Change in Regulations
Compliance with various regulations is an ever-demanding and dynamic landscape that must be looked at with more seriousness. It is not an option anymore. Companies don’t have any say in this matter and they cannot ignore it.
Unfortunately, the arena of compliance is full of potential landmines that can prove fatal if one is not careful. Instead of old methods of finding out existing landmines, we need to create a new one – one that is dynamic, agile and useful. Technology is one way with which the company can align their business strategies with goals. VComply is a tool with which companies can manage their entire compliance cycle on a single integrated platform. In business, it is important to be proactive rather than reactive. Hence, it is better to save cost of non-compliance before it occurs.
The fact remains that companies have resorted to cloud computing in huge numbers. This opens up new avenues to managing business but acts as a cyber threat too! According to a recent article, starting next year Google’s Chrome browser will label all websites that aren’t HTTPS as a potential threat on the internet.
A few actions that companies can undertake to proactively prepare themselves to get in line with shifting regulations and future cyber threats –
Indulge in cross functional, multi-stakeholder dialogues to identify suitable cloud arrangements.
The cloud based systems used by various companies usually share extensive information and data with other stakeholders like business partners, customers, suppliers etc. Thus, all these entities should be aware of the compliance policies and event handling measures of the company.
Clearly document and understand the legal jurisdictions governing the company. Statutes can keep changing while transacting outside a particular state as well as globally. Thus, each state/country has different statutory requirements which must be clear and well understood by the existing system of the company.
Adapt to existing procedures and policies while engaging with the business processes. The policies and procedures of the company have to be dynamic in nature with the changing regulations. It will be easy with VComply as the company can migrate to the new rules with a few clicks and real time information.
The IT security function should be aligned with the company’s approach to risk management. A traditional risk management system is considered obsolete once you decide to adapt to latest prevalent technology. No organisation is too small or insignificant for cyber attacks and security breaches. Security and risk management should be the focus of every company. Regularly auditing such risk areas is the most useful method of recognizing potential problems and non-compliance.
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