive data.
2- Analyzing Regulations and Requirements
In the second step, your compliance team should evaluate which regulations apply to your business, and which requirements must be taken to comply with regulations. Then, your security and compliance teams should check if your current systems meet these requirements. Regular audits for security compliance will help your teams to pinpoint vulnerabilities, regulatory gaps, and non-compliant areas in your current systems.
3- Conducting Risks Analysis
In the third step, your teams should conduct a risk analysis to evaluate the degree of risks of every information and dataset system. Classifying information systems and the degree of risks will allow your teams to prioritize security measures.
4- Minimizing Non-Compliant Areas
In the fourth step, your security and compliance teams should work on minimizing the non-compliant areas, and fix all vulnerabilities and regulatory gaps in current systems because securing these areas is critical for complying with regulations.
5- Testing Security Systems
In the last step, your teams should test security systems to see if you have accomplished security compliance or not. Testing your systems will give you a clear view of your security systems. The main purpose of testing is to see if your security tools have healthy functions.
Benefits of Security Compliance
1- Avoiding Compliance Fines and Penalties
Today, regulators can apply severe fines to businesses, especially if they fall victim to data breaches or they don’t adhere to compliance laws and regulations. For example, all businesses that operate in Europe are obligated to comply with General Data Protection Regulation (GDPR). When businesses fail to safeguard confidential data GDPR fine amounts are between 10 million to 20 million euros in accordance with the severity of data breaches.
To avoid severe penalties and fines, accomplishing security compliance is necessary because security compliance aims to implement security measures that will maintain, or even exceed compliance requirements meanwhile mitigating the risks of possible cyber attacks.
2- Building Greater Trust With Customers & Improving Company Culture
Nowadays, customers have little tolerance for companies that fail to safeguard their confidential information. To build greater trust with customers, accomplishing security compliance is needed because if you gain a reputation as a security compliant company, customers will trust your company, and they believe that your organization will protect their confidential data at all times.
Additionally, being a security compliant company can help you improve company culture because employees will know that your organization has enhanced security measures to keep their and customers’ confidential data safe. Working in a well-trusted and reliable company will make them feel proud and honored to be part of your organization.
Accomplishing security compliance isn’t as difficult as most people think. Adherence to compliance requirements isn’t enough to safeguard confidential data. For this reason, businesses should achieve security compliance to combat modern-day cyber threats.