In today’s business environment, it’s imperative for most organizations to have an IT Compliance Plan in place to ensure that they are aligned with data privacy laws. This legal necessity was covered in a previous article. That said, having a strong IT Compliance Plan can do more than simply protect your business; in fact, it has many additional benefits.
What Are the Benefits of Having an IT Compliance Plan?
There are numerous advantages to having an IT Compliance plan in place. Let’s look at some of the benefits:
- A good IT Compliance Plan will give not only you, but also your employees, the tools to be proactive.This will greatly reduce the chances that your financial business will be audited and fined.
- Knowing that there is an enforceable sense of accountability, your employees will be more likely to abide by the rules and policies you have set forth.
- If your business ever experiences a Cyberattack, you will be able to respond to it faster and mitigate the risk of it spreading to other parts of your business.
- A greater sense of transparency will be created, which will foster good relationships with key stakeholders.
- Because of the set of checks and balances that will be implemented because of your IT Compliance Plan, you will have a greater chance of unearthing any Insider Attacks that could be precipitating from within the walls of your organization.
- Above all, the PII datasets that your customers have entrusted to you will, for the most part, be safe and secure. As a result, not only will you retain those customers, you also will have a greater chance of winning new prospects due to the level of trust you have developed.
A few final notes about IT Compliance Plans
It is important to keep in mind that there are other laws in place (such as the ones previously mentioned) that make sure organizations across many different industries are keeping up with the protection of the PII datasets.
Although compliance issues fall heavily onto the shoulders of the IT Department, the truth of the matter is that the proverbial buck does not stop with them. Rather, all employees in your financial business have some degree of responsibility and accountability for this, depending on what their job responsibilities entail.