Today’s organizations collect vast amounts of personal data. It’s a practice that helps their operations – but it also comes with responsibilities. They have to protect that data to maintain customers’ trust and remain on the right side of the law.
On a recent SE Webinar, Intelisys National Security Specialist Bryan Nelson discussed the vast array of data privacy regulations that many organizations face. He also described how the need to maintain compliance can drive cybersecurity purchases.
For Sales Partners, that spells opportunity.
If you understand which regulations your customers are confronting, you’ll be better positioned to act as a trusted advisor – and you’ll have an easier time consistently closing deals.
Why Data Privacy Is Such a Vital Issue
In the past, some organizations might have considered data privacy a mere “nice to have.” According to Bryan Nelson, those days are over.
Now, all businesses are collecting data, regardless of industry and size. That makes data privacy a fundamental business risk and compliance issue for every one of your customers.
The Regulatory Avalanche Organizations Are Facing
Organizations today feel remarkable pressure to meet security standards and keep their data safe.
This “avalanche” is especially crushing in regulated industries like healthcare and finance, where the Health Insurance Portability and Accountability Act (HIPAA) and Gramm-Leach-Bliley Act (GLBA) place strict rules on the handling of consumer information. Businesses operating in California also have to consider the California Consumer Privacy Act (CCPA), while the European Union protects its residents through the General Data Protection Regulation (GDPR).
Alongside these government-enforced regulations, organizations face other outside requirements when handling data. For example, a cybersecurity insurance provider might demand that an organization tighten its cybersecurity practices, while the issuers of a cybersecurity certification will insist that certain standards are met. Even banks run cybersecurity risk assessments before offering loans to a business.
In this complicated regulatory environment, take the time to understand which of these pressures applies to each of your customers. That way, you’ll be better placed to guide them towards the right data security solutions.
The Cost of Non-Compliance and Data Leaks
Organizations have a lot to lose if they fail to protect customer data and comply with regulations. Here are some of the main consequences of data leaks or non-compliance:
- Fines. Governing bodies often apply fines when they detect non-compliance. For example, failure to comply with the HIPAA can cost companies up to $2.1 million each year.
- Legal fees. When customer data is lost, a company’s first move is often to “lawyer up” in anticipation of lawsuits.
- Service outages. A data leak often results in a long-term service outage, which will immediately hurt revenues.
- Reputation damage. Data leaks are devastating for a brand’s reputation, and fines for non-compliance can be just as harmful. (Any fine that’s applied will become public knowledge.)
In your discussions with stakeholders, you might find that some businesses are reluctant to invest in data privacy. Why? Often, it’s because they don’t recognize the risks. Your task: Make sure they understand the costs of non-compliance.
Regulation Spotlight: CMMC
The Cybersecurity Maturity Model Certification (CMMC) provides an example of how regulations drive cybersecurity practices.
The framework was developed by the U.S. Department of Defense (DoD) to ensure contractors adequately protect sensitive data. It applies to more than just massive DOD contractors like Raytheon or Lockheed Martin. Even subcontractors, like a small business creating a single ball bearing for a military jet, are expected to adhere to CMMC standards.
In total, there are over 200,000 organizations that must comply with CMMC. Each of them represents an opportunity for Sales Partners. The strategy here is straightforward: Actively seek out organizations facing specific regulatory burdens, and then offer an assessment of where their current practices stand in relation to the requirements.
And of course, you can enact this strategy with more than just CMMC. Any organization that faces a particular regulatory framework is likely to be interested in cybersecurity solutions that will help maintain compliance.
The Main Data Privacy Needs for End Customers
Today’s organizations can’t afford to wait for a cybersecurity incident to occur. Why? For one thing, consumers are (understandably) demanding that businesses protect their personal data.
Then there’s the fact that proactive controls cost a lot less than reactive service. Case in point: Bryan Nelson recently worked with a business that, after a devastating service outage, had to pay over $70,000 for a response company’s preliminary services. By taking a proactive stance, you can help your customers avoid that sort of emergency outlay.
So what exactly do end customers need to protect data privacy and remain compliant? Here are three main solution categories to consider.
Data Security Services
This is the starting point for organizations that need to protect Personally Identifiable Information (PII). Within this category, data loss protection is an especially urgent requirement.
Strong Access Controls
To avoid data loss and remain compliant, multifactor authentication (MFA) is an absolute must – but too many organizations continue to resist it. For many customers, this might be the most urgent conversation to have.
Assessment and Consulting
Despite the risks of non-compliance, many organizations are missing two critical pieces of information: (1) What cybersecurity requirements they’re facing, and (2) where they stand in relation to those requirements. You can offer an assessment to help them understand their status quo – and then guide them towards the data security services that will close any existing gaps.
Additional Data Privacy Resources
You can provide value for your customers (and become a trusted consultant) by enhancing your knowledge of common regulatory frameworks. Ready to learn more? Start by watching the whole SE Webinar with Bryan Nelson called “Don’t We All Want a Little Privacy?“
Also, check out the cybersecurity courses on Intelisys University – including one on compliance services: Cybersecurity 101: CMMC.
And don’t overlook the wealth of expertise that Intelisys puts at your disposal. In addition to the Solutions Engineering (SE) Team and Advanced Technology Team, we’ve launched our “Centers of Excellence” – staffed with experts in engineering, supplier management, and marketing.
Regulations and the need for data privacy are causing headaches for organizations – headaches that you’re equipped to solve. We’re here to help you solve them.