Organizations that handle certain types of information, such as payment card data or personal health information, are required to uphold regulations for collecting, storing, and utilizing those resources. Often, legal measures can be taken if an enterprise fails to comply, especially in the event its system is breached, resulting in fines, fees, and other expenses. For that reason, maintaining compliance is an extremely important safeguard—both in terms of protecting information and guarding against financial consequences.
To overcome some of the hurdles associated with implementing a system that upholds the necessary regulations, companies may want to turn to vendors that can offer assistance with compliance, such as for secure file transfer solutions.
Compliance is important, but difficult
A recent study highlighted the challenge of creating and maintaining network systems that adhere to the required controls. According to Baseline Magazine, a report by Osterman Research, which was commissioned by security awareness training company KnowBe4, revealed that only 13 percent of enterprises are confident in their approach to compliance, which tends to be costly and inconvenient. This low figure persists despite the fact that 63 percent believe upholding regulations is "very important."
Maintaining compliance—whether that includes Payment Card Industry standards, Health Information Portability and Accountability Act requirements, or other regulations—serves as the foundation of a comprehensive security plan. It also helps companies build trust with their customers and business partners as well as guards them against fines for failing to play by the rules.
However, with increasingly complex IT infrastructures making it more difficult to sustain oversight and ensure compliance throughout the entire system, it's particularly difficult to adapt to the frequent changes in regulations.
Starting with the right base
To improve their compliance strategies and reduce the burden of designing an appropriate system, organizations can start with software and tools that are designed to uphold regulatory requirements and guidelines. For example, selecting a managed file transfer solution that is PCI compliant can simplify the process of meeting all of the Data Security Standard guidelines for businesses that accept electronic payments from customers.
Furthermore, organizations should seek solutions that simplify the reporting and monitoring aspect of upholding compliance.
"Much of the discontent [with compliance methods] stems from the focus on manual processes," said KnowBe4 CEO Stu Sjouwerman, according to the news source. "[They are] quite cumbersome and expensive. Improving the tracking and gathering of audit evidence alone can help an organization save considerably in both time and budget."
Regulatory compliance is something that organizations cannot afford to ignore, but creating a strong system in line with requirements shouldn't have to be a persistent headache.