Why a Cybersecurity Compliance Program is Necessary for Every Business

As a leader, you are responsible for ensuring that your organization’s data remains secure and protected from cyber threats. In today’s digital age, data breaches are a common occurrence, and the costs associated with them are staggering. Cyber-attacks can result in the loss of millions of dollars, loss of customer trust, and reputational damage that can take years to recover from. This is why a cybersecurity compliance program is necessary for every business.

According to a report by IBM, the average cost of a data breach in 2020 was $3.86 million, highlighting the dire financial consequences of inadequate cybersecurity. Furthermore, a study by Ponemon Institute found that 67% of surveyed companies experienced a significant loss of customer trust after a data breach. These statistics underscore the necessity for stringent cybersecurity compliance programs in today’s digital businesses.

In this post, we’ll explore the reasons why your business needs a cybersecurity compliance program and why you should make it a top priority.

Privacy Compliance Regulations are Becoming Stricter

With the increasing sophistication of cyber-attacks, governments and regulatory bodies are becoming more strict when it comes to cybersecurity compliance. This means that organizations are required to implement more robust security measures to protect their data. Compliance regulations, like the GDPR, CCPA or PCI DSS, have specific requirements that must be met to avoid penalties and fines. These cybersecurity compliance programs are designed to keep your organization in compliance with these regulations and to ensure that your data is fully protected.

According to the Cybersecurity Insiders’ 2020 Cybersecurity Compliance Report, an alarming 90% of organizations felt vulnerable to insider threats and data breaches. Furthermore, the EU’s General Data Protection Regulation (GDPR) has brought about stringent measures, with non-compliance penalties reaching up to €20 million, or 4% of annual global turnover – whichever is higher. In the US, non-compliance with the California Consumer Privacy Act (CCPA) can result in fines of up to $7,500 per record for intentional violations. The Payment Card Industry Data Security Standard (PCI DSS) compliance statistics reveal that only 27.9% of organizations maintain full compliance, highlighting the need for a cybersecurity compliance program to meet these regulatory requirements.

Furthermore, according to a survey by Verizon, businesses that are fully compliant with the PCI DSS framework significantly mitigate the risk of data breaches. The report states that among organizations that suffered data breaches, over 80% were not compliant with PCI DSS at the time of the breach. This compelling statistic underscores the crucial role that a cybersecurity compliance program plays in safeguarding a company’s sensitive data.

Additionally, a study conducted by the Global Cyber Alliance indicates a close correlation between cybersecurity compliance and a reduction in cyber attacks. The study found that organizations implementing compliance controls reduced their cyber risk by nearly 50%. This further emphasizes the effectiveness of a properly implemented cybersecurity compliance program in protecting businesses from cyber threats.

Protect Your Data and Reputation

Data is one of your organization’s most valuable assets. A data breach can result in the loss of confidential data, such as customer information, employee data, and intellectual property. This can seriously damage your reputation and customer trust and result in significant financial losses.

The 2020 Cost of a Data Breach Report by IBM indicates that the average total cost of a data breach is $3.86 million. Moreover, the report also highlights that companies that experienced a mega breach, where 1 million to 10 million records were exposed, could experience total costs of up to $50 million. Data breaches can also lead to customer churn. According to the same report, businesses in the U.S. that lost less than 1% of their customers due to a data breach faced an average total cost of $2.67 million, while those that experienced a customer churn rate greater than 4% faced an average total cost of $5.74 million. These numbers make it clear that the monetary and reputational costs associated with data breaches can be detrimental to any organization, further underscoring the importance of having a robust cybersecurity compliance program in place.

A cybersecurity compliance program ensures that all data is protected by implementing proper security controls. It creates a secure environment that reduces the risk of data breaches and demonstrates to your customers and investors that you take their data security seriously.

Prevent Cyber Attacks

A cybersecurity compliance program is designed to prevent cyber attacks from happening in the first place. It identifies vulnerabilities and mitigates them before they can be exploited by hackers. It ensures that all employees are aware of potential threats and know how to respond to them. It also includes a disaster recovery plan in case of a breach.

According to a recent report by the Ponemon Institute, 77% of the organizations surveyed stated that they wouldn’t be able to recover from a cyber attack due to the lack of a proper incident response plan. This alarming statistic emphasizes the significance of having a cybersecurity compliance program that includes a solid disaster recovery plan. Moreover, a study by Verizon found that 94% of malware was delivered via email, suggesting that employees, often unknowingly, play a major role in the occurrence of a security breach. This underscores the need for continuous employee awareness and training on cyber threats, a key component of any comprehensive cybersecurity compliance program.

Mitigate Financial Risks

A data breach can result in huge financial losses. The costs associated with a breach include legal fees, fines, IT costs, and a loss of revenue due to reputational damage. A cybersecurity compliance program can help mitigate these risks by implementing proper security controls, conducting regular security audits, and creating a plan for disaster recovery.

The financial impact of data breaches is staggering, and businesses without a proactive cybersecurity compliance program find themselves particularly vulnerable. The 2020 Cost of a Data Breach Report by IBM found that the average total cost of a data breach increased from $3.54 million in 2006 to $3.86 million in 2020, indicating a growing financial threat. Furthermore, the report revealed that companies took an average of 280 days to identify and respond to a data breach, further amplifying the costs involved. The annual study by Accenture also supports this, showing that the cost of cybercrime for companies has increased by nearly 30% over the past seven years. This upward trend in the financial implications of data breaches strongly emphasizes the need for businesses to invest in a robust cybersecurity compliance program.

Stay Ahead of the Competition

With the increasing threat of cyber attacks, more and more businesses are investing in cybersecurity compliance programs. This means that customers are becoming more savvy and are more likely to choose businesses that prioritize data security. A cybersecurity compliance program can give you a competitive edge by demonstrating to potential customers that you take data security seriously and that you’re committed to protecting their data.

Research supports the importance of customer trust in maintaining a competitive edge in business. A study by PwC revealed that 85% of consumers will not do business with a company if they have concerns about its security practices. This is further supported by a study conducted by Cisco, which found that 32% of customers stopped doing business with companies due to data breaches. Additionally, a survey by Experian found that 66% of adults claim that they would be unlikely to do business with organizations responsible for exposing financial and sensitive information. These statistics illustrate customers’ growing awareness and concern over data privacy and the significance of cybersecurity compliance in maintaining customer trust and competitive advantage.

In Conclusion

Implementing a cybersecurity compliance program is essential for every business. It protects your data, your reputation, and your finances. Compliance regulations are becoming stricter, and cyber attacks are becoming more sophisticated, so it’s more important than ever to ensure that your organization is protected by a robust cybersecurity compliance program. By staying ahead of the competition and demonstrating your commitment to data security, you can gain the trust and loyalty of your customers and protect your business from cyber threats.




  • Ponemon Institute. (2020). Cost of a Data Breach Report. Link
  • Verizon. (2020). Data Breach Investigations Report. Link
  • Accenture. (2020). Cost of Cybercrime Study. Link
  • PwC. (2020). Global Consumer Insights Survey. Link
  • Cisco. (2020). Cybersecurity Series 2020. Link
  • Experian. (2020). Data Breach Industry Forecast. Link

12 Cyber-Readiness Strategies #5 and #6

If you’re like most IT professionals, you’re always looking for ways to improve your organization’s cyber-readiness. And rightly so: the stakes are high, and the threats are constantly evolving. In the 2020 Thales Data Threat Report, 49% of US companies have already experienced a data breach. Is your business ready to handle a targeted cyber-attack? But where do you start? 

Our 12 Cyber-Readiness Strategies is a great place to get started. In our continuing series on making certain your organization is cyber-ready, we have already covered developing a cyber-readiness plan, establishing policies, keeping software up to date, and requiring multi-factor authentication. 

This time we are covering Backup and Cybersecurity Compliance. 

Backup and compliance are two key areas that can make a big difference in your organization’s overall cyber-readiness. Having a robust backup process in place is crucial to maintain continuity of operations in the event of an incident. And ensuring that your organization is compliant with relevant cybersecurity regulations can help prevent costly fines and penalties. 

We will take a closer look at why these two areas are so important and offer some practical tips on how to get going. So let’s get started! 

5. Back Up Everything Valuable 

Backup may not immediately come to mind when thinking about cybersecurity. But when your company eventually experiences a cyber breach – and it is when not if – you will be happy you have backups of all your critical data. Data is the lifeblood of every business. Unfortunately, the risks and threats to the protection, privacy, and usability of that data are endless. 

Why Is Backup Important for Cyber-readiness? 

When it comes to cybersecurity, backup is one of the most important measures you can take. After all, if your data is lost or stolen, it can be difficult – if not impossible – to get it back. 

By implementing a reliable backup process, you can make certain that your data is always safe and secure. And if disaster does strike, you will be able to quickly restore your systems and get back up and running. 

 What Other Benefits Do Backups Provide? 

In addition to the security benefit, there are other benefits to implementing a backup strategy, including: 

  • Compliance with regulations: Many regulatory frameworks require organizations to maintain a certain level of data security. A reliable backup solution can help you meet these requirements. 
  • Minimized downtime: If your systems are lost or damaged, a backup solution can help you get up and running quickly. 
  • Reduced costs: By backing up your data, you can minimize the cost of data loss or corruption. 

How to Get Started with Backup 

There are a variety of backup solutions available, so it’s important to choose one that fits your needs. Here are a few things to keep in mind when selecting a backup solution: 

  • Choose a solution that is scalable, so it can grow with your organization. 
  • Protect your backups with separate login credentials 
  • Work with your IT partner to configure the solution and test it thoroughly. 
6. Don’t Neglect Compliance

In addition to backup, compliance is another key factor in cyber-readiness strategy. Compliance can help protect your organization from potential fines and penalties, and it can also help you reduce your risk of a cyber-attack. 

Maintaining cybersecurity compliance is mandatory for many organizations. While navigating and satisfying the obligations can be complicated and stressful, achieving compliance is a critical component of having a cyber-ready business. 

How Is Compliance Important to Cyber-readiness? 

There are cyber compliance regulations that apply to businesses in multiple industries, including the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS), and the NIST Cybersecurity Framework (CSF). Security and privacy are integral elements of compliance and privacy frameworks such as the General Data Privacy Regulation (GDPR) and the California Consumer Privacy Act (CCPA) should be considered as part of your compliance journey. 

Cybersecurity Compliance can be a complex and daunting task, but it’s important to remember that there are many resources available to help you. Here are a few steps to get started: 

  • Familiarize yourself with the regulations that apply to your industry 
  • Develop a compliance plan that outlines how you will meet the requirements 
  • Implement security controls to help you comply with the regulations 
  • Train your employees on cyber compliance requirements 


Cybersecurity is one of the most important issues businesses face today. Cyber threats are on the rise, and businesses need to take steps to protect themselves. A backup and compliance strategy are two of the twelve components we believe to be essential to making your business cyber-ready. By implementing these solutions, your business can protect its data, ensure compliance with regulations, and mitigate the risk of cyber-attacks. 

Learn More 

Want to learn more about cyber-readiness for your business? Montra can help! Please contact us. We are happy to help you become more effective and keep your IT operation safe and secure.