GLBA compliance isn’t something to take lightly. These measures are strictly enforced by the Federal Trade Commission (FTC). In 2018, for instance, Venmo and its parent company PayPal reached a settlement after complaints about the company’s handling of privacy disclosures. The peer-to-peer payment app had 150 days to adhere to GLBA compliance, or it faced fines of up $41,484 per violation.

I was recently asked to host a round table discussion on ‘Governance, Risk and Compliance‘ (GRC), and I have to admit I was more than a little excited. Why? Because the other people around the table were leading lights in the world of Cybersecurity, Risk and Resilience, and I was looking forward to exploring how a GRC framework can work across industries and learning some valuable lessons from those around our virtual table.

Financial institutions lost $16.9 billion to account takeover and identity fraud in 2019 alone, and the shift to online financial services during the pandemic only exacerbated the problem. At the same time, the 60 percent jump in compliance costs and risk management spending since the 2008 financial crisis has left retail and corporate banks with little discretionary funding.

PCI compliance isn’t just good for customers; it’s also good for business. Merchants that fall short of PCI compliance standards not only put their customer data at risk, they also may face hefty fines. The PCI Compliance Guide reports that fines and penalties can range from $5,000 to $100,000 per month for the merchant.

Ethics and compliance is becoming a burgeoning industry as an increase in government regulations in areas such as sustainability, diversity, and data privacy make compliance an important focus for companies. It’s especially important in tech companies as the ever-growing risk of cybersecurity breaches requires that security teams be vigilant in protecting sensitive data.

Security controls can be physical or virtual, policies, training, techniques, methodologies, action plan, devices, and customised solutions to avoid, detect, and prevent intruders and minimise the security risk befalling the individual or organisational proprietary information systems, etc.

Regardless of your industry, regulatory compliance is an important component of ongoing success. Staying on top of your compliance obligations can be challenging, and a strong compliance management program will require a compliance management system.

Good data governance can go a long way toward reducing business risk. If your content and your data are secure, you’ve eliminated danger to your customers’ information and secured your proprietary information. From a digital perspective, you’re ahead of the game. But data governance shouldn’t be your only concern.

Following a string of 83 data breaches in 2019 alone, the United States Department of Defense (DoD) established the Cybersecurity Maturity Model Certification (CMMC). The CMMC framework is a unified national standard for improving cybersecurity. Companies in the defense industrial base (DIB) must implement CMMC requirements in order to win contracts. Read on to find out how you can achieve compliance.