Sony was hacked and is now facing billions of dollars in lawsuits in the wake of security breaches of its PlayStation network — a breach that exposed tens of millions of its customers’ account data, including credit card information.
There are strict regulations covering the storage and care of customers’ financial data, but the incidents at Sony could prompt new regulations and laws. As businesses face the daunting tasks of keeping up with regulatory compliance requirements, they are also finding it to be a time-consuming and sometimes costly endeavor. As the Sony PlayStation data breach has shown, however, the costs of compliance are nothing compared to the expenses a business could face should a data breach occur from non-compliance. The lesson: It pays to be compliant and protect your data.
A study by the Ponemon Institute concluded that the costs of non-compliance are much greater than the expenses associated with investing in compliance technologies and activities. According to the study, the biggest cost of non-compliance comes from productivity loss due to business disruptions. Other major costs of non-compliance come from penalties, fines and revenue loss. In Sony’s case, the costs of the PlayStation breach are still rising. How can you make sure your business is protected?
Regular network checkups will ensure valuable data is protected, it will also reduce the total cost of compliance. Regularly scheduled assessments enable IT administrators to effectively eradicate data threats and reduce vulnerabilities. The Ponemon study found that companies that failed to conduct regular compliance audits experienced higher compliance costs.
ACE IT Solutions helps protect business’ valuable data and ensure compliance. Our experts can perform a customized PCI gap assessment to determine your business’ current compliance level and outline the specific steps required to achieve PCI compliance. As a trusted IT partner, ACE IT Solutions helps our clients reduce compliance risk, lower vulnerability and streamline their security processes.