Compliance is more than just a regulatory requirement; it’s a critical component of operational integrity and trust. With the growing complexity of regulatory environments, businesses must navigate a maze of compliance requirements to avoid legal penalties and maintain their reputation.
Managed services providers (MSPs) can play a pivotal role in helping businesses adhere to these regulations.
We’ll dive into the various compliance requirements businesses face and how managed services can help keep them compliant and secure.
The Complex Landscape of Compliance
Businesses across different industries face a myriad of compliance requirements, often dictated by government regulations, industry standards and best practices. Here are some of the key compliance areas.
Data Protection and Privacy
Regulations like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) mandate stringent data protection and privacy measures. Businesses must ensure that personal data is collected, stored, interacted with and processed in compliance with these laws.
Financial Regulations
Financial institutions are subject to regulations such as the Sarbanes-Oxley Act (SOX) and the Gramm-Leach-Bliley Act (GLBA) in the U.S. and the Basel III standards globally. These regulations require rigorous controls over financial reporting, auditing, storage, sharing and risk management.
Healthcare Compliance
Healthcare organizations must adhere to the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health Act (HITECH) in the U.S., which sets standards for the protection, storage and sharing of patient data. Similar regulations exist globally, such as the General Data Protection Regulation (GDPR) in Europe.
Industry-Specific Standards
Many industries have their own specific compliance standards. For example, the Payment Card Industry Data Security Standard (PCI DSS) applies to businesses that handle credit card information, while the Federal Information Security Management Act (FISMA) governs the security of federal information systems.
Environmental and Safety Regulations
Regulations such as the Occupational Safety and Health Administration (OSHA) standards in the U.S. require businesses to maintain safe working environments. Environmental regulations may also apply, depending on the industry.
You may be wondering what IT has to do with workplace safety, but think about the storage and retention of required documents. Make sure that data has policies in place, so it doesn’t get accidentally deleted or moved.
How Managed Services Can Help Ensure Compliance
I know we’ve thrown a lot of acronyms at you, but as you can see, there is a myriad of complex and encompassing regulations to adhere to. Navigating the complex landscape of these compliance rules and regulations can be daunting, but managed services providers offer a range of solutions to help businesses stay compliant. Here’s how MSPs can assist.
Expert Knowledge and Guidance
MSPs have in-depth knowledge of various compliance regulations and can provide expert guidance on how to meet these requirements. They stay up to date with regulatory changes and ensure that your business remains compliant. MSPs collaborate with you and your compliance department to ensure data protection policies are in place to archive, retain or place data in a litigation hold.
Comprehensive Risk Assessments
MSPs conduct thorough risk assessments to identify potential compliance gaps and vulnerabilities in your IT infrastructure. This proactive approach helps address issues before they become major problems.
*A real-world example of this is when our team runs Compliance Manager scans for our managed services clients. When doing deep file scans, the tool has regularly uncovered Personally Identifiable Information (PII) and Payment Card Industry (PCI) data that is unencrypted.
Examples include old tax returns that are long forgotten in their downloads folder. Much of this data can be removed as it’s duplicated or already been addressed. But sometimes the client needs that data, and we must move it into an encrypted drive.
Implementation of Security Controls
MSPs implement robust security controls, such as encryption, firewalls, zero-trust anti-malware and intrusion detection systems, to protect sensitive data and ensure compliance with data protection regulations.
Additional controls implemented can be honeypots, Web Application Firewalls (WAF) or third-party services, such as Cloudflare, to sit in front of servers to monitor and manage traffic. MSPs also manage access controls to ensure that only authorized personnel have access to critical information.
Regular Audits and Monitoring
MSPs perform regular audits and continuous monitoring of IT systems to ensure compliance with regulatory requirements. They provide detailed reports and documentation to demonstrate compliance and/or recommendations during external audits.
Data Management and Backup Solutions
MSPs offer data management and backup solutions that comply with regulatory requirements for data retention and protection. These solutions guarantee that data is securely stored and can be quickly restored in the event of a data breach, loss or another cyber incident.
Employee Security Awareness Training
Human error is a common cause of compliance breaches. As required by most compliance regulations, MSPs provide training programs to educate employees about compliance requirements and best practices for data protection and security. This reduces the risk of accidental non-compliance. These platforms also do routine testing and send out phishing simulation emails to test if employees are remaining vigilant.
Incident Response and Remediation
In the event of a compliance breach, MSPs offer incident response and remediation services. They help contain and mitigate the impact of the breach, ensuring that your business can quickly recover and return to compliance.
Documentation and Reporting
MSPs assist with the creation and maintenance of comprehensive documentation and reporting required for compliance. This includes policies and procedures (P&Ps), Standard Operating Procedures (SOPs) and records that demonstrate adherence to regulatory standards.
Key Takeaways
Compliance is a critical aspect of business operations that cannot be overlooked. The complexity of regulatory environments requires a proactive and informed approach to ensure adherence and avoid costly penalties. Managed services providers offer the expertise, technology and continuous support needed to navigate this landscape effectively.
By partnering with an MSP like Gross Mendelsohn, businesses can stay compliant with various regulations, protect sensitive data and maintain their reputation. Investing in managed services helps your business remain compliant, secure and poised for success in an increasingly regulated world, all while allowing you to focus on what you do best — growing your business.
Need Help?
Gross Mendelsohn’s Technology Solutions Group can be your managed service provider. Contact us here or call 410.685.5512 for help.
