When it comes to cybersecurity, you can’t afford compliance complacency.
With cyber-attacks on the rise, now is not the time to be compliance complacent. The costs of compliance complacency can have far-reaching effects.
August is National Fraud Awareness month, which makes it a perfect time to review your organization’s compliance. As part of your review, consider if your organization is becoming “compliance complacent.” Complacency happens when an organization feels like meeting the basic security requirements make them compliant enough and typically don’t take further steps to ensure full compliance. The reasons for not meeting all the requirements are many, but the most common is that some organizations feel like full compliance would cost them too much, while basic security is “good enough” in their eyes.
The downside to this outlook is that it provides a tempting target for would-be cyber attackers and fraudsters. Juniper Research found that the costs and damages resulting from cyberattacks in 2018 reached $2 trillion, while Forbes predicts such costs will rise to $6 trillion by 2021. Also, consider the costs associated with each stolen record: IBM and the Ponemon Institute projects that data breaches cost organizations $150 per record, which can quickly add up. All of these costs aren’t counting the damages to an organization’s reputation and customer trust, which also take a hit whenever there’s a successful cyber-attack.
Working with a reputable claim payment service provider can help you reduce the costs of maintaining compliance and minimize security risks. Plus, by doing so, you can also improve policyholders’ trust and satisfaction with your organization.
At VPay, claim payments is our core business and strong security is our top priority. We maintain the highest levels of federal and state electronic payment compliance requirements, so you can rest assured your epayments are protected and secure.
To help you stay compliant, we have outlined four simple steps you can take to protect your customers’ data. Learn How.