Security Compliance and Business Potential: 7 Essential Insights

You don’t have to be an infosec guru or tech wiz to have heard about security compliance. And if it hasn’t come up in boardroom meetings, we assure you that it’s a top priority for those more prominent clients you’ve been working towards landing. 

But what is security compliance really? Is it just another way of building client trust? Another box to tick when it comes to data security. Or could it potentially be the business growth strategy you’ve been looking for while future-proofing your data security and reputation? 

Spoiler alert: It’s all of the above. 

Here’s what you need to know about security compliance and why it’s non-negotiable when it comes to business (for you and your clients).

A Guide to Understanding Security Compliance

Security compliance management can involve almost every business operation and activity and how it works towards securing sensitive information and protecting it from unauthorized access. To zoom in, this refers to your organizational policies, procedures, and internal controls and how they work towards fulfilling their data privacy and protection requirements. When it comes to data security, the threat is real. Security compliance is ensuring you’re protected and battle-ready in the event of an attack or threat. 

Here’s how: 

Security and compliance’s role in safeguarding business operations largely depends on your organization's specific goals for implementing a security standard or regulatory framework. Some of the most significant functions of security compliance in safeguarding business operations include:

• To comply with legal standards
• To comply with regulatory requirements
• To implement industry best practices
• To meet contractual obligations to keep data in your possession secure

Regulations: Navigating the Landscape

Naturally, as soon as we say ‘regulatory requirements,’ a pang of anxiety flutters to the surface. Fortunately, it doesn’t have to stay. When complying with regulatory requirements, businesses must understand that it’s ultimately about providing the necessary guidance and rules to leverage leading security practices that help strengthen your business. Take these common regulatory standards as an example: 

• HIPAA: HIPAA compliance encompasses the procedures covered entities and business associates must adhere to to secure and shield protected health information (PHI).

• GDPR: A comprehensive data protection framework that dictates the procedures organizations must follow to ensure the privacy and security of personal data for individuals within the European Union (EU) and the European Economic Area (EEA).

• PCI DSS: Payment Card Industry Data Security Standard is a set of security standards established to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment. This helps safeguard against credit card fraud and other security breaches.

However, businesses often implement a leading security framework to help them leverage security best practices for their specific industry. Such standards include SOC 2 compliance and ISO 27001 certification. 

Hold up. Are you saying that some (most) businesses voluntarily opt-in to work towards a security standard despite not necessarily being subject to regulatory requirements or mandated by law? 

Exactly! Here’s why. 

Advantages of Maintaining Security Compliance

Although the core benefit of security compliance is data protection, undeniable business benefits are linked to getting (and staying) compliant. Some of the most significant advantages of maintaining security compliance include the following: 

• Improved customer trust and loyalty

Consumers want to know that their data and information are protected and that they’re doing business with an organization that prioritizes information security - as simple as that. Establishing and maintaining digital trust is paramount, and consumers no longer see stringent privacy measures as a novelty but as a primary business necessity.

• Proactive threat management

Security compliance helps organizations scale their business without growing their threat exposure. Most security standards and frameworks request regular risk assessments, audits, and continuous monitoring to ensure that nothing slips through the cracks or goes unnoticed and causes significant damage. 

Related Resource: Everything to Know About SOC 2 Compliance with Playroll 

• Protect your business (and financial) reputation

Rarely do businesses come out unscathed following a data breach or violation. The only saving grace is knowing that you have implemented due diligence from your side to mitigate risks as best possible. Security compliance stands as evidence that data breaches or attacks are not a result of poor judgment or negligence, which drastically reduces any potential fines and clears you from any reputational damage that may be associated with the incident. Additionally, most standards require organizations to create and follow an incident response plan to ensure minimal damage when things go awry. 

Choosing the Right Security Compliance Solutions

We’re in the business of protecting people, so selecting a compliance platform is critical for the success of any business. At Scytale and Playroll, our primary goals are to empower businesses of all sizes to do their business, without legislative and compliance bottlenecks. Whether you’re just starting or looking to scale your global footprint, we have you covered. 

By leveraging solutions, ranging from penetration testing to Employer or Record services, you can rest assured in our capabilities to create a seamless experience for your employees and customers, leading to growth and preventing legislative and security blockers. 

The Final Word

Ultimately, security compliance strengthens your internal and external security posture and allows you to be proactive against a fast-changing and unpredictable security environment. Implementing security standards and frameworks specific to your industry shows current and prospective customers that you’re well-prepared in the event of a data breach. The rest assurance that a strong security posture gives to a business also allows for well-deserved confidence. Confidence that walks the walk and is backed by the relevant controls, standards, policies, and processes. 

This confidence soaks into every aspect of business, allowing organizations to trust their defenses, tap into more significant markets, secure greater deals, and safeguard their reputation and finances without exposing themselves or their clients to any exposure or risks.