Continuous compliance is the ongoing, active process through which an organization demonstrates that they comply and adhere with all applicable standards and regulations. By monitoring all information technology, data processing and data sharing assets and continuously scanning networks; companies and institutions can detect and mitigate against risks. This then gives them perspective and the ability to be quickly notified, resolve any issues, to ensure continued compliance.
In Europe, the General Data Protection Regulation (GDPR) currently sets the standard for the data storage and usage. GDPR is generally seen as the toughest privacy and security law in the world. Though it was written and passed by the European Union, it imposes obligations to organizations anywhere in the world, so long as they target or collect data related to organizations or individuals in the EU. In light of this, companies currently face their biggest challenge yet, as they attempt to put processes and systems in place to maintain compliance, continuously. Organizations and institutions are required to explain why the information is being stored and how the company will use it.
Failing to meet regulatory and legal compliance standards costs organizations millions and sometimes billions each year. The base cost of general non-compliance is staggering but extends far just beyond simple fines. For starters, organizations lose an average of $4 Million due to a single non-compliance event. But this is only the beginning. To understand the true cost of a non- compliance event, one has to consider some of the hidden costs that come from business disruption — and even damage to a company’s reputation. Even worse news is that the financial impacts continue to rise. These costs come from more than just fines and sanctions but can also include actual damage caused by business disruption and loss of revenue & productivity. An organization can stay on the right side of the regulation and improve information security and data privacy by taking a continuous approach to compliance requirements.
One company at the forefront of Privacy Enhancing Technology (PET) and provides solutions for organizations to achieve continuous compliance is Devr Inc. Devr provides tools for enterprises to design and orchestrate data privacy, enabling rich open ecosystems for data monetization with continuous compliance.
- Devr provides a 3-step solution for continuous compliance and innovation
- Step 1 -> intro continuous compliance with our simple, browser-based, self-onboarding tools, etc. etc.
- Step 2 -> Define your ecosystem (or data cooperative, or data partnerships)
- Step 3 -> with a solid, risk-mitigating and cost-saving foundation of continuous compliance, you can now cooperatively grow and extend the data partnerships into rich ecosystem full of insights and new, safe sources of revenue.