How to meet security compliance standards and save money
Compliance is a priority for every business. It’s essential for companies of all sizes to create processes and operations that remain compliant with GDPR and other data security regulations. We all know how important it is – but what you might not realise is that embracing data security compliance could actually save you money.
How? Well, one of the best ways to stay compliant is to protect your data against potential threats by formulating a robust disaster recovery plan. Disaster recovery plans enable businesses to demonstrate reliability when handling critical data by using secure backup and advanced risk management assessments.
It may not sound like a money-saving plan but trust us – when it comes to cost-effective business solutions, disaster recovery plans are up there.
Here are 4 ways creating a disaster recovery plan will allow you to save money:
1. Minimising downtime
Data loss will almost always result in downtime. Whether it’s lost through a cyber-attack, accidental deletion or hardware failure – it can take time to restore data. During this time, if your business doesn’t have a thorough disaster recovery plan, you may struggle to get back on your feet and remain operational. Any period of downtime that affects productivity will have financial implications. As well as this, the longer your business experiences downtime, the longer you leave data vulnerable. However, a disaster recovery plan ensures that if data is lost, you have the necessary processes, backup and procedures in place to get it back and resume work as usual ASAP.
2. Planning & budgeting for the future
It’s nearly impossible to plan for every feasible eventuality. Many disasters and causes of data loss are sudden and unexpected. But this doesn’t mean you can’t plan for the future. Investing in a disaster recovery plan and necessary data backup solutions now is necessary to protect the future of your business. It also will make budgeting more affordable, and easy to measure over time, ensuring that should a crisis occur, your business is prepared strategically and financially.
3. Avoiding fines
Protecting your data is not just the right thing to do; it’s also a smart business move. If your business doesn’t take data security compliance seriously, it could result in some nasty fines. In particular, companies in the financial services industry must follow strict FCA regulations to avoid penalties. Disaster recovery plans demonstrate to regulatory bodies that a business is doing everything it can to protect its clients’ data.
4. Saved time = money
If you have a disaster recovery plan in place that is regularly reviewed and updated, you’ll be able to spend a lot less time worrying about data security compliance. That also means less time spent in a crisis trying to develop a plan for the area of your business that’s been affected. And we all know time = money.
Don't know where to start?
Support Tree has a free guide to help businesses like yours create a robust disaster recovery plan that will keep you compliant now and in the future.