- Data breaches: Connecticut’s health insurance exchange, Access Health, suffered 44 data breaches in a span of just three to four years, owing to a string of compliance failures and lax internal controls. Access Health failed to report the 44 breaches to the state comptroller, abused ‘extremely broad’ procurement policies, and neglected to submit annual reports to the governor as directed by state law.
- Financial penalties: In 2022, the U.S. Securities and Exchange Commission (SEC) fined Chase $125 million as a result of insecure practices, such as using WhatsApp and personal email to conduct official business, thus not adhering to SEC record-keeping requirements. Morgan Stanley, meanwhile, paid $60 million to settle a lawsuit that alleged the bank had exposed the personal data of more than 15 million customers by failing to retire old computer equipment.
- Declining trust: According to findings from a 2021 survey by CyberRisk Alliance Business Intelligence, 91% of 250 U.S.-based IT and cybersecurity decision makers reported a security incident stemming from a third-party business partner in the past year. Fifteen percent of respondents reported 20 or more partner-related incidents. With statistics like these, it’s easy to understand why companies are finding it difficult to entrust sensitive data and other proprietary assets to third parties.
Compliance Management
Cloud security compliance checklist

Cloud security compliance is a must-have for organizations utilizing cloud services. Configuring and securing new infrastructure can be a challenge; ensuring proper adherence to cybersecurity regulations and standards is essential.Hefty consequences await those who shirk such responsibilities:
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