In today’s data-driven economy, risk and compliance management is more important than ever. The proliferation of IoT devices and the growth in AI technology over the past decade means that everything from cars and fridges to radiators and doorbells are now connected to the internet. The amount of contextual data available to businesses from a consumer’s digital footprint is phenomenal. Being able to harness this information and use it to enhance the customer experience, improve processes, shape marketing strategies, increase sales and drive growth is a huge benefit to organisations of all sizes in all sectors.

With the amount of data being stored and used, the continually increasing and complex regulatory environment and the rapid evolution of the threat landscape, security and compliance represents a perpetual challenge and comes with significant risks, particularly for SMBs.

The likelihood of being hacked or experiencing a data breach has never been higher and smaller businesses are more vulnerable to attacks. Information relating to your business, the safety of your user community and the personal and payment data relating to customers are all top priorities when it comes to security, data privacy and regulatory compliance. Facing the stark reality of sophisticated security threats and the risk of hefty fines, reputational damage and losing customer trust through non-compliance is a daunting prospect for small business leaders.

This is a key business issue for CIOs, CTOs, IT Directors, and managers and yet having a robust compliance strategy is nowhere near the top of the list for many SMBs. Protecting vital business infrastructure and assets and keeping on the right side of the regulatory fence is often left to chance or is viewed as a box-ticking exercise driven by legislative requirements. No organisation is impervious to the security and compliance challenges that this hyper-connected digital world presents. There is a growing need, particularly for SMBs to take a more holistic view of the associated risks and to redefine the approach, responsibilities and commitment towards security and compliance.

Despite all of that, the reality is that with limited budgets and a lack of in-house specialist skills and knowledge, tackling the compliance beast is about as inviting as twelve rounds with Tyson Fury for most SMBs. That is neither a reason nor an excuse to adopt the head-in-sand approach. It is important to take an honest view about the security measures and processes your business has in place and to ask the question “is my current platform helping me to keep my customer data secure?”

Many SMBs are still over-reliant on legacy IT systems. The problem is that information technology nowadays tends to age very quickly and being dependent on an ageing infrastructure and insufficient processes only exacerbates the complexity challenge. In this scenario, compliance can come at a high cost, particularly if you operate in highly regulated sectors.

When it comes to IT modernisation and the upgrading of your environment, there are many perceived risks, and it is not always easy to justify the cost to the business. In many cases SMBs either do not have or cannot commit the necessary resources required and do not have the time or the budget to implement an enterprise grade security solution just to be compliant. Even though your current IT set-up is almost old enough to vote, it is critical to the running of the business and it does not cause you any problems so there is no real need to reinvent the wheel. After all, there is nothing out there that tells you how to be compliant at a technical level.

Compliance is a moving target. For businesses that scale quickly, enter new markets, expand across geographical borders, and diversify their client base, governance, risk management and security need to be top of the business planning agenda. It is imperative to recognise that technology has a key part to play in all aspects of compliance and to understand how this ties in with an organisation’s overall security posture.

There is a distinct opportunity for organisations to turn compliance from a necessary regulatory-driven process into a value-added function and to leverage the benefits of modernisation to reduce the burden. A change in mind-set is required to think of compliance as an asset as opposed to a demon.

Compliance is a major market driver in IT modernisation for SMBs. A move towards cloud technology not only gives businesses a future-proof and scalable infrastructure but a cost effective fast-track to compliance. SaaS and PaaS solutions can drive efficiencies, automate processes, deliver more accurate reporting, and improve business practices. With the right investment, the compliance headache can become a commercial advantage.

Almost every industry has customer privacy and security compliance regulations. More proactive SMBs are looking to Managed Service Providers to help with security and compliance measures. Demonstrating compliance through an established and experienced partner who has the management expertise to simplify and satisfy the complex requirements represents peace of mind.

The vendor landscape is vast when it comes to agile GRC solutions. Software, applications, tooling, and cloud services can empower SMBs to take control of their compliance obligations. Modernising IT for compliance means putting security front and centre. Major growth in cloud-based security solutions means that on-premises technology is becoming outdated and less effective.

So, what is your approach for deciding where and how to modernise? Before implementing the next-gen compliance platform you need to consider the business case, implement a roadmap, highlight specific use cases, and potentially undertake a proof of concept. Will it integrate with existing systems, applications, and software? Does it give me additional features such as predictive analytics? Is it an automated solution? Does it provide an optimal user experience?

It is important to consider an integrated risk management strategy that goes beyond traditional compliance-driven technology. It is time to move away from the manual, time consuming spreadsheet-led compliance processes and let technology play a transformative role.

We have seen that overlooking compliance matters can negatively impact the bottom line. The complex security and compliance challenges are the same for all SMBs. How you respond, whether you are in control, how proactive you are and whether you engage specialist help will determine your success and whether you are ahead of or behind your competitors.

The UK Federation for Small Businesses published a report as part of their Brexit Research Series that suggested 62% of small businesses believe that increasing regulation and compliance requirements create barriers to small business success by diverting them away from other business activities. Conversely, 14% believe the benefit outweighs the burden and are incorporating compliance into their overall business strategy. More SMBs need to take steps to minimise complexity and maximise opportunity when it comes to compliance.

It is not realistic to assume you will be able to achieve compliance with technology alone. You will need a suite of compliance and security policies covering access control, internet and cloud usage, email and communications, information security, supplier management, network security, data protection and remote working. It is also imperative to educate the workforce to be the first line of defence. Adopting appropriate security solutions such as WAF, DDoS protection, threat management, antivirus, malware software and endpoint protection is essential to protect customer data and comply with PCI and Data Protection regulations.

It is time to consider whether you need to engage a partner or managed service provider to undertake a gap analysis of your current infrastructure. Specialist partners and MSP’s offer a range of compliance knowledge and experience and can engage the right vendors to provide solutions that simplify security management and help to close some of the compliance and audit gaps. Peace of mind managed infrastructure that will help to modernise your IT and manage complexity taking away the heavy burden of compliance from your teams and your business.

In the time I have been at CE Global, I have seen the difference that this kind of service can make to SMBs. It is generally accepted that there is a requirement to modernise to address the challenges of compliance, particularly with the increasing threat of data breaches and the vulnerability of legacy systems. It is risky to go it alone and many SMBs do not have a Chief Compliance role or a Data Protection Officer in-house which makes it even more imperative to choose the right partner.

The regulatory landscape and rising customer expectations are paving the way for the digital transformation of compliance. This is not just about keeping data safe to avoid fines. We want to help SMBs look at compliance differently. For us, it is about improving the business environment, staying competitive and secure and viewing compliance as an opportunity instead of a threat.

None of this is going to disappear, in fact, the regulatory landscape will only become more restrictive and fragmented, so it is vital that business leaders in SMBs see this is as a carrot instead of a stick and adopt a shift from tactical to innovative-led solutions. Good compliance is good for business. There is a huge opportunity to differentiate services based on trust and the link between customer loyalty and higher revenues is tangible.

I am passionate about supporting SMBs on their digital transformation journey.
At CE Global, our teams will help your business to drive the entire end-to-end process of deploying flexible tools, systems, and infrastructure to drive real efficiencies and achieve compliance. We will not only help you come out of the fifth circle of compliance hell and give you more control over the quality of your systems and your data, but we will also empower you with a more competitive business model that is ready to help you capitalise on the evolving digital economy. Think of it as compliance without the headache. Complete peace of mind is both achievable and affordable with CE Global.