Securing top management’s support is essential for the success of critical information security initiatives. Leadership buy-in drives the prioritization of security standards and best practices and helps to cultivate and foster a strong company-wide commitment to security-focused compliance.

Your company has internal security measures in place, and it has met many compliance requirements. But do these things mean your business is now immune to fraud? Probably not. Research shows that 75 percent of companies have fallen victim to fraud in the last year.

Formerly known as Service Organization Controls (SOC) reports, what are now known as System and Organization Controls reports help companies establish trust and confidence in their services or products, including their delivery and business processes and their controls.

[NOTE: Schellman has since updated this content in a more recent article.] Think of your auditing firm like you would a long-term business partner. They are someone you will work with year after year, and they will be an integral part of setting the stage for your organization’s success. As such, the act of selecting the appropriate assessor shouldn’t be taken lightly. Here are several key qualities your organization should look for when choosing an auditing firm:

According to a study by Ponemon Institute, companies that had data breaches involving less than 10,000 records had an average cost of data breach of $4.7 million and those companies with the loss or theft of more than 50,000 records had a cost of data breach of $11.9 million.

As CEO of your company, you’ve worked hard to grow the business and ensure success. But there can be a roadblock to future growth of your organization—lack of compliance. This can have several negative effects on a company including loss of customers, fines and a lack of trust among current customers or prospects.

HITRUST, or the Health Insurance Trust Alliance, is a security organization and the creator of the Common Security Framework (CSF), "a certifiable framework that can be used by any and all organizations that create, access, store or exchange personal health, and financial information." Also, HITRUST developed a standard security report that addresses risk and compliance issues and helps compare security issues for an organization with others across the industry.

Effective compliance and risk management goes far beyond a set of policies. To be effective, a company’s compliance and risk management program must be embedded in its culture. All too often, companies see compliance as a separate activity that does not need to be integrated into the day-to-day business operations. All employees should share responsibility, and an intelligent risk framework should be created that brings compliance out in the open — letting employees know the importance of compliance while allowing them to communicate. But that’s often easier said than done.