It’s been nearly a year since GDPR came into effect. A recent article by Cisco outlined the results of a benchmark study related to how prepared the world was for GDPR.
The findings of the report were quite insightful. Organizations invested a lot of resources to become GDPR compliant. Most did this to avoid stiff penalties of up to €10 million, or 2% of annual global turnover – whichever is higher. Regardless of their reasons to become compliant, organizations experienced additional benefits that came from the investment.
Many organizations that are GDPR compliant have shorter sales cycles versus others that are not.
“This research provides evidence for something privacy professionals have long understood – that organizations are benefitting from their privacy investments beyond compliance. The Cisco study demonstrates that strong privacy compliance shortens sales cycles and increases customer trust.” – Peter Lefkowitz, Chief Digital Risk Officer, Citrix Systems and 2018 Board Chairman, International Association of Privacy Professionals (IAPP)
In addition to shorter sales cycles, a significantly smaller number of GDPR compliant organizations suffer from cybersecurity breaches versus their non-compliant counterparts. 89% of organizations that didn’t expect to be GDPR compliant within the year have already reported some sort of security breach. And in the small chance of a breach occurrence, GDPR compliant organizations experience 64% less number of records affected versus non-compliant organizations.
The study clearly validates the benefits of GDPR outside of just compliance. GDPR compliant organizations are more secure, thus gaining additional trust from customers and prospects. They improve work efficiencies when identifying, organizing, and cataloging their data. And they experience a more stable work environment due to fewer incidents and downtime.
Although GDPR compliance has proven multiple business benefits, it does not mean organizations are 100% shielded from cybersecurity breaches. It simply means they have lower risk and are well managed from an operational perspective.
With cyber threats and data security regulations at an all-time high, organizations need an efficient way to identify risks and protect their data. It would be catastrophic for a financial institution to expose credit card or bank account information. Earlier this year, North Country Business Products, a credit card processing vendor, was breached exposing names, credit card numbers, expiration dates, and CVV numbers to at least 50 of their clients!
To address the cybersecurity threats and numerous data protection regulations, CipherCloud, a leader in cloud security, developed their CASB+ product to help organizations deal with these issues in an efficient manner. There has been a big movement to the cloud, and organizations need visibility and governance over their sensitive data. More and more employees are adopting cloud-based SaaS applications like Microsoft Office 365, Box, Salesforce, and many others. CipherCloud CASB+ helps your organization adopt SaaS-based applications securely so you can stay out of the headlines for the wrong reasons.
Please check out the benefits of CipherCloud CASB+ at https://www.ciphercloud.com/casb.
1. Maximizing the value of your data privacy investments by Cisco Jan 2019 https://www.cisco.com/c/dam/en_us/about/doing_business/trust-center/docs/dpbs-2019.pdf
*** This is a Security Bloggers Network syndicated blog from CipherCloud authored by CipherCloud. Read the original post at: https://www.ciphercloud.com/gdpr-business-benefits-beyond-just-compliance/