The reality is that one way or another, ensuring compliance readiness and security is essential for the coming years.
What is compliance? In terms of Cybersecurity, it means adhering to a chosen IT framework. This could be a mandated framework like HIPAA, required by outside vendors such as PCI if you do transactions via credit card, or clients could ask if you are SOC II or ISO Certified.
Whether it’s obtaining cybersecurity insurance, addressing potential audits, or meeting the growing compliance expectations of your customers, being proactive is key. You must be proactive rather than reactive when getting compliant and keeping there. In the landscape of business, the term “compliance” echoes with increasing significance. But how do you navigate this complex terrain? Is it merely a box to check, or is it a serious journey that demands attention?
The Reality Check: Numbers Speak Volumes
Before we delve into the journey, let’s confront some realities:
These figures underscore the inescapable truth – compliance readiness is not a choice but a necessity. Whether obtaining cybersecurity insurance, responding to compliance audits, or meeting the growing demand for vendor compliance checks from customers, being compliant is imperative for the future. Below is a real-world story of a company that faced a unique situation with compliance.
The identities of the companies have been altered to safeguard actual clients.
In the town of Snickers, Falline Law Firm faced a critical decision. Their long-time customer and multi-national behemoth, BandNoise, representing over 70% of their business, demanded strict security practices or risked losing the partnership.
Feeling the weight of responsibility, Ben, the leader of Falline Law Firm, contacted ABS based on a friend’s recommendation. ABS carried out a comprehensive assessment of the law firm’s current IT setup and security framework. Next, they cross-referenced their discoveries with Bandnoise’s SOC 2 Type 2 security compliance requirements and timelines. Afterward, ABS outlined important security measures and tools that need to be put in place and improved. This includes creating and making adjustments to policies and procedures, implementing training protocols, updating hardware/software, and providing a timeline and roadmap to achieve compliance.
Falline Law Firm, dedicated to maintaining the partnership, realized the need for significant updates. They incorporated cybersecurity best practices, introduced encryption and Multi-Factor Authentication (MFA), devised a plan to conduct regular audits & provide ongoing employee training, formulated policies, ensured ongoing policy management, and enhanced their existing security measures.
Additionally, they enlisted ABS to oversee their IT and compliance requirements. The outcome? Falline Law Firm has achieved compliance, fortified its security, and has maintained BandNoise as a valued client.
Compliance Readiness as a Managed Service can help with Security
So, what is the compass guiding you through this intricate journey? One option could be Compliance as a Managed Service – a holistic solution designed to help you navigate diverse regulatory landscapes, including CIS, SOC2, PCI DSS, NIST Cybersecurity Framework, HIPAA, ISO, CMMC, and more. As rules and regulations evolve, these services can keep you ahead of the curve, providing a streamlined approach to managing and completing your compliance tasks.
The Significance of Compliance Management Solutions
Why invest in compliance management solutions? The answer lies in stability and long-term savings. These solutions not only ensure alignment with regulatory and compliance requirements in external partnerships but also shape internal operations, fostering a culture of employee compliance. Integrated seamlessly with departments like HR and payroll, compliance management tools enhance efficiency, preventing costly non-compliance penalties and streamlining auditing processes. Finally, they achieve the ultimate goal of making your company as secure as possible.
You Need a Compliance Readiness Guru
Having someone who is dedicated to compliance and can create a proactive approach addressing two fundamental compliance goals: getting you compliance-ready and keeping you compliant.
Goal#1: Getting Compliance Ready
This Compliance Readiness Project is your launchpad. Your consultant can assess your current compliance posture, identify objectives, construct an action plan, and solidify your procedures and policies. The destination? Compliance readiness.
Goal #2: Keeping You Compliant
Compliance as a Managed Service is your compass for the ongoing journey. This will help you manage, maintain, and review your compliance posture consistently. With mature policies aligned with the latest regulations, quarterly reviews, and vendor compliance checks, our goal is simple – keeping you compliant.
Take action now; remaining inactive is not a choice. Don’t wait for a fire drill. If you need to adhere to regulatory compliance standards, the initial step is to engage in a conversation.