Regulatory compliance helps you protect your business's resources and reputation. Here are some stats that highlight it's importance.
companies ask for it
64% of companies require vendors to provide proof of cybersecurity as part of their requests for proposals.
Violations of UK GDPR can lead to a fine of up to £17.5 million or 4% of the organisation's worldwide annual turnover.
avg. loss in revenue
Organizations that don't meet compliance requirements could end up losing an average of $5.7 million in revenue.
Inxtinct Can Help With Your Compliance Efforts
Compliance frameworks are constantly updated and new regulations are introduced every year. The consequences of noncompliance can be severe, from harsh penalties to reputational damage.
SOC 2 voluntary compliance standard and the certification is issued by outside auditors. They assess the extent to which a vendor complies with their five trust principles (security, availability, processing integrity, confidentiality and privacy) based on the systems and processes in place.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements intended to ensure that all companies that process, store, or transmit credit card information maintain a secure environment. PCI Non-Compliance can result in penalties ranging from $5,000 to $100,000 per month.
The General Data Protection Regulation (GDPR) aims to protect the personal information of EU citizens by setting out strict rules on how organizations process and store their data. Organizations that violate GDPR can face hefty fines of up to €20 million or 4% of their annual global turnover, whichever is higher.