“Thanks” to the many data breaches that have occurred in the last 10 years, there are now countless regulations to ensure companies protect their data.
And companies must keep pace with these regulations because the repercussions are significant:
• Globally, data breaches cost organizations an average of $4 million; in the US, that number more than doubles to $8.19 million, with more than half the cost tied to lost business.
• GDPR and other regulations have fines of over $1,000,000 per violation
• Beyond the direct financial costs, non-compliance does significant damage to company reputation and public trust.
Does recent news on data breaches keep you up at night? Are you worried about the confidentiality, integrity, and availability of your organization’s sensitive data? How will you minimize risk, comply with regulations, and protect confidential information? Can IT manage compliance and be ready for an audit or a regulatory change at any time?
To address these very real challenges, organizations often assign multiple owners to manage the changing regulations and figure out how they impact the business. IT, HR, and Finance all have a role but different points of view and multiple owners often means that things fall through the cracks.
IT professionals have a big responsibility to maintain their systems while making certain the business remains in compliance with data, privacy, and other regulations.
But as IT becomes increasingly complex, distributed, virtualized, multi-cloud environments, many teams struggle to maintain rules and requirements for securing identity, credit card, healthcare and other critical and sensitive information.
To stay current and prepared for the inevitable and frequent changes, it’s critical to have a good handle on your IT environment at all times.
When a new regulation is rolled out, IT leaders should be able to quickly pinpoint which data asset is impacted and be able to make a change – without worrying that changes made will cause a connected or interdependent asset to break down.