Organizations begin preparing for compliance soon as they deploy their infrastructure on the cloud. While cloud compliance covers myriad regulatory requirements, such as the General Data Protection Regulation (GDPR) and Personal Data Protection Act (PDPA), it ensures cybersecurity underlined by best practices to be followed by organizations.
Compliance, similar to a robust cybersecurity framework, is a key enabler of business and its absence instills heavy monetary impacts in the case of both on-premise and cloud deployment. What is the cost of compliance? Are organizations saving costs by remaining non-compliant? Understanding this is imperative in the world of modern business where cyberattacks continue to grow sophisticated.
Non-Compliance Cost And Its Repercussions
Several organizations had rationalized the non-compliance cost to be lesser than it is needed for bringing data and technology processes under compliance. However, the impact of non-compliance cost is jaw-dropping compared to the cost of compliance with regulations such as PCI-DSS, HIPAA, GDPR, and so on.
Recent years have seen high recommendations for compliance regulations to prevent legal implications, consequences regarding business reputation, and possible fines. A prime example of penalty would be the case where RBI charged 4.5 Cr INR to IndusInd Bank for non-compliance with certain regulations. As regulations evolve and emerge, organizations look to move critical systems, infrastructure and applications to the cloud.
It has been witnessed that the demand for audit evidence requests is increasing and organizations, one in six times, are found non-compliant. This has resulted in huge fines when screened by third-party auditors. The majority of organizations believe that compliance becomes a problem while moving systems, infrastructure, and applications to the cloud. They think that challenges come to the fore while dealing with IT security compliance in the cloud.
Remain Compliant to Save Cost
With compliance violation costs growing exponentially, phasing into compliance becomes a smart move for organizations. Key components that add up to compliance costs include
- Data Protection: Enforcing data usage norms and preventing data loss or leakage.
- Certification: Ensuring that the business remains certified and up-to-date against all necessary compliance regulations.
- Assessments: Inspection and examination of the current state of infrastructure for implementing the compliance framework as needed.
- Security Investments: This involves, data encryption, data loss prevention, and governance. Investments into technology solutions enable facilitated transformation of organizations, strengthening their compliance posture.
- Policies: Developing policies within an organization helps develop the structure required for complying with different regulation frameworks.
Leading cloud security and compliance solution providers, such as Cloudlytics, help organizations manage everything from risk identification to mitigation. Whether organizations need to outsource the management of their infrastructure or simply seek system optimization, vendors offer personalized solutions that enable cost savings while ensuring the infrastructure to be an asset and not a liability.
To Sum Up
Compliance costs are significantly lower than that of non-compliance and leveraging technology solutions helps reinforce the process further. Holistic approaches are necessary for ensuring data compliance, security, and protection. As key functionalities of businesses evolve, surrounding malware protection, data usage, and backup, and audit applications, a number of AI-driven compliance solutions are coming to the fore. These solutions help shore up compliance programs, thereby avoiding risks and preventing costly repercussions of non-compliance.