Compliance Management is Reforming: Can Revenue Generation be a Possibility?

Compliance Management is Reforming: Can Revenue Generation be a Possibility?

Rakesh Soni 28/09/2022
Compliance Management is Reforming: Can Revenue Generation be a Possibility?

In a digitally-advanced modern world where customers are concerned about how businesses utilize their data, the role of data security compliances can’t be overlooked.

Customers want to know how their details are managed, stored, and used while interacting with a brand. And hence, ensuring robust security becomes crucial. 

Although adhering to global data privacy and security compliances, including the GDPR and the CCPA, have helped organizations build trust and loyalty, it now allows brands to generate revenues.No wonder data compliance isn’t just related to security and privacy anymore; it is paving the way for businesses to navigate their overall growth. 

Compliance management has offered endless business growth opportunities to organizations through consent management or by delivering a flawless user experience. 

In this article, let’s understand how data security compliance is helping organizations jump on the digital transformation bandwagon to scale overall business growth. 

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Compliance Management is a Prerequisite to Growth 

With the changing digital business landscape, getting sacked by any security threat, including ransomware and phishing, are common. These kinds of cyberattacks not only cause financial losses worth millions of dollars but eventually tarnish a brand’s global reputation. 

Statista reveals that the global number of cyberattacks has surged post-COVID. And this has undoubtedly increased the threat to diverse businesses. Moreso, the rising number of data breaches has directly impacted how customers and vendors choose to purchase or do business with an organization. The C-suite executives and IT heads are concerned about compliance processing to ensure their brand reputation isn’t affected just because of a random data breach. 

In a nutshell, businesses that aren’t adhering to global compliances, including the GDPR and CCPA, would eventually end up breaking the trust of their customers and potential clients. 

Going Passwordless for the Next Level of Identity Security 

Identity thefts are undeniably one of the biggest threats to businesses collecting, storing, and managing customer data. A business may lose customer trust if they face a data breach compromising customer identities. So, what can be the ideal solution to deal with the issues of compromised identities, primarily when most cyber attacks result from compromised credentials? 

Here’s where the crucial role of going passwordless comes into play! 

Passwordless shuns the role of remembering passwords and eliminates any security risks associated with compromised accounts and account takeovers. 

A user can quickly authenticate through an OTP received by email or a magic link on a smartphone. This reinforces the security and enhances the user experience since users need not remember passwords. Also, specific data regulations require that businesses offer a no-password experience for maximum security. Incorporating such a solution could be the best way to meet global data security and privacy requirements. 

Going passwordless will further allow businesses to grow and develop their customer base, leading to higher revenues because of increased engagement.

Incorporating Standard Security Functionalities, including  Multi-Factor Authentication (MFA)

Multi-factor authentication is the first requirement for adhering to global data privacy and security compliance standards. 

MFA ensures that even if one level of authentication, like credential authentication, is compromised, another level of authentication ensures stringent security. For instance, if a user's user ID and password are compromised, and a cybercriminal tries to access its account, a security question or an OTP will prevent account takeover. 

Businesses have been leveraging MFA for years and are now inching towards more robust authentication mechanisms, like adaptive authentication. This helps them ensure robust security in high-risk situations. Adaptive authentication can help reinforce security in situations where an attacker tries to compromise an account but is restricted since the mechanism analyzes the pattern of authentication. 

The unusual authentication pattern, including geographical location, device, or several login attempts, is considered a red flag, and another stringent authentication layer is automatically added. 

Adaptive authentication and MFA meet all the compliance-related requirements and hence help brands build trust in customers and potential clients. Organizations must invoke the true potential of MFA to ensure they meet all the compliance-related standards to help secure the collection, storage, and management of customer information. 

In Conclusion 

In a digital-first modern world, incorporating data security compliances isn’t a luxury; it’s an absolute necessity. Security and privacy compliances ensure that customer data is stored, managed, and used securely. And this builds trust in customers and prospects, leading to increased confidence, brand loyalty, and conversions. 

Businesses putting their best efforts into leveraging tools and technologies would unquestionably stay ahead of the curve when generating revenues.

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Rakesh Soni

Tech Expert

Rakesh Soni is CEO of LoginRadius, a leading provider of cloud-based digital identity solutions. The LoginRadius Identity Platform serves over 3,000 businesses and secures one billion digital identities worldwide. LoginRadius has been named as an industry leader in the customer identity and access management space by Gartner, Forrester, KuppingerCole, and Computer Weekly. Connect with Soni on LinkedIn or Twitter.

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