If you’re looking to implement IT security compliance in your organization, you might be asking yourself: what are the benefits and ROI of IT security compliance? In this article, we will discuss HITRUST certification, average incident costs, and how to calculate the ROI of SOAR.
Costs associated with non-compliance
Non-compliance is not only costly, but it can also be devastating to your business. A company may lose customer trust, reputation, and revenue. Even worse, employees could sue. If a breach occurs, it can cost an organization millions of dollars in legal fees.
In addition to these costs, an organization can lose valuable insight into customers. Non-compliance can also increase the risk of cyber attacks. In fact, a data breach can cost more than a million dollars, according to the Ponemon Institute.
A Ponemon study found that the average cost of non-compliance is $14.8 million, a significant sum that can have a dramatic impact on a business. But, the most important financial impact of non-compliance is business disruption. This means lost revenues, downtime, and damaged reputation.
Average cost of incidents without automation
One of the best ways to reduce your data breach costs is by implementing an incident response plan. It can reduce your costs by up to $2.46 million if done correctly. This is a substantial amount of money to save. It is the one of the benefits and ROI of IT security compliance.
It can also improve worker productivity. Companies that invest in incident management can expect to save an average of $190,000 per major IT incident. The cost of a major IT incident is a function of several factors, including the type of incident, the number of affected customers, and the level of compliance.
The most impressive statistic is that a well-constructed Incident Response Plan can reduce the cost of a data breach by almost two thirds. These plans, which can create using automated systems, can help enterprises minimize the financial impact of security incidents.
HITRUST is a framework that helps organizations demonstrate their compliance with privacy and security rules. It’s built on existing standards and is an integrated security approach. It combines the best practices of leading IT experts.
It’s designed to improve organizational performance and efficiencies. It’s available to organizations of any size. HITRUST offers three levels of assurance. Depending on the level of assurance you seek, you may require to implement additional controls.
HITRUST’s requirements designed to keep organizations up to date with the latest regulatory changes. This makes it an ideal way to streamline your compliance across various frameworks. The HITRUSTAssurance Program is especially beneficial for organizations with multiple compliance obligations. It streamlines testing and reporting, which saves time and reduces wasted resources.
HITRUST provides an easy-to-use solution that demonstrates a company’s commitment to privacy and security. It also allows providers to focus on patient care, rather than on compliance.
ROI of security awareness training
Creating a robust IT security compliance program is a daunting task. If you want to see a return on your investment (ROI), you must find a way to measure and track the results of your security awareness training.
The simplest way to measure the ROI of a security awareness program is to ask employees to answer a few surveys. The results will give you insight into whether they are ready to handle threats. The more information you can get, the better.
If you can measure the ROI of a security awareness program, you will know whether it’s worth your while. If you don’t, you may end up wasting your time and money on something that doesn’t deliver the results you expected.
Some companies worry about the costs of running a security awareness program. However, if you have a team that can work well together, this can help reduce your awareness training budget.
Calculating the ROI of SOAR
If your company is considering implementing a security orchestration, automation, and response (SOAR) platform, you may be wondering how to calculate the ROI of such a tool. SOAR solutions can streamline incident response processes while enhancing the security of your organization.
Several studies have shown that a SOAR solution can help you achieve a 444% return on investment. This means that the tool will pay for itself in six months or less.
If your organization has been struggling to keep up with a growing number of cybersecurity alerts, the answer may be a SOAR solution. The technology helps you identify threats, reduce false positives, and reduce alert fatigue. It can also track the behavior of your team and improve your overall incident response process.