Page 55 - Cyber Defense eMagazine August 2024

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address them proactively. This leads to better risk management and a more resilient operational
framework.

Compliance is less expensive than noncompliance

According to IBM's 2023 Cost of a Data Breach Report, the average cost of breaches increases by nearly
$220,000 when non-adherence to regulations is identified as a contributing factor to a cyber incident.

From a financial standpoint, investing in compliance is far more cost-effective than facing the financial
repercussions of non-compliance. The costs of non-compliance, such as hefty fines and data breach
expenses, are both dreadful and entirely avoidable. By proactively investing in compliance, businesses
can safeguard against these penalties and protect their reputation. The question isn't whether compliance
is costly, but whether it's as costly as the fines and losses incurred from non-compliance. Can your
business afford the risk? The answer is clear: compliance is a wise, necessary investment for long-term
security and financial health.

Conclusion

Cybersecurity threats are constantly evolving, and regulatory requirements are likely to become more
stringent over time. By embracing compliance as a continuous process, organizations can future-proof
their business against emerging threats and regulatory changes. Staying ahead of compliance
requirements ensures that an organization is always prepared for new challenges, reducing the risk of
falling behind and facing penalties or breaches. However, the true value of compliance extends far
beyond financial penalties. It is about building trust, enhancing security, and fostering a culture of
resilience and integrity within an organization so you can remain competitive. This proactive approach
not only safeguards sensitive data but also demonstrates a commitment to excellence, thereby attracting
and retaining customers and partners. In an increasingly digital world, such dedication to compliance and
security becomes a key differentiator.

Editor’s Note: Depending on the jurisdiction, there may be private rights of action available for
individuals who are adversely affected by cyberattacks against regulated organizations. In some
jurisdictions, compliance with regulatory requirements may not provide a complete defense
against such private claims. If in doubt, it is advisable to seek advice from legal counsel.

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