The list of compliance requirements your business must meet is growing longer and more detailed. That trend is bound to continue. Cyberthreats are growing, and businesses’ IT environments are expanding, including more remote employees. As government and industry organizations work to keep data and digital assets safe, security and compliance go hand in hand.
Complying with regulations and managing security is challenging for many companies, especially small and medium-sized businesses (SMBs). Industries across the board are experiencing a shortage of people with security and compliance talent and experience. Furthermore, if a company is fortunate enough to find an employee skilled in security and compliance, offering a competitive salary and keeping them on your team as other businesses make escalating offers presents a whole new problem.
Without the ability to find an ideal candidate to fill an in-house compliance and security role, the work often falls to the IT team. They do their best to manage compliance, sometimes educating themselves on compliance requirements from information they find on the internet or counting on the auditor or insurance company requesting proof of compliance to tell them what they need to do. Unfortunately, this sometimes results in a business deploying a solution just to check a box, not addressing the intent of the regulation, which is to create a more secure IT environment and protect sensitive data.
Outsourcing Security and Compliance
One of the ways that organizations address the growing compliance burden is to outsource. Statista reports that more than half of financial institutions outsource compliance to have added assurance that the processes they put in place meet requirements. The second most common driver is the lack of in-house compliance skills.
For many businesses, it’s often the easiest way to keep up with changing regulations and the continually evolving cyberthreat landscape. An organization that provides outsourced security and compliance services keeps systems patched and updated, delivers required reports, and can even act as a mediator between the business and its auditors or insurance companies. Moreover, it’s usually a more cost-effective way to approach compliance than hiring an in-house employee and investing in security solutions.
Outsourcing can also provide value to larger businesses and enterprises overwhelmed with compliance and security responsibilities. For example, if they can bolt on compliant storage from a cloud provider, the enterprise’s IT team will have more time to manage other aspects of their jobs.
Another advantage of working with an outsourced security and compliance provider is their expertise. An experienced provider will understand the regulations that govern your industry, the options you have to meet them, and which work best for businesses in your industry.
An experienced security and compliance provider will also help you find the practical intersection of security, compliance and data management, so you aren’t just checking boxes. Your provider can build a compliant solution in a multicloud environment that can provide value to your business in a variety of ways, from streamlining processes to making stored data accessible when you need it.
Is Outsourcing Right for Your Business?
While outsourcing is a proven way to solve security and compliance challenges, there is also a potential downside. When you outsource, you turn over control to another company, relying on your partner to keep you in compliance, keep your data safe – and to make sure you avoid fines and other penalties. Outsourcing requires trust in your partner, which takes time to build.
In addition, outsourcing may be the ideal answer for a season, but it may become difficult to manage multiple vendors providing various compliance services as your business scales. At some point, it may be easier to bring the work back in house if you have the resources to do so.
How to manage security and compliance is a decision each business needs to make. If you decide you need help from an experienced compliant cloud solution provider, we’re here to help!