{"id":72949,"date":"2023-05-30T11:38:01","date_gmt":"2023-05-30T11:38:01","guid":{"rendered":"https:\/\/www.techopedia.com"},"modified":"2023-07-12T12:39:14","modified_gmt":"2023-07-12T12:39:14","slug":"why-companies-fail-to-implement-infosec-and-compliance-features","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/why-companies-fail-to-implement-infosec-and-compliance-features","title":{"rendered":"Why Most Companies Fail To Successfully Implement Information Security & Compliance Features"},"content":{"rendered":"
Organizations implement information security (IS, InfoSec)<\/a> and compliance features to keep their data safe. However, getting this done right is not an easy proposition, as advancements in technology constantly pose new threats and open up new avenues for bad actors to breach cybersecurity software.<\/p>\n And since data<\/a> exists in so many forms \u2013 including operational data, financial data, and customer and employee information \u2013 and in such huge volumes, it’s difficult for organizations to keep it secure, even though they spend millions of dollars annually to do so.<\/p>\n Companies with 2,000 employees pay approximately $528,000 a year for InfoSec and compliance features. However, the expenses associated with implementing and managing those features can reach as high as $5.68 million<\/strong> annually, according to recent\u00a0research<\/a> conducted by information intelligence agency Cognni.<\/p>\n “The majority of decision-makers do not know that their organization can\u2019t detect most risks to their information, and that IT won\u2019t even try,” the report noted.<\/p>\n “This obviously leads to clear and immediate information risks that nobody even attempts to mitigate.”<\/p><\/blockquote>\n Despite the enormous costs, only 4%<\/strong> of companies have successfully implemented all the InfoSec and compliance features that they’ve purchased, according to Cognni.<\/p>\n This statistic stands in stark contrast to the fact that 89%<\/strong> of C-level execs believe that their IT teams have deployed all the InfoSec and compliance features that their companies have paid for, revealing that there\u2019s a major gap between perception and reality when it comes to information security, according to the report.<\/p>\n According to Cognni, there are three main reasons InfoSec implementations aren’t successful. Let’s take a closer look at them below.<\/p>\n To protect against unauthorized access or disclosure of regulated information, organizations need to identify where that information resides. Cognni explained:<\/p>\n “However, many organizations possess such a narrow scope of detection that they are incapable of adequately protecting their data assets.”<\/p>\n<\/blockquote>\n Companies may not be able to detect all their sensitive personal information (SPI)<\/a> because they don’t know the sources of that data or the types of documents that contain that data. In addition, even if they know what to look for, they may not have the tools or processes they need to identify, monitor, and secure their information.<\/p>\n Organizations that don’t properly detect and protect SPI will likely suffer privacy violations, data breaches<\/a>, and serious damage to their reputations.<\/p>\nPerception vs. Reality: InfoSec Gap<\/span><\/h2>\n
Companies Fail To Detect Sensitive Personal Information<\/h3>\n
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