Any organization relying on the highly sought-after asset of data has to implement cybersecurity measures to be usable. Measures that are considered competent when using cybersecurity compliance services always have to meet the standards set by relevant authorities according to UnderDefense. As you can imagine, the services are essential and thus, will cost organizations something, but how much exactly?
Let’s take a detailed look at compliance, address the previous question and talk about the cybersecurity compliance services, including their potential costs for organizations. Given the significance of data in our modern world, it is crucial to learn as much as possible about cybersecurity.
Looking at compliance
Cybersecurity compliance, as hinted at below simply refers to the meeting of data protection standards set by relevant authorities. The regulations they create ensure that every piece of important information is kept safe in the right manner at any point of its handling. And the cybersecurity compliance service can help to maintain it properly. If you’re a customer of any company that requires your private information, their failure to comply with relevant authorities should be a red flag.
This is particularly true for sectors such as health and finance, which are at the top of the list of among the most vulnerable to cyber-attacks. These sectors typically ask for information such as credit card numbers and personal addresses, so you can imagine that handling them well is key to gaining customer trust.
Several regulations exist and should be looked for as verification of trustworthy cybersecurity. The following are just a few authorities/regulations that organizations typically comply with:
- HIPAA or the Health Insurance and Accountability Act, focuses on protecting sensitive healthcare-related data
- GDPR or General Data Protection Regulation, is an EU-imposed act that ensures that organizations gathering data and targeting people do it properly
- CCPA or California Consumer Privacy Act, which is the Californian version of the GDPR, extending privacy protections for cali residents’ personal information.
- SOC 2, on the other hand, gives guidelines on how customer records have to be handled and provides standards for how organizations should manage and secure customer records, primarily focusing on service providers’ controls and processes.
The cost of compliance
Compliance in itself will cost you a lot, with some mandates such as the GDPR running organizations up well over seven figures. Many will give averages concerning this, but in reality, what one spends on compliance will depend on what regulations they are trying to comply with as well as their own needs. As such, knowing the cost of compliance very much varies from case to case.
Each agency or regulatory authority will come with its own set of offers and depending on the organization, prices will change. A prime example of this is SOC 2, which takes into account various factors before landing on a price and some of these include the following:
- size/complexity of organization
- auditor fees
- technology used
- staff training
With all these factors considered, the accompanying price tag will vary although the common ends up being between $7000 and $50000, with much higher costs being common as well. Similar factors are also used to determine the prices of other compliance mandates, although with some variations in prices. Several other variables can influence the pricing of compliance:
- industry specifics
- geolocation reach
- data volume
- consulting/legal fees
- audit and reporting
- continuous monitoring
- penalties and fines
How to lower prices
With digital adoption rising along with cyber attacks, the regulations that are designed to help combat them do as well. As such, cybersecurity compliance services help businesses navigate through the whole thing and it is considered to be an essential necessity. This is legally achievable by adopting a few practices.
One of these is via the use of automation, which removes any human error that could occur from the manual handling of data. In the same vein, centralizing as many mandates as possible will help streamline all operations while also improving scalability. In adopting these measures, the organization can worry less about this particular aspect of operations.
It’s also incredibly wise for an organization to be prepared before any attack occurs, which often requires security measures to already be in place. This usually comes in the form of having experienced internal or outsourced personnel as well as compliance tools at your disposal when needed. Similarly, organizations should remain vigilant and address issues and threats whenever they are detected.
The benefits of spending on compliance
Smaller businesses will look often at the above prices and think that it may be too much of an expense. While the costs are noticeable, the advantageous position it puts your organization in is often worth it. Below is a list of just a few of the advantages of acquiring compliance services:
- Improves overall organizational security
- Builds and maintains trust between parties
- Creates customer loyalty and trust
- Reduces the risk of legal action taken as a result of poor handling of data
- Helps organizations evade fines that could result from non-compliance
- Maintains an organization’s reputation
When you choose to invest in compliance services, you’re not just checking off legal boxes. You’re actually boosting your business’s security, trustworthiness and competition power. This all adds up to a stronger foundation for long-term success and profit.
The above information shows us that while the expenses in question are by no means anything to scoff at, the consequences of not spending on compliance will be way more costly. Not spending on cybersecurity compliance services typically leads to a litany of issues. These include the aforementioned legal issues, attacks, non-compliance fines as well and reduced operational efficiency due to the lack of proper data handling.
Paying for the services is one thing, but it’s important to remember to have the right tools in place to prepare. This is why organizations should have the right experts and tools in place to offer advice as well as to sort through the ever-increasing list of regulations. With that aid from either internal or outsourced teams, things will be a lot smoother.