Related: 4 Tips for Outsourcing in 2021 Ask for security certifications
Such high stakes should not discourage businesses from saving up to 30% of their budget by outsourcing. But they should make companies approach the selection process of their partners carefully. In 2020 the average cost of a data breach was $3.86 million, a 10% rise over the last five years. American companies face the highest costs with an average of $8.19 million per breach, while in the UK, it’s closer to $3.9 million.
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How? Sticking to the following recommendations. While presenting numerous advantages, partnering with a service provider has some concerns. The most important of which is data security.
Related: Personalization and Privacy in a GDPR World Other security certificates are more industry-specific but are also a sign of a high-security level. PCI DSS is a standard for the payment card industry. It’s one of the highest security certifications a provider can obtain for data security of payments information. The GDPR is important if you’re planning to do business in Europe. And HIPAA compliance is required in the US if you deal with health-related customer data.
For example, ISO 27001, or its American counterpart NIST, is one of the most common standards defining information security management. They regulate both technical infrastructure requirements and the way a company runs its processes. This way, you can be sure that your customer data is safe, communication is confidential and staff are thoroughly vetted and properly trained. It’s especially important for BPO providers. The standards require keeping records of all the processes and ensuring its compliance with data security protocols. This way, no information will be lost if personnel changes, and your business won’t be interrupted. A certification is a validation of the company’s efforts to maintain good security hygiene. Depending on your business, you may require specific industry standards. However, even the general ones demonstrate that the business has security on its agenda.
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