Why is it important to have a compliance program and what are its must-have elements?

Cybersecurity has become a topic of high importance in any industry. Its recent rise is due to the rapid adoption of information technologies by companies to increase their competitiveness in the market. This process has accelerated as a consequence of the strict social distancing measures imposed by the pandemic. Yet, digital migration must be done with caution, addressing the responsibilities and the implicit risks.

The implementation of a cybersecurity compliance program is the most advisable step for a company to manage its information security. It allows you to take optimal measures, depending on your industry and size, to minimize the risk of cyber-attack, offering your customers a greater assurance that their information is protected. Furthermore, a clear and complete protocol allows you to reduce the legal risk involved in handling sensitive information.

A compliance program is comprised of multiple important elements, such as standards of conduct and good practice, institutional procedures to prevent and manage an attack, staff training, contract strategies to limit liability, choosing an appropriate insurance policy, and adopting measures to mitigate commercial, reputational, and legal risks, among many others. In summary, a robust cybersecurity protocol is a tool that allows a company to project solidity and confidence, reduce risks, and compete more effectively in its industry.