Compliance Management & Reporting

Compliance Management & Reporting

Compliance Management & Reporting is of utmost significance. Nearly every system and process of a company is dependent on networks and several hardware & software connected to the internet. Most businesses have perpetual and multipurpose use of data & communications. Without effective compliance management and reporting, any business is exposed to enormous risks.

What is Compliance Management & Reporting?

There are many compliance standards in the world. These encompass all kinds of processes and systems in contemporary businesses. Privacy of users or customers, data protection, safe browsing, encrypted communication, confidentiality of personally identifiable information and secure financial transactions are some of the key focuses of the common compliance standards.

Adhering to the best practices, abiding by recommended rules and relevant laws, maintaining standard protocols, and rectifying all lapses with remedial action are at the crux of compliance management and reporting by Nexsus Cyber Solution .

Common Compliance Standards in the World

While there are scores of compliance standards available, these can be broadly classified into three categories.

• First, there are compliance standards mandated by laws. These include state or federal laws of a country and international laws adopted by a group or association of nations.
• Second, there are compliance standards mandated by industry specific associations, trade organizations, and other relevant bodies governing the best practices in distinct types of businesses.
• Third, there are state of the art compliance standards, which may or may not be a legal requirement and industry bodies or associations might not have necessitated. Such compliances are voluntary in nature.

Benefits of 4XFast Compliance Management & Reporting

The following are some of the consequential benefits of Nexsus Cyber Solution compliance management & reporting.

1. Adherence to Applicable Laws

All registered businesses, irrespective of industry, must adhere to the applicable local, state and federal laws. If the country and state,where your company is based, has a certain number of compliance standards that you must adhere to, then you must do so at all times. Not adhering to or abiding by the mandated standards will warrant legal proceedings against your business. If there are breaches and you do not report them while simultaneously taking corrective actions, then the appropriate regulatory authorities and investigating agencies in your country can initiate legal proceedings against your company.

Noncompliance in regards to the laws of a state or country can lead to serious penalties. Depending on the scope of punishment as per the relevant laws, your company may be levied a severe financial penalty or fine. Some serious noncompliance issues warrant jail term. The existence of the business may also be at risk. Repeat offenders or serial lapses in complying with the laws can lead to legally sanctioned shutting down of a business. The promoters of the company may also be barred from dealing in a similar business again.

2. Prevention of Lawsuits

Legal noncompliance does not always imply action of the state or federal government. If there are serious breaches or compromises, for instance data and financial theft, then a company can be sued by the victims. Customers, clients, third parties, associated vendors or suppliers, and anyone who may have been affected can file a lawsuit against your company. There could be class action lawsuits if several people are victims of a cybercrime that your company failed to prevent due to noncompliance of laws.

Lawsuits, whether filed by an individual victim or many people, can literally break a business enterprise. Small to medium businesses as well as some of the moderately big companies may not have the capacity to endure the financial penalty imposed by an appropriate court, if they fail to win against the lawsuits. Nexsus Cyber Solution compliance management & reporting provides the safeguards that would make such lawsuits a nonstarter.

3. Retention of Relevant Licenses

Class action lawsuits, legal action and prosecution, enormous financial liability, and probable imprisonment may be considered to be uncommon or extreme situations. They are not. Also common are financial penalties and loss of relevant licenses if a company does not adhere to legally mandated compliance standards.

Similar to how a restaurant must always maintain standards of food safety for it to retain its license to operate, all companies dealing with IT & ICT systems, big data or any database of customers and clients, financial details and other personally identifiable information, must comply with appropriate regulations to retain their licenses.

4. Sustenance of Brand Reputation

Noncompliance can lead to an instant loss of reputation. Legal noncompliance can put the entire existence of the business in jeopardy. Companies that are perceived to have broken the laws of the country or state do not evoke any confidence among the people.

Companies that fail to maintain required standards of cyber security and then have their systems compromised by malicious actors will also lose trust of the public, or the faith of their target audience. Nexsus compliance management & reporting can sustain your brand reputation.

5. Uninterrupted Business & Operations

This is an implied benefit. Nexsus compliance management & reporting processes detect anomalies, identify vulnerabilities, and ensure the cyber security measures are up-to-date and failsafe. This prevents all types of cyber security threats from becoming real attacks. Thus, the usual business and operations can proceed uninterrupted.

6. Protection of Critical Assets

Since Nexsus compliance management & reporting is a proactive process, it prevents real attacks by constantly improving the cyber security apparatus. If no threat can manifest itself into a real attack, then all critical assets of your company are protected.

7. Prevention of Financial Loss

Noncompliance of any kind can lead to financial loss. Legal prosecution by the state or a federal authority can impose fines. Lawsuits of citizens can lead to financial penalty. Losing licenses or loss of business due to noncompliance also has immense financial ramifications. Cyber security threats and attacks can also lead to enormous and irredeemable financial loss. Prevent all such financial losses with 4XFast compliance management & reporting.

8. Proactive Improvement of IT & Cyber Security

Nexsus Security Operations Center as a service detects all probable failures or weaknesses that can lead to noncompliance. Proactive compliance management & reporting within the ambit of our SOC as a service can thus be used to detect and identify lapses, so they can be rectified before the weaknesses get exploited by anyone.

Our holistic approach ensures constant improvement of your IT and cyber security infrastructure, including systems and processes. This not only accomplishes compliance management but also enables your cyber security posture to remain forever alert to deal with any and every threat.