Regulatory compliance requirements are increasing across a broad range of industries. Between new regulations and changes to existing rules, many organizations are struggling just to keep up with the scope and depth of compliance. What was once a yearly review and assessment has become a daily effort to ensure that all processes and systems meet the latest regulatory requirements.
This is due in large part to the ever-increasing threat of a security breach. Regulations mandate baseline security controls that can help prevent the theft or compromise of sensitive data. As compliance demands increase, however, so do the risks associated with noncompliance, from lawsuits and heavy fines to brand erosion and lost trust.
The mere mention of regulatory requirements is enough to keep IT staff up at night – literally. The Health Insurance Portability and Accountability Act, Payment Card Industry Data Security Standard, Gramm-Leach-Bliley Act and other standards require the continual monitoring of IT systems and networks to prevent, detect and minimize the impact of a security breach. Overstretched IT teams lack the bandwidth to keep up with these requirements. Furthermore, few organizations have the in-house skills and expertise to manage compliance, resulting in inefficient processes.
Although regulatory compliance is critical, it’s not a core business function. Compliance may help you prevent a lawsuit, but it doesn’t generate revenue or help you serve your customers. Nevertheless, personnel and resources must be dedicated to compliance, which increases operational costs, hampers productivity and distracts IT teams from initiatives that drive the business forward.
More and more companies are overcoming the increasingly complex regulatory burden by outsourcing compliance-related business functions and processes to a managed services provider (MSP). These tasks can include the monitoring of systems and processes, management of security systems and control, and internal and external reporting.
Compliance outsourcing allows you to take advantage of the MSP’s expertise, proven processes based on best practices, and robust IT security and reporting tools. Outsourcing not only improves compliance but also reduces the risk of a security breach. At the same time, internal personnel, resources and budgets can be allocated to core business processes and revenue-producing initiatives.
Managed services from SSD can improve the effectiveness and efficiency of regulatory compliance in a number of ways. We monitor and proactively manage your network and ensure that your security systems and controls follow best practices and meet industry standards. We find out about the latest threats as soon as they are detected and quickly deploy security patches to help keep your data safe.
SSD also employs a regulatory analyst who can help identify compliance gaps, manage changes to your environment, and develop a strategic plan for maintaining compliance. Because regulations are constantly evolving, he also keeps track of any new requirements that may impact your organization.
While your organization is responsible for ensuring regulatory compliance, you don’t have to go it alone. Let SSD shoulder some of the compliance burden for your organization so you can better control costs, reduce risk, and focus on business activities that boost your bottom line.