Risk and compliance shouldn’t be seen as a nuisance or a necessary evil. Getting it right can enable your business to reach a higher level of maturity when it comes to data protection and cyber resilience, as well as supporting your core business security objectives. In highly regulated industries like financial services, the requirements and expectations are especially great, but there are expectations across every industry and region.
While it can be challenging to maintain regulatory compliance – there are 14 IT-related legislations in the UK alone – the consequences of failing to adhere are heavy and can include:
• Legal action brought against your organisation that could result in fines, penalties, imprisonment, product seizures, or debarment;
• Financial impact affecting profitability, share value, expected future earnings, budgets or investor confidence;
• Enforced embargoes or manufacturing shutdowns that disrupt your company’s ability to operate;
• Negative perception if your business is deemed complacent, such as adverse press or social media discussion, loss of customer trust or decreased employee engagement.
Ultimately, things will inevitably go wrong and cybercriminals will get in – it’s impossible to eliminate risk. However, you can mitigate the risk your business faces by remaining compliant and auditing your digital estate.
Taking inspiration from R.E.M.’s “It’s the End of the World as We Know It (and I Feel Fine),” this was a topic of exploration at the latest Orange Cyberdefense Summit, leading to several interesting discussions – and a healthy dose of quiz-related competition – with our valued partners and customers.
What’s in it for you?
While compliance doesn’t magically improve resilience or security, it can reduce risk by ensuring that your company is aligned with the latest market requirements, learnings and information about potential threats and how to defend against them. Furthermore, being able to point to certifications can build trust among your staff, customers, suppliers or partners, and can even be a competitive differentiator for your business. People have always been willing to pay more for quality, and we’re now entering an age where people are happy to pay more for security as well.
As the lines blur between first, second and third-party suppliers, with many companies adopting multiple roles, the requirements and expectations placed on businesses are growing, so they must take every possible step to become compliant.
I’ve got 99 problems but the risk ain’t one
It all begins with auditing, which is necessary to demonstrate compliance but something many companies struggle with. Typically, our customers report a lack of resources or knowledge, and point out how complex and time-consuming the audit process can be. After all, IT staff have a day job to do as well!
However, I feel that we’re moving away from a culture of avoidance, and entering a stage of acceptance in regards to compliance and auditing. Ultimately, we’re all on the hunt for resilience – both in terms of security and an ability to do business, which is impossible if services are down – and compliance is the way to achieve this. Audits have a two-fold benefit in this case – they can uncover opportunities for process improvements and ensure that internal adjustments can be made to achieve efficiencies, without adding additional risks. After the audit process, decisions can be made about the frameworks, training and solutions needed to become compliant.
Orange Cyberdefense’s global consulting and advisory team is the ideal partner to support during this daunting process. Our consultants have expert knowledge of relevant frameworks and regulations such as the GDPR, ISO 27001, the PCI Data Security Standard (PCI-DSS), the NIS2 Directive, the NIST framework and the Digital Operational Resilience Act (DORA), and can advise on how your business can achieve compliance.
The requirements placed upon businesses evolve constantly along with technological developments, so having a knowledgeable partner to advise on the best approach is invaluable.