Introduction
In the ever-evolving landscape of compliance, 2024 is poised to be a pivotal year. As we step into this new era, it's crucial for organizations to understand the significance of implementation in compliance practices. In this blog post, Choice’s co-founder and CEO, Steve Rutkovitz discusses why 2024 is the "Year of Implementation" and explores the trends and strategies that businesses, especially Managed Service Providers (MSPs), should consider.
The Evolution of Compliance
To appreciate the importance of 2024, we must first take a step back and reflect on how compliance has evolved over the years. Before founding Choice, Steve spent 21 years as an MSP where he noticed the lag time between introducing new technology and emerging security vulnerabilities. “This lag emphasizes the importance of transitioning from reactive to proactive compliance and security strategies as businesses continue to embrace evolving technologies,” Rutkovitz said.
Compliance initially gained prominence as regional and local banks sought to meet cybersecurity requirements, spurred by FDIC guidelines in the late '90s. The healthcare industry soon followed and implemented HIPAA in 2003 to safeguard patient data and medical records. Other sectors handling sensitive data, such as financial institutions and defense contractors, began adding compliance safeguards to protect national security and sensitive personal information.
Trends Indicating 2024 as the Year of Implementation
Several trends indicate that 2024 will be focused on implementation. These trends stem from the evolving nature of compliance and the persistent threat of ransomware attacks. Ransomware, a constantly evolving menace, underscores the urgency of having robust security measures in place.
In 2023, we witnessed a wave of new regulations and updates across various compliance frameworks. These updates require careful consideration and implementation to adapt to the ever-changing cybersecurity landscape. Prominent frameworks like Cybersecurity Maturity Model Certification (CMMC), International Organization for Standardization 27001 (ISO27001), National Institute of Standards and Technology (NIST), New York State Department of Financial Services (NYDFS), and the Securities and Exchanges Commission (SEC) introduced updates that necessitate action in 2024.
Additionally, vendor management has emerged as a critical component of compliance. In the supply chain, companies want to ensure their vendors and suppliers do not serve as an entry point for security breaches. As compliance factors in diverse elements, including mobile and cybersecurity, it becomes imperative to adopt comprehensive strategies.
Consequences of Not Offering Compliance Solutions
The consequences of neglecting compliance can be severe. Loss of business opportunities is a common outcome, as clients increasingly demand compliance measures. Steve emphasizes the importance of being prepared when clients seek compliance solutions. Businesses may lose contracts or grants if they are unable to demonstrate compliance readiness.
Steve highlights several, recent real-life examples faced by non-compliant businesses. A medical company, awaiting a government grant, was unable to secure it until they established NIST 171 compliance. Similarly, a government contractor seeking a contract award had to prove NIST 171 posture before securing the deal. Compliance is increasingly becoming a prerequisite for contract awards, and companies must be ready to meet these requirements.
Preparing for the Year of Compliance
How can MSPs and organizations prepare for this transformative year? Steve has several suggestions for MSPs and businesses to enhance their security and compliance efforts. One proactive approach is to initiate compliance conversations well in advance. Businesses need to anticipate compliance needs and incorporate them into budget planning for the next three, six, nine, 12 months, and beyond.
A well-crafted letter to clients and prospects can help open the compliance conversation. An Ohio-based MSP achieved a remarkable 20% response rate by sending out such letters. Choice provides our partner MSPs with a template to use in their outreach efforts. Steve also strongly encourages MSPs to integrate compliance discussions into marketing, quarterly business reviews (QBRs), and annual business reviews (ABRs).
In a world where technology and compliance are inextricably linked, compliance signifies an organization's commitment to safeguarding data and maintaining trust. Compliance isn't just about avoiding penalties but also protecting a business’ reputation and sustaining its operations.
The Benefits of Partnering with Choice for Compliance Services
As MSPs navigate the complexities of compliance, partnering with a trusted compliance expert like Choice Cyber Solutions offers a range of benefits. Choice simplifies the process, offering a pay-as-you-go, referral, or wholesale pricing model.
Choice plays a pivotal role in streamlining the administrative aspects of compliance, such as policy development and documentation. By taking care of these crucial elements, MSPs can focus on their core strengths of providing technical and physical technologies.
Choice actively collaborates with MSPs to help them incorporate compliance discussions into client interactions, ensuring that compliance becomes an integral part of their service offerings. This strategic approach helps businesses stay ahead in an ever-changing compliance landscape.
2024 stands as the Year of Implementation in compliance. Trends indicate that organizations, especially MSPs, must proactively prepare for this transformation. Neglecting compliance can have dire consequences, including missed business opportunities and loss of business. However, with the right partner, MSPs can help their clients successfully navigate the compliance landscape and position themselves for long-term success.
Let's Partner!
Are you an MSP and looking to provide your client with high end compliance services? Click here to schedule a meeting with Steve Rutkovitz!