03 Feb Data Protection Compliance Cheaper Than Noncompliance, Report Shows
A report called “The True Cost of Compliance with Data Protection Regulations” by the Ponemon Institute recently established that the costs of compliance is less than non-compliance.
It is said that smaller companies with 5000 employees or less will bear the brunt of compliance costs. According to the 237 functional leaders at 53 US multinationals who responded for the report, the average cost of compliance in 2017 was $5.47 million. However, the average cost of non-compliance during the same period amounted to $14.82 million.
The companies said that the highest cost came from business disruption, then fines and penalties. The report did note that the cost of compliance is inversely related to the effectiveness of a company’s security posture.
Source: Search Security