Compliance Security Partners (CSP) brings both the expertise and experience in addressing any number of industry and regulatory based IT compliance standards to every compliance project. Whatever the compliance standard you are required to meet, CSP and our clients have faced the same issues and concerns.

The business practices of organizations of all sizes have come under increased regulatory and industry scrutiny resulting from corporate improprieties and theft of personal identity information. Whether the impetus was Enron, Tyco or Global Crossings or the theft of unauthorized exposure of personal identity information of over 80 millions persons in the last two years, changes are required of most organizations by industry or government regulators to meet what is often referred to as the nebulous “industry best practice.”

And, the failure to implement “industry best practice” will impact your business. Here are three areas where the failure to implement “best practice” will provide significant impediments to meeting your organizations goals and objectives.

Falling Behind the Competition: Competitors which have made the investment in effectively integrating these practices within their organizations are more efficient in their operations, have a better feel for what is happening in their organizations, and are able to make better business decisions as a result.

Increased Regulation: Government and industry regulators are doing their best to mandate the implementation of “industry best practice”. Regulatory standards such as Sarbanes-Oxley, Gramm-Leach-Bliley, HIPAA or industry guidelines such as ISO 17799, SAS70, COBIT. ITIL, Sedona Group, 21 CFR Section 11, or the PCI Standard provide the standards and/or requirements which must be met to truly say your organization has implemented “industry best practice”.

Reduced Customer Confidence: Online commerce has a growth regulator – consumer confidence. According to the Cyber Security Industry Alliance, 50% of consumers are avoiding online purchases due to security concerns. And, according to the same study, a security breach results in an immediate loss of 20% of your customer base and reduction in loyalty of an additional 40%.

Fines and Penalties: The average cost of an IT security breach in 2006 exceeded $5 million dollars. Further, the Federal Trade Commission has declared the failure to take adequate steps to protect “personal identity information” an unfair trade practice and will provide oversight to your information security plan for the next two decades.

Simply put, investing in the implementation of “industry best practice” is just good business.

• Your business operations become more efficient.
• The quality of the information you are using to make decisions improves.
• Alleviates security concerns with current and potential customers.
• Protects the investment you have made to attract and maintain your client base (a security breaches results in an immediate loss of 20% of your client base and a significant lessening of client loyalty in another 40%).
• May provide a safe harbor for your organization should you experience a security breach.

Contact Compliance Security Partners today. We will compare your current business and IT operations against industry best practice, identify areas where improvements can/should be made, and help you to develop and implement efficient and cost effective solutions – for today and tomorrow.