Imagine this scenario: some of your valuable customers or prospects start telling you they can no longer do business with your organization. What’s causing this sudden shift? The answer might surprise you.

It’s not a data breach. It’s not ransomware. It’s not even a hacked mailbox. Instead, there’s a lesser-known risk creeping into the business world that could significantly impact your organization.

Check out the rest of this blog, or sign up for our webinar to get all the details.

Compliance Requirements Are on The Rise

Have you noticed the growing trend of massive cybersecurity assessments coming from your biggest customers? Some of these questionnaires are a daunting two hundred, even three hundred questions long.

What’s the reason behind this? Your customers want to ensure your organization won’t create a supply chain risk for them. They’re searching for vendors who demonstrate a high level of cybersecurity maturity.

 

If There Aren’t Specific Regulations In Place, Do I Need to Worry About Compliance?

Some of the changes on the compliance front are spurred by specific legislation and regulations. For example, our team suspects that within a few years of certain requirements being passed in large jurisdictions that are hubs for business, other jurisdictions may bring similar requirements into effect.

 

Additionally, in other cases, organizations requesting their vendors meet certain compliance requirements are acting of their own accord to minimize risk.

 

Is My Business Too Small to Need to Worry About Compliance?

We see this starting with large international companies. To give an example, let’s say you work with a large bank—they might require you to do a risk assessment to determine that the way you are storing their data is secure. However, we do anticipate that smaller companies will also begin putting requirements in place.

As DesignRush explains in a blog about the topic, resource limitations can make it difficult for companies to keep pace with changing industry requirements. In these cases, smaller businesses may want to work with a partner specialized in providing tailored recommendations that help companies get the most out of their budget.

 

When Is It Time to Get Started?

The critical question is: Do you have what it takes to keep these contracts? What if your customers ask for an ISO 27001 or NIST 800 audit? What if they require your organization to achieve a SOC 2 Type 2 attestation?

Passing these audits isn’t something that happens overnight. It requires meticulous preparation and planning, often taking months or even years to achieve, so that you’re ready when these requirements come about.

Join Our Executive Keynote to Learn More

Don’t let your organization fall behind. Join our upcoming virtual executive keynote, where our CEO and Founder Vince Fung will dive into the details of this hidden risk, explain how it could impact your organization, and share actionable steps you can take to prepare. Protect your business relationships and ensure you retain these crucial contracts by registering for our upcoming webinar today.