Search for “latest major data breach” and you’ll see headlines like “T-Mobile discloses second data breach since the start of 2023” or “American Bar Association data breach hits 1.4 million members.” Some news sites update their stories almost daily with reports of the latest cybersecurity disasters.
The consequences of hacking are still up in the air—we’ve had thousands of years to work on collecting physical evidence and solving robberies but we still make mistakes. The online world still has a long road ahead of it when it comes to cybercrime.
Organizations are trying to stop the constant threats of hacking with a variety of solutions like compliance IT, but one is gaining more traction: compliance as a service (CaaS). CaaS combines the best practices in cybersecurity and data privacy regulation to ensure that sensitive customer information is safe and secure.
Maybe it’s time for your business to take a look! Here’s what you need to know.
What Is Compliance as a Service?
Compliance as a Service (CaaS) is a comprehensive suite of services that provide organizations with a single, managed solution to stay compliant with the ever-changing data security and privacy regulations.
It integrates industry-leading technology, processes, and personnel to provide a complete solution for managing compliance initiatives.
With CaaS, or compliance IT, organizations can easily comply with the various regulations and requirements set by governments, industry bodies, and other stakeholders. The service also helps organizations reduce their cyber risk exposure through regular monitoring of data security and privacy regulations.
Is Your Business at Risk of Non-Compliance? What Will Happen If So
CaaS is an important tool for any business that collects and stores sensitive data. By providing a comprehensive suite of services, you are better equipped to stay compliant with data security and privacy regulations that seem to change every day!
Not only does compliance IT allow you to comply easily with the various regulations set by governments, industry bodies, and other stakeholders, it helps you reduce your cyber risk exposure. If your business is found to be non-compliant with any of the following regulations, costly fines, and reputational damage could follow:
GDPR/CCPA
Organizations that fail to comply with the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) can face severe penalties, such as fines of up to 4% of their global annual turnover.
HIPAA/HITECH
The Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health (HITECH) require organizations to keep customer data secure. Non-compliance with these regulations can lead to hefty fines and even criminal charges.
PCI DSS
Organizations that fail to comply with Payment Card Industry Data Security Standards (PCI DSS) can face monetary penalties of $5,000 to $100,000 a month and legal action.
5 Ways You Benefit From CaaS
Better security will always result in benefits for your business—here are five that you may not have thought of before:
1. Cost Savings
By focusing on a managed solution for compliance initiatives, you can save money by reducing resources spent managing multiple solutions.
2. Improved Efficiency
Compliance IT offers an easy-to-use platform that enables organizations to comply quickly and easily with the various regulations and requirements set by governments, industry bodies, and other stakeholders.
3. Increased Visibility
With CaaS, organizations can monitor their compliance initiatives in real-time to more easily identify weaknesses in the system and take corrective action quickly if needed.
4. Reduced Risk
Compliance IT provides organizations with an integrated solution that helps reduce cyber risk exposure through regular monitoring of data and privacy regulations.
5. Reputation Protection
By staying compliant with various regulations, organizations can protect their brand and credibility by avoiding costly fines and reputational damage associated with non-compliance.
JPtheGeek Can Handle the Stress of Compliance IT for You
Our name says it all—our team of geeks will take care of your compliance so you don’t have to spend time and resources keeping up. With our suite of services, you can comply easily with the various regulations and requirements set by regulatory bodies.
Schedule a risk assessment with us to see how our compliance IT can help you improve your bottom line.
