Why Paying for Compliance Programs Isn’t a Choice

Julie Butterfield April 27, 2022

As a small business owner, perhaps you’re trying to make sense of your existing compliance programs and the unprecedented surge in cyberthreats that could affect your company. It’s normal to worry about your compliance measures and your cybersecurity health, but not everyone seems to be concerned. According to a recent report by USTelecom, only 50% of board, CEO, and C-suite SMB executives working in critical infrastructure consider cybersecurity a high priority.

Businesses who neglect compliance matters can end up with much more than a brief cost-savings. Namely, they run a high risk of a data breach, which can cause a loss of clients, due to a tarnished reputation, and expensive fines and penalties. And possible business closure.

Inc. reports that 60% of businesses that suffer a data breach end up closing permanently within six months of a cyberattack.

But while strengthening your security and getting in compliance helps you dodge cyberattacks, you might be concerned about the price tag.

Would it surprise you to know you can actually improve your bottom line by getting in compliance?

Is Being in Compliance Worth It?
The short answer: Yes. Wherever security inefficiencies exist, there’s room for improvements that can protect your business from a data breach while reducing costs.

As a business owner, you’re challenged with juggling your costs with an increasing need for airtight security, all while ensuring your cybersecurity strategy aligns security measures with business objectives. You can have it all.

Mitigate Your Risks and Costs with a Compliance Strategy
At 360 Advanced, we know you need a compliance strategy that stands up to security threats while maintaining an eye on your budget. Here are 5 ways you can reduce costs as you develop or expand your compliance and risk management programs:

  1. Implement Technology and Workflow Automation
    Technology offers consistency to compliance solutions that are less attainable with human processes. It can be used to automate workflows, reduce redundancies, create a strong audit trail, and scale existing compliance programs as regulations change. Automation triggers alerts, which help stop a troublesome trend from escalating to a costly compliance issue.
  2. Adapt Continuously
    A changing workforce and changes to business models and processes create security challenges to businesses no matter the size or industry. Organizations must keep pace with change by adequately screening new employees, ensuring remote workers are securely accessing the network, and verifying that business partners have sufficient security practices in place.
  3. Make Your Compliance Strategy a Part of Your Culture
    Driving change is a challenge but necessary to ensure policies and procedures aren’t just put in place, but actively acknowledged and adhered to. Embedding a compliance strategy in your workflows and encouraging a culture of compliance can make a significant difference, especially when you remember that human error accounts for 95% of all security breaches, according to IBM.
  4. Take an Integrated Approach
    Operating in silos, trying to piece together or monitor disconnected data points, and working with multiple programs, platforms, and vendors can muddle the cybersecurity landscape. Compliance matters are complex enough, but an integrated approach makes it easier to complete multiple compliance engagements at the same time, instead of paying for each assessment separately.
  5. Work with 360 Advanced
    Experienced auditors at 360 Advanced assess your compliance posture to discover where you can bolster your security and reduce your costs. Operating in a regulatory environment is our specialty, and we empower your business to stand ready for whatever cyberthreats are heading down the pipeline.

Your compliance strategy is the key to the long-term success of your business. Compliance assessments, one of 12 best practices identified by Ponemon Institute, are highly effective at identifying existing compliance issues and ensuring that your security and compliance programs are addressing your legal and contractual requirements. With our comprehensive compliance assessments, 360 Advanced helps your organization control  costs while taking the proper steps to improve your security posture. Contact us to schedule an assessment.

To read more, take a look at our full report.