How your Compliance and Cyber Security Efforts can Bolster Revenue Growth

What’s-Involved-in-Automating-Compliance-ActivitiesYou already know that a breach can cripple your business.  A breach can negatively affect your business not just in the cost of dollars spent to repair systems and infrastructure, potential fines and legal fees, but also in the loss of sales that comes as a result of loss of consumer trust.  But did you know that adhering to compliance and cybersecurity standards could actually grow your revenue?
Here’s how.  Most compliance standards “force” an organization to map all their data, and institute an information governance structure.  “Data Mapping” can help an organization keep track of all their sensitive information.  It will provide an organization a comprehensive inventory of its entire IT system, act as a repository for data and information that’s linked to business units, data stewards and custodians, and illustrate the flow of information as it travels through the network. When you clearly know what data you have going through your network, you can better plan how to secure it.  The data map may be a pivotal (and cost-saving) piece of information, especially if your organization ever went into litigation. Information Governance structures are designed to define the processes, procedures, and policies that control how information is used, and how it can be accessed at an enterprise level. It is a multi-discipline area that requires the involvement of records management, information security, risk management, legal, information technology, data analytics, human resources, sales and marketing.  It is necessary for all these departments to be involved for this to work effectively.  Having a well-constructed information governance structure will illustrate that cybersecurity goals are properly aligned with an organization’s business goals.  Another side effect of this process comes in the form of increased productivity when all departments are working together for a common goal. Together, data mapping and information governance structures also make it easier for organizations to identify opportunities.  It ensures that decision makers have all the information they need in front of them to make well decisions on behalf of the organization.  Whether it be decisions about what services to offer clients, mission critical areas of the network, or finding efficiencies in an organization, this data and information can help increase revenue and cut costs at the same time.

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