Data breaches can come at an enormous cost: lost business continuity, loss of reputation and customer confidence, and time and resources required to recover. Like never before, it’s critical for enterprises to manage and protect their data according to a set of common policies – not only as a weapon against cybercrime, but also to minimize the risk associated with audit, compliance, and governance violations.
In addition to their own internal governance policies, organizations around the world now operate under at least one governmental data security mandate. Some of the major ones include:
- The European Union’s General Data Protection Regulation (GDPR), passed in 2018
- The brand-new California Consumer Privacy Act (CCPA)
- Long-time data privacy measures such as HIPAA, SOX, and ISO 27001
Violating these measures can have severe consequences
Breaches cost almost $220,000 more on average when noncompliance with regulations was indicated as a factor in the event.[1] Organizations with a high level of noncompliance with regulations showed an average cost of USD 5.05 million. This is a 12.6% increase compared to the average cost of a data breach, or USD 560,000. [1]
Compliance leaders anticipated technology will be one of the areas of highest spend increases in 2023.[2] Almost two-thirds (65%) of corporate risk and compliance professionals said using technology to streamline and automate manual processes would help reduce the complexity and cost of risk and compliance.
Take audit and compliance seriously with a solution able to support your requirements
At Cobalt Iron, we understand how daunting it is to keep up with constantly evolving standards and regulations. With more stringent regulation comes a greater need for secure, efficient, and cost-effective enterprise data protection. But staying compliant doesn’t have to interfere with business agility.
That’s where our Compass enterprise SaaS backup platform comes in. With the Cyber Shield security features built into Compass, we can help you keep your data under control to minimize risk, not only from cybercrime but from potential audit requirements, compliance, and governance violations.
Those features include:
- End-to-end encryption
- Data protection in transport, at rest, and at source
- Customer-controlled security certificates
- Comprehensive audit trails to support governance
- Audit exception handling triggers notification and review process
- Two-factor authentication
Building your net for the net
With new threats emerging every day, the risks of not securing files is more dangerous than ever. Data can be a tremendous asset, but it can also be a tremendous liability if it is not managed according to a set of policies. At the same time, managing constantly evolving standards is a feat most organizations don’t have the skills or resources to do right.
With Compass, customers can sleep well knowing all of their data is backed up with end-to-end encryption, ensuring security best practices and compliance. Our Cyber Shield technology makes it possible.
Learn more about Cyber Shield in the data sheet:
[1] IBM's Cost of a Data Breach Report 2023
[2] Key Budget, Staffing and Spending Trends for Compliance in 2023
[3] 2023 Thomson Reuters Risk & Compliance Survey Report