If data protection, managing risk and becoming compliant is a priority for your business? Discover how audit and compliance tools can save your business money.
Conducting regular audits will provide your business with the peace of mind that you are following good data practices and with the new GDPR regulation coming into place in 2018, there has never been a better time to ensure that you are doing so. Conducting regular audits will also save your business money and allow you to make proactive strategic decisions rather than expensive reactive short term tactical resolutions in the future.
It is important to remember that any regulations that apply to your business are set in place for your benefit as well as your clients and partners. They may seem to be a hassle, but being compliant with any regulations that your company faces will save you money in the long run. With cyber security breaches costing billions of pounds globally each year, audit and compliance has never been more important for your business and with GDPR coming in 2018, protecting company and client data has become a top priority at Board level.
When GDPR finally comes into place, cyber security measures and audit and compliance checks will become top priority and should be set in place well in advance if possible to avoid potentially large penalties.
Penalties for data breach currently vary widely, with the maximum fine being £500,000. The Information Commissioner’s Office (ICO) recently handed TalkTalk a record fine of £400,000 for the data breach that resulted in 157,000 customer records being exposed. If the GDPR was already in place, this fine would have been significantly higher with the GDPR penalty being up to 4% of a business’s worldwide revenue – an expensive mistake for TalkTalk but they will be thankful that the GDPR is not currently in place.
It’s not only the excessive penalties that are the issue, it can also cost your business substantially to remedy a cyber security breach. Within the past year, cyber security breaches have cost the UK £34.1bn but just under half of businesses have improved their defences in the same time frame. The average cost of cyber security breaches that have affected UK businesses has nearly doubled over the past few years. The average cost of a cyber breach for a smaller business can cost £65,000 – £115,000 compared to £35,000 – £65,000 reported previously and larger businesses have seen a rise from £450,000- £850,000 to £600,000 – £1.15 million.
So how can audit and compliance tools help your business save money? These costs show the importance of conducting regular data audits and how being compliant is beneficial for your business. Conducting regular audits allows your business to demonstrate to your clients and partners that you understand the importance of data protection and it also offers you and your clients or employees the assurance that their data and assets are protected. No system is infallible, and in the unfortunate event of a data breach being able to demonstrate the measures that have been taken to secure your customer and HR data may significantly reduce the penalties levied on your business.
Audits allow your business to identify risks and weaknesses in your information access security strategy which allows you to avoid or respond rapidly to incidents – especially within the internal threat landscape. Following good cyber security practices and audit procedures allows you to run a good business, which in turn allows you to offer good quality service to your clients and partners. Not only are there costs in terms of penalties and remedies, but reputational damage can also affect your business as clients may be more reluctant to work with businesses that have suffered a data breach and this can inhibit the growth of your business.
If data protection, managing risk and becoming compliant is a priority for your business, contact us to discover how our Ascema information access security solution can help. For a limited period, we are offering a free information audit and compliance report to help you and your business take a step in the right direction.
By Natasha Euston |28/10/16 | Technical News