What is Compliance-as-a-Service (CaaS)?
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Compliance as Service (CaaS) is a managed service offering provided by some data-housing companies that enable the simple storage of data per current governance, security, and privacy standards. In layman’s terms, it’s a way to ensure that client and consumer data is protected and consistently updated with industry-specific regulations and laws.
Maintaining compliance is of utmost importance in the legal industry because whether it's merger and acquisition agreements, personal information, or other data, your organization has access to some form of sensitive data. And, unfortunately, whether that information is stored in the cloud or on-premise, it's at risk of cyber-attacks and being breached by hackers or other malicious parties.
How does CaaS help me manage my compliance efforts?
According to Statista, the number of data breaches in the United States amounted to 1,244 with over 446.5 million records exposed. That’s a lot of compromised information, especially when you consider its potential impact on increased operations costs and loss of consumer trust.
There are data regulations and best practices that have been put into place to prevent breaches like this from happening, but they are constantly advancing and can be difficult to maintain, especially for smaller companies or firms.
It’s important to note that complying with these regulatory requirements can be both time consuming and costly, as it often requires outsourced auditing and paperwork to obtain necessary documentation and certifications. That’s where Compliance as a Service is helpful as it helps you to simplify and enhance your compliance efforts.
Does CaaS secure everything?
CaaS does not remove your obligation as a private company to comply with current compliance requirements, as all consumers are responsible for any issues with inherited compliance services. However, compliance service providers offer an extra layer of security and, with that, the peace of mind that comes from doing everything possible to protect client data.
Compliance management often includes other tools that can further protect your information, for example:
- Documentation tools that allow clients to easily prove their regulatory compliance in the event of an audit.
- Database access control systems that limit who or what can view certain information to maintain risk management.
- Risk assessment tools to allow the identification of vulnerabilities and suggest ways to implement safeguards.
- Real-time incident response protocols to ensure a management plan in the event of a security breach.
What are the benefits to using CaaS solutions?
There are several major advantages to outsourcing your compliance workflow and process to a CaaS solution, with the top six being:
- Reduced legal risks
- Time and cash savings
- Increased trust and loyalty
- Preparation for future audits
- Ease of risk assessment and advanced strategy preparation
- Boosted cybersecurity
In more detail, CaaS solutions can provide huge value to companies looking to metaphorically “tighten their ship” and provide increased data security. CaaS allows even the smallest companies to rapidly adapt to both small and significant mandate changes, without expending unnecessary resources, including those resources outside of hard cash.
Without CaaS, you can expect to spend a lot of time researching current data security standards, updating security management and practices, and preparing documentation that will be needed by auditors. CaaS providers takes the legwork out of this often-extensive compliance process, allowing you to decrease the amount of work your team has to do, reduce workflows, eliminate redundant workplace roles, and increase efficiency across the board. Furthermore, since CaaS solutions are often cloud services, updates are released automatically, leaving you with little to no responsibility when it comes to updating your system in the wake of a regulatory modification.
This is all possible due to economies of scale—that is, cost advantages that can be reaped by large-scale production. Simply put, because CaaS solutions require no internal development, they can be easily adapted to other companies for a cost that is miniscule compared to the expenses that can be incurred when security measures are done solely in-house.
All in all, CaaS represents a way for law firm owners, I.T. directors, and CIOs to utilize a very hands-off approach to streamlining data protection, while still taking the necessary measures to protect client data.