Businesses today collect, store, and process a lot of sensitive data. In such a scenario, compliance with regulatory standards becomes very important. From personally identifiable information (PII) to financial details, health records, and intellectual property, there is a lot of data that must be safeguarded. However, managed service providers (MSPs) face certain compliance-related challenges when it comes to handling such sensitive data.

The need of the hour is for businesses to adhere to certain regulatory and industry standards. They must also implement robust security measures and comprehensive compliance strategies to safeguard client data.

Securing sensitive data

Adequate security measures can help in safeguarding sensitive data from unauthorized access. One such measure is encryption through which it can be ensured that data remains encrypted during storage and transmission. Other access controls such as, multi-factor authentication, strong password policies, etc., can help ensure that the data is only accessible to those who need it. It is also important to implement secure storage solutions, fortified with appropriate firewalls and intrusion detection systems and protect sensitive data from external threats.

Continuous monitoring and audit

Audits and other monitoring tools can help in identifying and rectifying security weaknesses. They help in reviewing data access logs, conducting vulnerability assessments, and analysing system activity to detect any anomalous behaviour. Such proactive measures can enable businesses to stay vigilant against potential threats and maintain the integrity of their data handling practices.

Employee training and response

This helps in mitigating the risk of accidental breaches. It is imperative to educate employees on security protocols. Businesses must also enforce strict data handling policies and cultivate a compliance culture at all levels. They should also put in place a well-defined incident response plan for swift and effective responses to data breaches or any other incidents.

Regular monitoring and review

Data handling practices must be reviewed and monitored continuously. This is a good way of detecting and addressing any deviations from established policies. It further ensures that the business is compliant with regulatory standards and maintains the integrity of data security measures.

Detailed documentation

It is also imperative for businesses to maintain a comprehensive documentation of compliance efforts. This includes policies, procedures, audits, and training records. These documents serve as the evidence of adherence to regulatory standards and ensure transparency during audits and inspection.

There are certain regulatory and industry standards which govern data handling practices across various sectors.

• ISO 27001: Offering a framework for information security management systems
• HIPAA: Applying to businesses managing protected health information within the healthcare industry
• PCI DSS: Applicable to businesses handling credit card information
• SOX: Focusing on financial reporting and internal controls for publicly traded companies
• NIST: Managing and reducing cybersecurity risks while protecting networks and data
• GDPR: Applying to businesses managing personal data of individuals within the European Union

A comprehensive approach that includes addressing regulatory standards, implementing security measures, and cultivating a culture for adherence within organizations, can help in managing the compliance-related challenges. With these measures, business will not only be able to safeguard sensitive data but also uphold the trust of their clients and stakeholders.

The author is the Venkat Jaganathan, Director: Managed Services, AHEAD.

Disclaimer: The views expressed are solely of the author and ETCISO does not necessarily subscribe to it. ETCISO shall not be responsible for any damage caused to any person/organization directly or indirectly.