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Cyber criminals are getting smarter, their attacks are continuously evolving, and their successes are leaving marks. Assaults are scaled effortlessly, from the one-to-one text phishing attempts on employees who post about new jobs on LinkedIn, to the “unprecedented” campaign against the Costa Rican government that brought much of their infrastructure to a standstill, resulting in losses of $125 million over 48 hours.
“What’s notable is the sophistication,” says Kaitlin Pettersen, VP of customer experience at Vanta. “The seeming legitimacy is improving. They’re getting smarter. They’re getting more strategic, and the financial and reputational cost of these data breaches is high.”
Customer trust is easily lost, but not easily won back — and that directly impacts your bottom line. Globally, fines for GDPR violations are huge, but smaller companies are also facing financial consequences for violations. The CCPA in California opens the door to lawsuits from customers whose data was involved in a breach. The cost per incident may not be huge, but multiplied across all of a company’s customers, it adds up rapidly. Combined with the reputational hit, it’s a blow to your trajectory as a company.
On top of risk protection, compliance and security is also great for business, in that it helps attract and retain customers, she adds. For instance, SOC 2 certification is the most sought-after security framework for growing SaaS companies, demonstrating an organization’s ability to effectively safeguard the privacy and security of customer and client data.
It can seem daunting, especially for smaller companies without specialized roles dedicated to security issues, but automation and technology are now available to lift the burden, and make it much easier than it used to be to prevent attacks and fines.
It takes a combo of security — or the ongoing practices and policies that you put in place to care for your customers’ data and protect the integrity of your business — and compliance. That, and the associated standards, is what demonstrates your great security posture, especially as more standards emerge.
“The old adage is perhaps overused, but the best defense really is a good offense,” Pettersen says. “Standing up and maintaining good security practices and staying compliant will mitigate risks and keep businesses protected from attacks and hefty fines. But that’s a lot easier said than done.”
The difference automation makes to security and compliance
As threats continue to grow, an increasing number of businesses, and certainly larger enterprises, view compliance and security as table stakes for doing business with any partner or vendor.
“Building good security posture and being able to demonstrate that will enable businesses to thrive, and really empower them from an economic perspective in good times and bad, because it’s helping to build trust quickly and easily in prospects and customers,” says Petersen. “And leveraging automation to get there faster and more effectively will help small, medium and large businesses win more and larger deals.”
A security and compliance platform like Vanta decreases the burden of security and compliance by pairing an automated compliance platform with a guided audit experience, from onboarding to final reports. It integrates with the commonly used cloud services, identity providers, task trackers and more to automate the complex and tedious work of gathering evidence for security audits, and runs hourly checks on a system to ensure compliance stays in place.
Centralized organizational security helps companies properly onboard and offboard employees, remediate issues from failed tests, and manage policies and documents in one place. It offers visibility into employee-related tasks like background checks and security training. With two-way task tracker integrations, it can discover, assign and resolve issues as they happen. Continuous monitoring catches activity out of line with security policies anywhere in the organization. And a dashboard offers updates in real time, identifying where a company’s security posture and compliance stands.
Staying abreast of the changing security and compliance landscape
“Your security and compliance partners and vendors should be providing you with helpful content and resources,” Pettersen says. “It’s the responsibility of companies like Vanta to provide you with a product that enables you to do this better and more successfully, but to also help you understand what a good security posture is, what it means to mitigate risk, and why compliance is so crucial to successful businesses.”
To learn more about what compliance standards your business requires, how to mitigate security risks while ensuring continuous compliance, how automation is changing the game and more, don’t miss this VB On-Demand event.
Start streaming now.
- Moving compliance beyond a checkbox approach
- Securing enterprise customers and increasing your topline
- The financial and reputational cost of data breaches — and how to de-risk your business
- Market-leading methods to continuously improve security
- Proving your gold-standard compliance to prospects
- Chad McAvoy, VP DevOps & CIO, Co-Founder, AdaptX
- Kaitlin Pettersen, VP of Customer Experience, Vanta
- Tim Keary, Security Editor, VentureBeat (moderator)
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