Businesses will continue to face a ton of cyber threats, some of which will impact organizations severely enough to require security measures that will reach far beyond compliance. A Ponemon Institute study showed that the average compromised record cost approximately $194 per record. Loss of business due to cyber breaches were estimated to be approximately $3 million.
As you can see, it’s important to make sure that the risk of cyber breaches is taken seriously.
Compliance standards will enable your organization to establish a solid baseline to deal with known risks, but this does nothing to address new and changing threats. Also, more sophisticated threats and vulnerabilities aren’t always known or covered in compliance. You need to have a risk-based approach to this, so that your organization will have a more cost-effective and comprehensive management of these risks.