NOVEMBER - 2020CIOAPPLICATIONSEUROPE.COM 19the Ponemon Institute showed that 61% of US companies experienced a data breach due to a 3rd party relationship. Although 3rd party solutions are providing services, such as a Software as a Service, that are easy and inexpensive for the business to consume, the risk of the 3rd party not having appropriate security controls in place to protect the data that it hosts poses a significant concern and liability for the business. Business collaboration is key in ensuring the correct oversight and due diligence are performed.Regardless of your view of the technology and/or compliance evolution, the massive impact on businesses everywhere and the increased impacts for years to come are undeniable. There is inherent savings in managing compliance proactively rather than reactively. The ability to proactively incorporate protections and controls into the technology saves money by avoiding the need to retrofit solutions and minimizes the risk of being fined or incurring costs due to a data breach. Those organizations that can be more strategic and forward-thinking will not only save significant time and money but will also find innovative ways to leverage technology and data to affect the bottom line positively. Strategic compliance can provide business value, but collaboration is key. The ability to proactively incorporate protections and controls into the technology saves money by avoiding the need to retrofit solutions and minimizes the risk of being fined or incurring costs due to a data breachMargarita Rivera-Santiago
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