The government is taking extra measures to demand stricter regulatory compliance from businesses across all sectors, primarily because of the prevalence of data breaches in different industries today.
For instance, the US government mandates compliance with the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the Defense Federal Acquisition Regulation Supplement (DFARS). HIPAA is a law that provides data privacy to safeguard medical information, while DFARS regulates the activities of government employees who carry out contract formation and administration.
Compliance, however, isn’t just limited to certain sectors. It applies to most industries, making it essential for them to follow ever-changing set of rules, regulations, and guidelines. You must know and abide by your legal obligations so your business can dodge sanctions and fines.
Lack of legal experts in businesses
Cyberthreats continue to evolve alongside technology, resulting in the need for better laws and standards to protect data. Regulatory compliance, as all other legal matters, still poses confusion to a business, especially if it isn't big enough to have a legal department. This can lead to non-compliance.
Even the US government admits that the DFARS framework can be difficult for small businesses to follow. The root of the problem is the lack of in-house experts and resources to implement the requirements for compliance.
And since regulations are constantly changing, you’re likely to end up running in circles, trying to understand something that isn’t reliable anymore. The best solution would be to have a long-term compliance management solution in place.
Outsourcing compliance responsibilities
It’s doubtful that your small- or medium-sized business (SMB) operates for the sake of compliance. Abiding to it is a huge responsibility for your company, but you must make sure that doing so won’t get in the way of your business’s core goals.
And it’s not like you have a surplus of employees to handle compliance, either. In a company with limited staff, you’ll need every single member of your team to stay focused on their primary responsibilities to keep your business moving forward. Finding someone who is qualified and has the time to multi-task isn’t easy or cheap.
Since compliance is a necessity for your business, this is where outsourcing comes in. It allows you to access skilled workers you need on an on-demand basis, instead of hiring in-house personnel that need to be paid month after month. This helps cut down the cost for compliance.
A managed services provider (MSP) works round the clock to make sure that your systems and cybersecurity strategy are aligned with your compliance obligations. It uses state-of-the-art technologies to constantly monitor your ingoing and outgoing traffic. It also enforces compliance measures in several ways such as ensuring your files’ safety using a cloud-based backup system.
With the increasing number of cyberattacks on businesses, you can expect government regulations to only get stricter. If you don’t want to get in hot water, partner with Integrated Technology Services (ITS), and let our experts handle all your compliance issues. Call us today.