For owners of businesses that work with the Department of Defense (DOD), you know compliance is an important factor in your success. But, have you started investing in CMMC compliance? If not, you risk missing out on future DOD contracts and the ultimate health of your business.
The Impact of CMMC: Should You Sell Your DoD Business?
CMMC Compliance
The Cybersecurity Maturity Model Certification (CMMC) was introduced to enhance the cybersecurity posture of Department of Defense (DOD) contractors and protect against cyber threats, ensuring that sensitive information is secure. It is a unified standard for implementing cybersecurity across the defense industrial base (DIB) that measures a contractor’s capability to protect sensitive government Controlled Unclassified Information (CUI). The DOD has mandated that all contractors must achieve CMMC compliance to be eligible for defense contracts.
The steps to becoming CMMC compliant include assessing your organization’s cybersecurity posture, identifying gaps, implementing necessary controls, and undergoing an audit by a CMMC Third-Party Assessment Organization (C3PAO). The specific requirements vary depending on the CMMC level required by the contract.
Of course, there are many challenges associated with becoming compliant with CMMC. Cost is one obvious issue. Depending on an organization’s size and complexity, compliance costs can be considerable (for a small business budget of $100,000) — especially if you need to update or build new infrastructure to support the necessary changes. Compliance may also require additional resources, such as personnel, who can lead the process more efficiently.
Why is this important?
DOD Suppliers should begin preparing for CMMC certification now. Investing in CMMC early can provide several advantages to your business, from increased growth and visibility to more control over the process.
When it comes to business growth, Prime Contractors will be more likely to partner with Subcontractors that have started their CMMC journey. This will de-risk their contracts and make them more competitive in the market. Additionally, investing in CMMC now provides the opportunity to budget for any costs needed to meet CMMC conformance requirements. This can help you plan ahead and save money in the long run.
Finally, by investing today, you will have more control over who performs your CMMC audit. You will be able to select a C3PAO (Certified Third-Party Assessment Organization) of your choice and start the process as soon as possible. DoD Suppliers that start their CMMC preparation today can reap these benefits and set themselves up for long-term success.
Still, some businesses may want to consider selling off their DOD business unit to avoid the time and costs of becoming CMMC conformant. This can be a reasonable option for organizations that are not able to allocate the necessary resources or want to avoid the risks associated with CMMC noncompliance. And now is the time to do this. It is important to sell the business unit while it is making money because a profitable business is more attractive to potential buyers.
If an organization wants to continue supporting US Warfighters, they should work with Gigit Security, who are leaders in helping companies with CMMC conformance. Gigit Security has the expertise and resources to guide organizations through the process of becoming CMMC compliant and ensure that they meet the necessary requirements.
While becoming compliant may seem like a challenge upfront, it is a critical investment for the future of your business. Non-compliance will result in the loss of contracts, penalties, and a significant fine. Conversely, becoming compliant now can catalyze your business growth.
Gigit is a full-service cybersecurity partner that helps organizations of all sizes become CMMC-certified.
With nearly a decade of experience working with the Department of Defense on DFARS-related issues, Gigit’s team has played a key role in drafting the initial CMMC framework in 2020 and subsequent updates. Gigit is an active member of the CyberAB, a recognized RPO and C3PAO candidate, and a full-service cybersecurity partner that can help organizations of all sizes become CMMC conformant.
Gigit is dedicated to providing top-notch security and compliance solutions to organizations of all sizes. Their team of cybersecurity experts can help develop customized solutions tailored to each organization’s unique needs. From developing a risk assessment plan to providing ongoing security monitoring and compliance services, Gigit is the go-to partner for organizations looking for reliable cybersecurity solutions. Talk to our team today to get started.