Every business goes through ebbs and flows, but if you’re seeing more than a momentary slow-down, there may be a critical piece that’s holding you back—information security.
We’ve all seen the negative impact an organization suffers when it’s struck by a cyber attack. The financial costs can be staggering, nevermind the long-term effects of damaged trust and reputation.
But a strong security posture doesn’t just protect you from the costs of a cyber attack. Abiding by GDPR, ISO 27001, and SOC 2 compliance protocols can become powerful differentiators in a saturated market.
How Can GDPR, ISO, and SOC 2 Unlock Revenue?
GDPR, ISO 27001, and SOC 2 are three different information security standards or regulations. They each have different priorities and criteria, but they are all essentially designed to safeguard customer data. So how can they help your sales?
Complying with these regulations can open doors for new sales opportunities by allowing you to do business with a wider range of clients, organizations, and business partners.
Some potential clients won’t even consider your business unless you have a specific certification. In other cases, they may not require it, but it will set you apart from your competitors.
After all, a data breach in your organization may compromise your clients’ data (and their end users’ data) while also damaging their reputation. Therefore, many reputable organizations only want to do business with companies that are well-protected. Let’s take a closer look at each of these security standards and how they can improve your sales.
GDPR opens access to the EU market
GDPR, or the General Data Protection Regulation, is an EU law that requires certain precautions from any organization that is acquiring data from EU residents. There are requirements for protecting data from a data breach as well as requirements for certain privacy rights you need to guarantee to your users.
In the case of the GDPR, complying with this regulation allows you to expand your customer base to include EU residents. With access to the European market, your company will be able to collect, process, and capitalize on much more data. This opens doors to new and expanding revenue streams.
ISO 27001 creates international business opportunities
By achieving your ISO 27001 compliance, you’ll have the ability to win business from clients at the enterprise level throughout the world. While there are several security standards you may hear about, ISO 27001 is the most widely requested standard outside of North America.
ISO 27001 is not a law like the GDPR, but it is a widely accepted and respected security certification. Complying with ISO 27001 means that you are maintaining an extremely high benchmark for organizational security. Many potential clients and business partners, usually large organizations and companies, will not do business with any organization that is not ISO 27001 compliant.
SOC 2 is the North American standard
Like ISO 27001, SOC 2 is a certifiable standard for information security, not a legal requirement. It was created by the American Institute of CPAs (AICPA) and was founded on five “trust service principles”—security, availability, processing integrity, confidentiality and privacy.
SOC 2 is a widely requested compliance standard throughout North America. Many organizations and businesses in North America won’t do business with any company that isn’t SOC 2 compliant. This opens fantastic new revenue opportunities for any business that wants to expand in North America or serve larger North American clients.
Do you need GDPR, ISO 27001, and SOC 2 compliance at the same time?
GDPR, ISO 27001, and SOC 2 are all designed to enhance economic security, so do you need to comply with all three? To open the greatest opportunities for your business, the answer is “yes.” Each of these standards or regulations is critical for getting into certain markets, so if you comply with all three, you could start doing business throughout the entire world.
Keep in mind that most clients who request a certain security certificate will not accept another one in its place. For instance, if they require SOC 2 compliance, they aren’t likely to accept ISO 27001 compliance instead.
How to jumpstart your compliance for GDPR, ISO 27001, and SOC 2
If you’re ready to breathe new life into your business’s sales worldwide and create opportunities on a larger scale, security compliances can be your foot in the door. Whether you’re starting with GDPR, ISO 27001, or SOC 2, Vanta’s automated compliance software provides a smoother, more cost-effective compliance process.