So many businesses today are recording failure when it comes to compliance and security. The gap between what businesses are investing into compliance and security and the actual results they are getting is growing steadily. While companies across the board are increasing their spending on compliance and security, there are hardly any results to show to justify continued spending. Yet, businesses are expected to spend more on these two areas as we approach 2020. Perhaps it is this apparent failure that has brought about the rise of compliance as a service solutions. And if the current industry trends are anything to go by, compliance as a service will only increase in the next few years.
Compliance violations costs
For most business organizations, fraud consumes up to 5% of the company’s total revenue every year. A single fraud incident costs a business over $150,000. Compliance penalties often cost a lot more, sometimes millions more. Keep in mind that these costs do not include other costs associated with fighting fraud claims like bad publicity, lawsuits, professional censure and loss of business. Therefore, finding the right compliance as a service provider can keep your company from parting ways with 5% of its revenue every year.
Dealing with compliance and security issues internally
In a world where cyber-attacks are becoming an everyday experience, it is no longer prudent to trust the wellbeing of your company’s security systems to half-baked professionals or members of staff who are not professionally trained to deal with those problems.
The tasks they would need to perform are far too complex for them, thus the only outcome you should expect is system failure. Using an internal IT team to deal with issues whose implications could cost the business a big deal might not be a good idea.
Outsourcing security and compliance teams
The truth is that most companies today have embraced the idea of outsourcing administration and hosting, yet many are yet to switch to outsourcing firms for security and compliance. Continued use of internal IT systems to deal with compliance and security issues overburdens these teams and puts undue burden on an already overstretched team. The right approach remains contacting a compliance as a service pro
vider and learning about the solutions that can be made available to your business.
Years after technological advances that allow businesses to do system monitoring in real time, some businesses still hire people to do it manually. Manual audit of logs takes hours of valuable time that could be used to advance the business agenda of the organization.
Outsourcing these tasks would ensure that the best available tech tools are used to monitor and help respond to every challenge as soon as it crops up. Compliance as a service solutions also go a long way in ensuring that no percentage of company revenue goes to paying penalties and fighting fraud charges.