Hey, let’s spend a Saturday afternoon dealing with cyber insurance and cancel our other fun plans......SAID NO ONE EVER!!
Okay, so I’m going to get directly to the point here: The words “cyber insurance” probably bring up dismal visions of time-consuming efforts and potential rejection. Traditionally, compliance has been viewed as a labyrinthine maze of rules, regulations, and audits that can drain an organization's resources and demand excessive time management. You know you need to take care of this, but it stays at the bottom of your to-do list.
This approach is not only stressful but also risky. Non-compliance can result in hefty fines, reputational damage, and even legal consequences. In fact, research shows that non-compliant companies face many challenges:
- Non-compliance costs an organization three times more than compliance.
- Various states impose standards that can result in fines of $750 per customer per incident or actual damages, whichever is greater. If a breach affected 10,000 customers, the noncompliance fee could reach $7.5 million. Companies can also face fines of $7,500 per violation if they don’t remedy noncompliance after the state notifies them.
- Failing to comply with federal regulations such as the FTC Safeguards Rule can result in civil penalties of up to $46,517 per violation.
- Cyber insurance company, Traveler’s Property Casualty Company of America not only denied a claim, but also sued International Control Services, Inc. because of non-compliance.
What if I told you there’s a simple way to ensure your organization remains compliant while conserving resources and time? Would you be interested?
Well, then, let me tell you an easy pathway to streamline your compliance efforts and plan for your 2024 compliance strategy with confidence.
Rethink Your Compliance Management
The first step in simplifying compliance is to change your perspective.
- See it as an investment. When done right, compliance can enhance your organization's reputation, boost customer trust, and even open new business opportunities. Instead of viewing compliance as a chore, consider it an investment in the future success and security of your organization.
- Make use of compliance management software. One of the key enablers of simplified compliance is technology. In recent years, advancements in compliance management software have revolutionized the way organizations approach compliance. These solutions offer a centralized platform where you can manage, track, and automate compliance-related tasks. With the right software, you can reduce the time and effort required to stay compliant while improving accuracy and consistency.
Clarify Your Organization’s Needs
- Every organization has unique compliance requirements based on its industry, location, and specific business activities. Simplifying compliance means tailoring your approach to meet your organization's specific needs. Start by identifying the key regulations and standards that apply to your business. By focusing your efforts on the most relevant requirements, you can avoid spreading your resources too thin.
Create a Culture of Compliance
- Compliance is not a one and done component of your cybersecurity. It’s an ongoing commitment. So, rather than approaching compliance as a yearly scramble to meet deadlines, consider adopting a continuous monitoring approach. Regularly assess your compliance status, identify potential issues early on, and take proactive steps to address them. This approach not only reduces the stress of annual audits but also helps you maintain a culture of compliance throughout the year.
Outsource Your Compliance
- If the prospect of managing compliance still feels overwhelming, consider outsourcing some or all of your compliance tasks. Many organizations are turning to compliance-as-a-service providers who specialize in helping businesses navigate the complex landscape of regulations and standards. These experts can offer tailored solutions that simplify compliance management and free up your internal resources.
Start Planning for Your 2024 Compliance Strategy
It’s time to assess your current compliance status. Begin by evaluating your current compliance posture. Identify any areas where improvements are needed and set clear goals for 2024.
The year 2024 may seem distant, but it's never too early to start planning your compliance strategy. By taking a proactive approach, you can avoid the last-minute rush and ensure that your organization is well-prepared for any changes in regulations or standards.
Compliance doesn’t have to be overwhelming. By shifting your perspective, leveraging technology, customizing your approach, and adopting a proactive mindset, you can streamline your compliance efforts and ensure a more secure future for your organization. Start planning for your 2024 compliance strategy today, and take the first step towards a simpler, more efficient, and compliant future.
I’m not saying you’ll choose compliance over a day at an amusement park, but it’s easier than you think to do the right thing for your organization. You’ll sleep better at night knowing you’ve protected your organization in a meaningful way.