Online security is an unavoidable part of business, and without a skilled in-house team, costs to manage cybersecurity can quickly reach hundreds of thousands of dollars. Worse, neglecting to prioritize security can lead to millions of dollars in damages. 

But, that doesn’t have to be the case. Want to know how to grow your topline revenue through automated security compliance? 

Setting up security and compliance in the early stages of your startup sets you up for a streamlined and affordable process moving forward, even in an economic or a growth downturn. 

The Power of Compliance and Security

Why does compliance and security posture matter?

Because an overwhelming majority of customers are willing to walk away from a company that experiences a data breach and can’t prove it’s secure. 

A recent study from IBM found that the average cost of a data breach in 2022 was 4.35 million. Further, 38% of the cost of a data breach comes from business loss–that’s a whopping 1.6 million dollars!

Data breaches are a significant threat to any company, but especially to startups that aren’t prepared or equipped to handle the security threat, cost, and business loss.  

The Old Way vs. the New Way

So what’s the old approach to security compliance?

Typically people would: 

• Spend hundreds of hours researching security. Asking questions like, what policies do we need? And, how can we implement security in our business? 
• Spend thousands of dollars hiring consultants that can address security needs executives aren’t equipped to handle.
• Outsource auditing for tens of thousands of dollars. Old businesses charge a lot.

So if that’s the old way, what’s the new way?

• When you leverage the power of technology, you can have continuous security monitoring in minutes. 
• Automated teams are available to perform audits and help you navigate requirements at a fraction of the old cost. 
• Automated testing and evidence gathering helps cut down on costs and time required for the entire, ongoing process.

So why does the new way matter? 

If it wasn’t clear already, technology and automation increase access, decrease cost, give you the ability to demonstrate security to customers, and free up time for your employees to focus on things relevant to their in-house jobs.

Next Generation of Compliance

Today’s trust reports allow for continuous monitoring. The old trust reports in the security industry could only capture a snapshot in your company's history. 

Why does this matter?

There was no way for you to demonstrate your ongoing compliance or commitment to learning and improvement, a quality your customers deeply care about.

Continuous monitoring trust reports have many benefits, here are just a few examples of what they help you achieve:

• Prove your company’s security posture
• Reduce back-and-forth around vendor security reviews
• Decrease requests for security questionnaires
• Leverage the data to create a public security page
• Democratize security information across your organization

Conclusion

Embrace the new approach to security and compliance. Technology has come a long way in even the last few years. 

Leave the screenshots and spreadsheets behind, and incorporate new security compliance methods as a way to grow your topline, even in a downturn. 

If video is more your style, then check out our accompanying YouTube video. Interested in what Vanta can do for you? Take a free demo and get a free Yeti Rambler. Visit them at www.vanta.com/founderu for this exclusive Founder University offer.