Make data security compliance a revenue driver

Make data security compliance a revenue driver

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To join a game of poker, players must place a minimum bid sometimes referred to as a table bet: the smallest viable amount needed to play. With it you are in the game, but without it you are in the cold. In today’s market, data compliance and transactional security have become a table issue. To play, owning specific reports has become the minimum viable bid. With a SOC 2 (acronym for Service Organization Control) and / or ISO (International Organization for Standardization) 27001 risk assessment report in hand (or whatever framework is relevant in your market), you have a game, a chance. to take part in the action.

Executives as a prerequisite for growth

Today, getting kicked out by ransomware is no longer a shock, and breaches of sensitive information are commonplace. Incidents like the SolarWinds breach (with an average total cost to businesses of $ 12 million) and the ransomware attack on insurance provider CNA (total cost: $ 40 million) demonstrate the immense monetary ramifications that accompany lax attitudes and less than optimal practices.

These numbers have had a direct impact on how third parties choose to do business and form partnerships. Now, C-suites around the world have woken up from their “this is a computer problem, so we don’t care” sleep and find themselves in the brutally monotonous task of processing compliance. But it’s worth it; Unless businesses can prove with a high degree of certainty that their systems are protected against the next big threat, no potential partner or sane customer would strike a deal with them.

Related: 5 ransomware protection tips for your small business … from a hacker

With SOC 2 or ISO 27001 in hand, partners and customers can rest assured that data is safe and sound. But how can organizations make the most of these frameworks, and how can they remove the boredom that typically accompanies compliance-related activities?

Executives to close deals

SOC 2, ISO 27001, and the Payment Card Industry Data Security Standard (PCI-DSS), among other certifications, provide guidance (although some less definitive than others) on how to adhere to best security practices, both technically and operationally. They provide organizations with the guidance needed to strengthen security, meet regulatory requirements, improve business processes, and support other activities necessary to achieve business goals (primarily securing new customers and consolidating partnerships. existing).

Having certifications on hand can be a powerful business advantage; Discussing compliance issues can become a key part of a sales team’s initial point of contact. This can dramatically reduce friction with prospects, as sales reps can quickly and transparently produce tangible answers to most (if not all) security-related questions. This means that compliance teams are primarily concerned with escalating issues, such as when reports indicate that a control is missing.

Related: Cyber ​​security is no longer an option. Your money is in immediate danger.

Automation is the key

But to achieve this state, businesses must stop seeing security assurance as something to be done as quickly as possible. With the right approach, security executives can create trust-based relationships that support expansion and become real closeness. The key to making this possible is automating manual, tedious, time-consuming, and error-prone compliance activities to optimally respond to daily executives and compliance challenges.

With automation, you can leverage compliance to propel and support growth. By continually collecting audit evidence in the background, your team can invest time in other initiatives, and the lifecycle of all policies can be fully orchestrated, saving time and avoiding disruption. errors. You can also ensure that evidence is automatically matched to the relevant frameworks, which also saves time and effort by eliminating the need to collect new evidence with each audit. And with the direct matching of relevant plug-in evidence to controls, you can stop spending money and resources on professional advice. Automation is at the heart of an integrated and scalable compliance program that helps customers see your clear commitment to best practices.

With automation, meeting executives are simpler than ever – and that’s a huge plus, because potential clients need to know they can trust you, now more than ever.

Related: Invest in the company entering the untapped home cybersecurity market

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