The threat of data breaches and cyber attacks continues to get more complex every year. The global cyber security market was worth $202.72 billion in 2022 and is projected to keep growing.
When you run a business that handles people’s private information or data, it’s important to protect this information. This might include email addresses, names, shipping addresses, and more.
Keeping private data safe is so important that there are regulations in place to enforce this protection. Being in line with the regulations is called data security compliance.
Keep reading to learn the four most important things you need to know about data security compliance.
1. Various Types of Compliance
There is no singular form of compliance that your company has to meet. Different governments and regulators have their own standards, and you’ve got to meet all that are relevant to your company to be fully compliant.
For example, GDPR compliance applies to all businesses and e-commerce stores that process data of European Union residents. CCPA regulations allow Californian residents to see all the data large companies have about them. PCI DSS compliance covers credit card information.
This means an international e-commerce store must comply with at least all three of the above-mentioned regulations.
2. Risks of Non-Compliance
Non-compliance is not a risk worth taking. If your company is found to be below the standard for compliance, it’s open to fines and penalties from the government and any other regulatory bodies.
But there are social consequences too. Clients who value their data security lose trust in your brand when it fails to deliver this. Clients will leave, and you’ll struggle to get new ones due to your company’s damaged reputation.
The combined financial strain of penalties and lost customers might be too much for your company to survive.
3. Compliance Is Not the Limit
Many businesses make the mistake of only being compliant with regulations. But being compliant doesn’t always mean your data is secure.
Regulations are not a one-size-fits-all solution. While these guidelines should secure most data for most companies, that doesn’t necessarily mean it’ll work for you.
It’s important to do your own cybersecurity audits to identify and fix any holes in your digital security systems.
4. Data Security Planning
It’s not enough to attempt to tackle data security problems as they come up. You’ve got to know exactly what types of data you’re storing, to make sure you know what regulations apply to your company.
Then, you’ve got to create an explicit data security plan. This plan outlines what compliance standards your company needs to meet, how it will meet them, and how it will maintain these standards.
Prioritizing Data Security Compliance
Data security compliance is a complex process, so it needs a lot of attention. But it’s not the upper limit on cybersecurity.
Make sure you’re avoiding risks for your business by planning and enforcing compliance. But also ensure you’re going above and beyond these standards to ensure your data is as secure as possible.
Contact us for all your IT and data security needs.
