The landscape of risk and compliance is constantly evolving, so members of the IT industry must stay informed and adapt to these changes. In doing so, they can better protect their organizations from potential threats while ensuring compliance with relevant regulations and standards.
Even beyond staying in the know, the IT industry is facing increasing pressure to comply with growing regulations, as well as keep up with advancing technologies.
Staying Up-to-Date with GRC
With the rapid pace of technological advancement, and the increasing number of regulations and standards that organizations have to comply with, IT companies are facing greater challenges in managing risk and compliance than ever before. As such, businesses must be aware of the latest developments in the field and have the knowledge and skills necessary to adapt to these changes.
Even better, staying updated on the latest information on risk and compliance can provide organizations with opportunities for professional development and business growth.
Changes in the Regulatory Landscape
New Regulations
The current landscape of risk and compliance in the IT industry is complex and constantly changing. Organizations face a wide range of risks, from cyber threats like hacking and data breaches to compliance issues. In terms of compliance, new regulations such as the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), and the Health Insurance Portability and Accountability Act (HIPAA) are making changes–and they’ll have significant implications for IT companies.
GDPR now requires companies to protect the personal data of EU citizens and to report data breaches within 72 hours. CCPA now gives California residents the right to know what personal information companies collect about them and the right to request that it be deleted. HIPAA also set new standards for protecting personal health information and requires covered entities to implement safeguards to protect against unauthorized access or disclosure of personal health information (PHI).
While these new regulations are designed to protect companies and individuals, their increasing complexities make it difficult for IT companies to stay compliant. Companies must now keep track of multiple regulations and understand how they intersect with one another to remain compliant.
Consequently, the need for IT companies to invest in compliance management solutions is exacerbated. Fortunately, companies have a few options to choose from.
Technological Advancements and Their Impact on GRC
Advancements in technologies such as cloud computing, AI, and the Internet of Things (IoT) are changing how companies approach risk and compliance. For example, cloud computing allows companies to store and process data remotely, increasing efficiency and flexibility. However, it does pose new risks as well. The remote capabilities of cloud computing can open companies up to data breaches and compliance violations.
Similarly, AI can help companies identify and respond to potential threats, but it also raises concerns about privacy, security, and bias. Finally, IoT can increase the amount of data companies collect, process, and share, but with more data comes new risks and compliance challenges.
But, while these technologies increase the complexity of compliance, they also offer new solutions for managing risk. For example, cloud security solutions can help companies secure their data in the cloud and comply with regulations. AI can be used to automate repetitive compliance tasks like identifying and reporting data breaches.
So, while it’s important for companies to stay up-to-date with new technologies and understand how they can be used to manage risk, they also need to understand the risks they pose themselves.
Common Risks and Compliance Issues
While an organization faces numerous security risks and compliance challenges on a daily basis, some are more common than you may think. Some of the most frequent issues include:
- Cybersecurity threats such as hacking, phishing, and malware attacks
- Data breaches and the loss or theft of sensitive data
- Non-compliance with regulations such as GDPR and HIPAA
- Lack of proper controls and policies to manage cloud services
- Lack of visibility and control over third-party vendors’ security and compliance practices
- Insufficient incident response plans and business continuity management
- Inadequate security and compliance training for employees
Best Practices For Managing Risk and Compliance in a Changing World
There are several strategies that IT companies can use to manage risk and comply with regulations, even as they change.
- Perform regular risk assessments: Identifying and assessing potential risks regularly can help companies stay aware of potential vulnerabilities and take steps to mitigate them
- Develop an incident response plan: Having a plan in place for responding to incidents can help companies minimize damage and comply with regulations
- Employee training: Training employees on compliance requirements and best practices for managing risk can help prevent errors, improving compliance
- Third-party vendor management: Carefully review and monitor any third-party vendors’ compliance with regulations
- Compliance management solutions: Use software solutions to automate compliance tasks and stay up-to-date with new regulations
Outsource Your Risk and Compliance Management
New regulations and technological advancements are being revealed each day, posing new opportunities and challenges for IT companies. More than ever, compliance is of the utmost importance, as non-compliance can result in hefty fines and reputational damage for even the most renowned of organizations.
While implementing the right technologies and practices can help organizations remain compliant and mitigate risk, obtaining the necessary personnel and tools isn’t always feasible. Fortunately, that’s where governance, risk, and compliance (GRC) services come in.
In outsourcing your GRC services, companies can gain access to a team of experts familiar with risk management and compliance itself–in addition to staying up-to-date on industry changes. Furthermore, your provider will already be equipped with the tools, knowledge, and skills needed to successfully remain compliant and mitigate risks within your organization. With managed GRC services, your organization can ensure that it meets all industry regulations and requirements, as well as optimize risk management practices on a continuous basis. Essentially, you can achieve expert-level GRC status overnight by simply outsourcing your services to an expert.
Intertec International is an ISO-27001-certified managed service provider (MSP) company equipped with the experience needed to keep up with the ever-changing demands and requirements of GRC. If you’re looking to maintain compliance and revamp your information security practices, look no further.
Interested in learning more about Intertec’s offerings as an MSP and GRC expert? Download our free infographic.
