A few years ago, all healthcare and insurance organizations were subject to an IT compliance audit however now more industries are accepting the practice.
In recent years, other industries have been adopting IT compliance audit including manufacturing, automotive and other professional services due the increasing amount of sensitive data. If your business fails an IT compliance audit, it shows that your company security protocols are weak some key areas and need to be immediately addressed. If you deal with large multinational organizations, these gaps in your corporate IT security system can lead to a variety of very expensive consequences including loss of contract. For example, if you are working on a prototype for a large automotive manufacturer. They want to ensure that their prototype drawings are safe in your hands and away from the competitors. In the cybercriminal world, prototypes drawings would be worth millions in some cases.
It is extremely important that potential security breaches are not to be taken lightly or even ignored. This will result in severe consequences if your company does not take proactive measures to address and correct findings from an IT compliance audits. It can include the following security concerns:
No Trust – Your clients need to trust your organization with their vital information such as intellectual property and credit information. If trust is lost, your run the risk of losing that client.
Lawsuits – Many large companies would be able to handle large lawsuits and have the ability to pay out millions if they have had a security breach or had vital data stolen. How well would your company withstand a major lawsuit?
Internal Costs – If your company fails an IT compliance audit, you have to engage your IT department or IT consultant to find out why these security weaknesses have occurred and where your company is most vulnerable. This will you’re your company time and money to find out who dropped the ball and what it’s going to take to get it fixed. These costs and loss of productivity will come out of the bottom line plus loss of credibility.
Reputation – If you fail an IT compliance audit, you will not only have to deal with your IT security issues, you will have to focus on repairing your company reputation which could end up costing you your client base, money and contracts.
Will your company pass or fail an IT compliance audit?
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