Avoid Data Breach by Understanding These 3 Biggest IT Compliance Challenges!
Because every interaction in today’s digital era generates data, data is a critical pillar for digital transformation. Data allows you to set baselines and benchmarks for your transformation and serves as a useful indicator of success. However, managing data is one of the biggest challenges of digital transformation today. When most businesses are transforming digital, keeping that data private and secure is an ongoing challenge.
“Identity Theft Resource Center (ITRC) research in September 2021 showed that the total number of data breaches exceeded the total number of events in 2020 by 17%, with 1,291 breaches in 2021 compared to 1,108 breaches in 2020”
That research proves that businesses are more vulnerable to data breach and other cybercrimes in today’s digital transformation era. At this point, the average data breach costs businesses around $3.6 million in lost future revenue, damaged reputation, and lawsuits. This kind of loss is a major hit for even the most stable businesses.
To avoid these severe damages and losses, businesses need to understand these 3 biggest IT compliance challenges.
The 3 Biggest IT Compliance Challenges
1. Employee
According to Verizon Data Breach Investigations, 85% of data breaches have a human aspect. Therefore, businesses must assess and understand the impact of employee risk on their total risk profile and take proactive steps to manage such risks. In addition, social engineering has cost businesses $4.47 million, according to IBM’s 2021 Cost of a Data Breach report. Hence, in order to avoid this, businesses must also equip their employees with the knowledge and awareness of cybercrime so they will be more cautious when doing their job.
2. Bring Your Own Device (BYOD) Policies
Recently, BYOD policies have grown in popularity, with some businesses reporting higher productivity and fewer overhead expenses. Allowing employees to use their own devices, on the other hand, can greatly increase the risk of data breaches, particularly if these devices are used to access or store sensitive data. When employees work from home on personal devices that aren’t managed by Mobile Device Management (MDM) software, the risk is significantly larger. If these devices aren’t properly tracked and encrypted, and/or if the employee’s home network isn’t secure, the potential of a data breach is quite high if the device is lost, stolen, or hacked.
3. Internet of Things (IoT) Vulnerabilities
Practices that apply to the development, deployment, delivery, and support of certain services in an organization. It includes business analysis, service design and desk, availability management, and so on.
IoT has changed the way many businesses function. Everything from monitoring and changing the process can now be done by internet-connected devices. However, the more devices connected to the internet, the bigger the risk of a hack or breach. A hacker could acquire access to trade secrets, credit card information, or other confidential information if they gain access to your network through one of your IoT devices. If your business handles credit card data, you’ll need to make sure your IoT payment devices are PCI compliant and well-protected by thorough security policies and data governance procedures.
The main goal of IT Compliance is to establish a strategic, procedural, and technical framework that describes how businesses can achieve ethical and legal compliance. IT Compliance can help businesses prevent various losses which are caused by the non-compliance issues and, consequently, data breaches.
Therefore, understanding these 3 biggest IT Compliance challenges becomes an obligation for businesses. With the increase of data breaches and any other cybercrime incidents in this digital transformation era, businesses are encouraged to make IT Compliance their Digital Innovation Strategy for a successful and safer digital transformation process.
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