Compliance, the Key Factor for Businesses

Compliance fosters trust, data protection, and partnerships for enterprises, especially SMEs, positioning businesses for success in a digital landscape. 

FREMONT, CA: Running a business with a robust security compliance posture has become a mandate for business rather than an option, especially for small and medium-scale enterprises (SMEs). Business leaders in SMEs often overlook security compliance, owing to other primary concerns that contribute to the growth of companies, like securing new funding, establishing a foothold in the market, and attracting and retaining new clients. Hence, enterprises are highly focused on investing their valuable time and resources in production rather than considering hypothetical risk concerns. Various reports imply that nearly 36 per cent of small-scale businesses are yet to shift their focus upon cyberattacks which may evolve as a serious threat when unaddressed. However, growth is undoubtedly the key aim for any business in the venture capital stage, which holds a significant connection with security compliance.

Security compliance in businesses is often considered a mere risk management strategy reserved for large-scale enterprises that are likely to experience data breaches or cyberattacks. An unprecedented rise in the threat landscape has underlined that security compliance is no longer limited to large-scale companies, with nearly 46 per cent of cyber breaches connected with SMEs. Targeting an SME is easier for cybercriminals rather than larger enterprises, owing to their ill-prepared and under-equipped nature to cope with data threats. However, the after-effect of cyberattacks can be disastrous, as almost 75 per cent of SMEs may lack resilience to tackle ransomware threats. Hence, security compliance, undoubtedly, has emerged as one of the greatest assets for business growth.

Businesses prioritising these compliance factors are considered to adhere to the highest standards concerning information security needs. It also picturises an enterprise’s ability to navigate a digital environment and evolving business landscape with an acute security posture and risk management system. Concluded as the proportional factors, business growth is defined by the compliance strategy adopted by an enterprise.

Businesses that attract and retain potential clients should possess a robust compliance strategy. For instance, any enterprise aiming to collaborate with another business looks out for promising security compliance with the latter as it involves confidential data and eliminates data breaches. Thus, data security compliance has emerged as a non-negotiable factor for companies, which, when adopted, promises a faster and more effective way to reduce risks. Trust, evolving as the binding factor for organisations, ensures revenue growth. Clients, business partners, shareholders, and venture capitalists often intend to do business with companies to whom they can entrust their data actively. Associating a security compliance factor allows firms to emerge as potential partners.