What are the Financial Implications of Non-Compliance?

Security Consultancy measures protects and saves money for business in the long run.

Cybersecurity has never been as important as today. With the rise of the internet comes a wave of different threats that were unheard of a few decades ago, and with more and more people starting online businesses or businesses relating to the internet, the right protection and security is key to a successful business.

 

This not only means security with your systems but following national and international security regulations, such as the GDPR. Data protection is important, especially for your business and if personal information is leaked, you could face your businesses reputation and credibility being ruined.

 

There are many implications of not following these rules, some of which are financial.


In this article, we are going to discuss the financial implications of non-compliance and how security consultancy can help you throughout the process of complying with the regulations.

Financial Implications of Non-Compliance

Not complying with international regulations such as the GDPR can have financial implications. As the GDPR applies to EU countries, if you have a market or customer base in Europe then you must comply with the standards that are set. The GDPR is influencing many other agreements in places such as California, Japan and South Korea, so it’s important to comply as the regulation is only expanding elsewhere.

 

If you choose not to comply with the GDPR, you could face a penalty. There are two tiers of administrative fines that can be imposed as penalties for non-compliance which are

 

  1. Up to €10 million, or 2% of your annual global turnover (whichever is higher)
  2. Up to €20 million, or 4% of your annual global turnover (whichever is higher)

 

 

These fines depend on the articles of the regulation that has been breached. Data security breaches are typically subjected to the lowest level, whereas if you are infringing an individual’s privacy rights, it would be a higher level of fine. Without security consultancy, you may not even know if you are breaching the agreement or not.

How Can Security Consultancy Assist With Compliance?

With security consultancy services, it’s not only just about the security of the systems. An expert will audit and analyse your business from many different aspects to see whether you are complying correctly with these regulations and international agreements. 

 

As many people are employed in business, some of the employees could be breaking the rules without even knowing. For example, installing malicious software and being unaware of it. 

 

Security Consultancy goes through all these aspects of your business in order to avoid the financial implications of non-compliance and how that could affect your business going forward. 

Security Consultancy Services From 6S Global

We understand that you want to avoid the potential implications of security breaches and the impact that it could have on your business. Security consultancy can avoid this and improve the chances of your business succeeding. Following the GDPR and other regulations is important for the sake of your business and also the financial aspect.


If you haven’t already, take a look at our website for more information regarding our security consultancy services and how we can help assist you in making sure your business is running correctly.

6S Global

As experts in security consultancy, we can help you with all aspects of your business regarding security, GDPR, risk management and more.