Regulatory compliance has always been vital, but it is even more important in the modern online economy. With legislation like the GDPR threatening organizations with major fines and penalties if they are found to be non-compliant with data security or other measures, guaranteeing compliance for security, data administration, and risk mitigation is incredibly important. This article takes a look at some of the main advantages of CaaS.
It can cost organizations a lot of time and money to ensure full compliance 24/7 using in-house employees or tools. That’s why many businesses now turn to compliance as a service solutions, which outsource many of these duties to managed IT service providers like LITech Solutions. Let’s take a closer look.
Compliance as a Service Explained
Compliance as a service or CaaS is a type of cloud service often packaged with broader IT-managed services. In a nutshell, CaaS is intended to help organizations meet any regulatory compliance mandates, including those pertaining to data security, international eCommerce restrictions and requirements, and more.
While the exact services will vary from provider to provider, compliance as a service offerings typically include duties like:
- Change control
- Data discovery
- Database access control
- Application management
- Separation of duties
- Annual risk assessments
- Data masking
- Incident response
- Real-time data protection
- Policy creation and enforcement for data security
- Security vulnerability repair
- Training of company personnel
- Server configuration
- And more
In most cases, compliance support services are used by organizations that primarily operate in industries with a lot of regulations, like finance, banking, healthcare, and more. The importance of CaaS has increased in recent years due to legislation like the GDPR and CPAA, both of which highlight how businesses must be responsible for data security at all times.
The increasing regulatory requirements, administrative overhead, man-hour costs, and the overall time that an organization must spend ensuring operational compliance place significant burdens on modern enterprises. By outsourcing compliance to managed service providers, businesses may benefit from several major advantages.
Benefits of CaaS
Not sure whether CaaS is right for your organization? Let’s take a look at the detailed benefits of CaaS one by one.
Reduced Administrative Overhead
For starters, CaaS reduces administrative overhead for organizations by taking control of compliance standard assurance and benchmarks. Instead of a company’s administrative team being responsible for ensuring compliance for data security, for example, their CaaS provider will do it instead.
It frees up the administrative team (or any other team responsible) to accomplish other objectives. Such freedom could be fantastic for maximizing profitability, operational efficiency, and more.
Savings on Compliance Costs
Naturally, reducing administrative overhead and freeing up time to be spent on other tasks also saves on compliance costs. By reducing the compliance burden for an organization, that time and energy can be spent elsewhere or even saved.
No longer does an organization need to spend money on the salary of a dedicated compliance officer or manager. Instead, CaaS services are packaged with other managed services and purchased affordably. Depending on how much an organization needs to save on its budget, this could make the difference between a profitable or unprofitable business.
Reduced Workload for Compliance Updates
Compliance support services are cloud-based by their very nature. This, in turn, provides several technological advantages, especially in terms of reducing workload for upcoming compliance updates.
Imagine a new firewall patch that must be installed and triple-checked to ensure fidelity and compliance with the GDPR. The organization that uses CaaS doesn’t need to worry about this.
Instead, their managed services provider tackles the task. But even they don’t have too much to do, as their CaaS team ensures that the firewall update is already compliant with existing legislation or regulations.
In other words, CaaS improvements or updates are designed from the get-go to be compliant and secure. It is very different from an in-house solution or update, which may be designed with a different goal from the start and then need double-checking for compliance after the fact.
Most compliance support services are incredibly configurable. As a result, a new business client doesn’t need to worry about developing unique or bespoke solutions for their hardware. The configurable CaaS solutions will already work with their existing IT infrastructure or platforms.
As a result, CaaS products and services are even more cost-effective and benefit from reduced long-term or lifetime maintenance. Even as regulations change and evolve, the CaaS provider will work to ensure that their services remain configurable and can easily integrate with existing technology.
Once more, the client receiving compliance support services doesn’t need to worry about much of this. The workload and costs are outsourced to the CaaS provider instead.
Automated System Updates – Guaranteed Compliance
Last but not least, compliance support services always come with automatic system updates as a result of cloud technology. Business owners or executives never need to worry about updating systems each time the industry’s regulations are changed, updated, or even entirely revised.
Instead, the CaaS provider releases updates that are hand-tuned to be firmly compliant with new regulations. Furthermore, these updates will be released automatically, then seamlessly integrated into existing technologies or solutions. This also ensures that updates are ready to go at appropriate dates and are never delayed.
Executives don’t have to spend valuable time and money overviewing these changes. Furthermore, they never have to spend time developing new solutions or frameworks reactively (i.e. as new regulations come about, leaving the company scrambling).
Main Advantages of CaaS Summary
Simply put, compliance as a service is the go-to solution for businesses that want to ensure they are never liable for major data breaches or compliance issues. As compliance becomes more important for international businesses, CaaS providers will continue to play vital roles in modern organizations.
That’s why LI Tech offers a wide range of managed services based on agile cloud technology. From full network auditing to security and risk mitigation to cloud integration and hosting the data and business intelligence and more, LI Tech offers the best managed IT services in Long Island. Contact us today for more information.