By Jon Richey
Compliance as a Service, or CaaS, is quickly becoming a must have for businesses. CaaS leverages our industry experts to help ensure you meet your regulatory compliance obligations without having to become a cyber security expert yourself. With CaaS, our highly trained staff stays informed on all the regulatory requirements, scans your systems and then updates your policies as regulations change.
Compliance is incredibly complex and the greatest danger is that people don’t know what they don’t know. Probably the single largest challenge customers have is that compliance is not something they touch every day, so they have to relearn everything when something compliance-related pops up.
Who needs CaaS?
We talked to our Compliance Manager, Justin Elder, and asked who needs CaaS? Justin said, “Anyone who has a regulatory scheme they are bound by, with the most obvious examples being health care and financial services. Also, businesses who have contractual obligations to follow certain cybersecurity frameworks, particularly people who do business with state and/or federal government agencies. And all businesses that have, or want to have, cyber insurance (insurance against a cyber incident like malware, phishing, or other online scams).”
What are some of the typical regulations that CaaS can assist with?
The biggest is HIPAA. Doctors, dentists, therapists, chiropractors all must comply with HIPAA regulations.
The FTC Safeguard Rule was recently established, which means any client in the financial industry that was not covered by the SEC now is. Tax Preparers, Accountants, Real Estate Appraisers, Mortgage Lenders, Consumer Loan and a slew of other companies will now be obligated under the new rule to be compliant.
Other examples of regulations that CaaS can address include NIST- CSF for doing business with state entities, GDPR for doing business in Europe and the UK, and PCI for any client that processes credit cards. The most pressing reason to get CaaS is to help prepare and protect you from a cyber attack.
Recently, True Owl helped a local doctor’s office with their compliance needs. The doctors did not have the time to manage all the requirements for HIPAA compliance. True Owl’s specialists wrote all the policies for the doctor’s office that are needed to ensure compliance. The client is ecstatic to have everything taken care of by True Owl!
The biggest benefit with our Compliance as a Service offering is that you don’t have to worry about compliance any more. Our combination of policy expertise and software package provides everything needed for compliance in one place at a fraction of the cost that lawyers or accountants charge.
Contact us at True Owl to learn how we can help you with your CaaS needs!