Regulatory compliance requirements are increasing across a broad range of industries. Between new regulations and changes to existing regulations, organisations 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 strategies meet the latest regulatory requirements.
This is due in large part to major security breaches at some of the largest organisations. Government and industry regulators have stepped up requirements to compel organisations to implement more robust security controls. In addition to the cost and business disruption of a security breach, organisations face heavy fines for noncompliance.
The right managed services provider (MSP) can help organisations keep up with increasing compliance demands. By providing around-the-clock monitoring and proactive maintenance, an MSP can help organisations meet regulatory requirements while reducing the risk of cyber threats. Qualified MSPs also implement a layered security approach and respond rapidly to contain the damage if a cyberattack occurs.
Regulatory Compliance Requirements
The alphabet soup of government and industry regulations includes the Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI DSS) and Federal Information Security Management Act (FISMA) — just to name a few. Organisations must demonstrate through audits and reports that their business and IT processes and security controls meet the minimum standards specified in the regulation.
Increasingly stringent privacy laws only add to the burden. Organisations must comply with the European Union’s General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA) and other rules if they store or process the data of citizens of those regions. Organisations have a narrow window of time to notify affected individuals of a data breach, or face stiff penalties.
Why Partner with a Managed Services Provider (MSP)
Although regulatory compliance is critical, it’s not a core business function. Few organisations have the in-house resources and expertise to manage compliance, resulting in inefficient processes and increased risk. Organisations are forced to dedicate more personnel and resources to compliance, which increases operational costs and hampers productivity.
Organisations can overcome the complex regulatory burden by outsourcing compliance-related business functions and processes to a qualified MSP. These tasks can include the collection of relevant data, monitoring of systems and processes, and internal and external reporting.
Major security breaches at some of the largest organisations are some of the reasons behind more regulatory compliance requirements.
By partnering with an MSP, organisations can take advantage of the provider’s expertise, best practices, robust IT security, and sophisticated analytics and reporting tools. This not only reduces the risk of noncompliance, but improves the speed and accuracy of compliance reporting. At the same time, internal personnel, resources and budgets can be allocated to core business competencies and revenue-producing initiatives.
How GDS Can Help Your Business Maintain Compliance
GDS 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 and backup systems meet regulatory compliance standards and best practices. We find out about the latest threats as soon as they are detected and quickly deploy security patches to help keep your data safe.
Because regulations are constantly evolving, we can help you manage changes to your environment, assess the impact on your organisation, and develop a strategic plan for maintaining compliance. Let GDS shoulder some of the compliance burden for your organisation so you can better control costs, reduce risk, and focus on business activities that boost your bottom line.
