The Ponemon Institute has put together a report for Tripwire on the True Cost of Compliance. The research looks at both the costs of keeping up with compliance regulations as well as the costs associated with non-compliance.
The report, which tallied responses from 160 leaders in 46 multinational companies, shows that non-compliance costs are 2.65 times higher for organizations than compliance costs. This is good news, as it means that costs invested into compliance activities are worth while.
Just how much savings are we talking about here?
Of the companies studied, compliance costs (processes, policies, people and technologies) averaged $3.5 million, while non-compliance costs (fines, legal fees, and lost opportunity costs) averaged $9.3 million. This means that a $3.5 million investment into compliance can save you $5.8 overall - not bad!
The study went into more detail on compliance measures that reduced costs, including how internal audits can drastically reduce compliance costs by helping to prioritize overall compliance efforts.
Here are the highlights of the study in a video: