In the past, many companies considered compliance a nuisance—a box that needed to be checked or a list of requirements that had to be met. But in today’s rapidly changing digital world, compliance is becoming inextricably linked to cybersecurity.
That’s because more and more businesses face a whole host of risks: moving data in and out of the cloud, facilitating both on-site and remote work, protecting digital identities, and meeting new obligations. In 2020 alone, more than 11 U.S. states passed enhanced data security and compliance laws, building on privacy advances already underway around the globe.
Meanwhile, compliance bodies big and small—based in local municipalities, cities, states, and federal agencies—are redoubling their efforts to regulate risk. This comes in response to seemingly never-ending issues: data breaches, ransomware attacks, email hacks, and security compromises.
Some companies are bound by regulatory boards—and some can even be subject to fines and penalties if they fall out of compliance. This makes comprehensive IT solutions that place particular emphasis on compliance so important. Don’t believe it? Here are just a few common regulatory agencies and acts that have made the news recently:
- Health Information Portability & Accessibility Act (HIPAA)
- General Data Protection Regulation (GDPR)
- International Standards Organization (ISO)
- American Bar Association
- American Bankers Association
- American Council of Life Insurers
- Financial Industry Regulatory Authority (FINRA)
- Financial Planning Association (FPA)
- Financial Services Roundtable
- Independent Community Bankers of America
- Investment Company Institute (ICI)
- Investment Adviser Association (IAA)
- National Association of Mutual Insurance Companies
- Securities Industry Financial Markets Association (SIFMA)
- The American Insurance Association
- Defense Federal Acquisition Regulation Supplement (DFARS)
- Payment Card Industry Data Standard (PCI)
1. More stringent compliance regulations typically protect the reputations of consumers, clients, and companies. When a business takes its data more seriously, positive impacts can ripple across day-to-day operations and extend the trust that customers feel for that business.
2. Uniform compliance also ensures security standards remain the same across an industry. This prevents the actions of an individual bad actor from rippling across an entire segment of the industry.
3. U.S. businesses spend an average of $10,000 per employee on regulatory compliance. Shouldn’t an investment that significant be more wisely managed so it pays dividends for the rest of the company?
4. Non-compliance can cost twice as much as compliance — for some businesses, incurring devastating revenue losses. Any company that’s had to clean up after a data breach or ransomware attack will tell you that Benjamin Franklin’s old adage is true: “An ounce of prevention is worth a pound of cure.”
Like most technological solutions, the answer is quite different depending on the size and scope of your business. Automated software applications can help leaders understand which compliance regulations apply to their company and recommend best practices for satisfying them. But human error and lapses in processes can always lead to software failure.
A better solution comes from regulatory compliance services delivered by a trusted IT partner. These solutions dedicate extra attention and support to compliance efforts, pairing your company with experts who understand HIPAA, DFARS, PCI, and every acronym in between.
This kind of working relationship removes the guesswork from compliance, aligning your business with the requirements of standards, organizations, and third-party partners who have developed relationships with other regulatory agencies. At CMIT Solutions, we’ve helped thousands of clients adjust to new regulations across every North American industry, from finance and law to accounting and construction. We craft customized solutions that meet your needs and help you exceed compliance requirements, no matter how burdensome that effort might seem—all at a cost any business can afford.
We also provide responsive, professional IT support across the United States and Canada, ensuring an efficient, safe, and reliable IT environment for your business. If you need help with compliance or any other cybersecurity, contact us today.