Compliance. Just hearing the word gets the heart rate of business owners up! It can be overwhelming, but compliance is a big factor in running an organisation. We live in an age of big data, and an important part of compliance is ensuring you protect your own and your clients data. If you fall on the wrong side of the rules, you can face big fines, legal issues, and reputational damage.
No matter what industry you’re in, the web of government regulations is getting more complex. It’s a lot to get your head around, and it’s tempting to think a regulatory crackdown “won’t happen to us”. But do you want that risk? Here’s something to think about: In 2024, businesses in Australia paid more than $13.5 million because they didn’t protect data correctly.
It’s hard for resource-constrained Australian businesses to keep up with everything they need to comply with. They’re turning to MSPs (Managed Service Providers) like Smile IT to help them stay within legal boundaries, particularly with their technology, data and cybersecurity. Today we want to take a close look at why compliance is important, and how an MSP can help you get there!
Common Compliance Regulations
Before we go into solutions, let’s talk about some of the compliance requirements in Australia you’re likely to come across. Of course, different sectors have different laws and governing bodies, these are a few of the common ones:
- Australian Privacy Act 1988 & Notifiable Data Breaches (NDB) Scheme: Governs the collection, storage and handling of personal data. It applies to businesses handling sensitive data, and those turning over more than $3-million per annum.
- Payment Card Industry Data Security Standard (PCI DSS): Applies to any business handling credit card payments. .
- General Data Protection Regulation (GDPR): For businesses managing data of EU citizens. This applies to businesses with an online presence and business activities in the EU.
- APRA CPS 234 Cybersecurity Standard for Financial Institutions: Applies to banks, insurers, superannuation funds, and other financial institutions. Enforced by the Australian Prudential Regulation Authority (APRA).
How Managed IT Services Keep Your Business Compliant
Your managed IT services provider does more than just keep your IT infrastructure issue-free. They help you stay compliant to rules and regulations, as well as to industry standards like the Essential Eight cybersecurity framework.
Here’s what they can do:
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Security and Compliance Assessments
The first step to better compliance? Understanding where you stand. A good MSP will help identify gaps in your systems and processes, recognising where you fall short and helping you get compliant.
For example, your MSP might discover that your data encryption protocols don’t meet PCI DSS requirements or that your password policies need updating. Once the gaps are clear, the MSP provides a customised roadmap to bridge them.
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Cybersecurity Safeguards
At Smile IT we’re big proponents of the Essential Eight, a collection of eight mitigation strategies advocated for by the Australian Cyber Security Centre. There are strict controls over your IT systems, data, and networks, and they’re all met when you comply with the Essential Eight.
By adhering to the Essential Eight, you’re putting the right security tools and practices in place to keep your data and networks safe and stay on the right side of stringent regulations.
There are other IT governance and cybersecurity frameworks your MSP can align you with to ensure compliance. The NIST Cybersecurity Framework is one, and COBIT (Control Objectives for Information and Related Technologies) is another.
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Employee Security Awareness Training
Your employees can either be your strongest defence or your weakest link in compliance. MSPs offer cybersecurity training to ensure your team knows how to safeguard data and prevent a breach.
This would cover vital topics like:
- Recognising phishing attempts.
- Creating strong, unique passwords.
- What to do if they suspect a data breach.
Ongoing training ensures that compliance becomes second nature to your team, reducing risk at every level of your operations. It’s not just about the CEO being aware of compliance rules; every staff member needs to be on board too.
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Disaster Response and Recovery
If you do suffer a cyber breach, your reputational and legal problems can be mitigated by how well you respond to it. An MSP will put in place extensive backup and data recovery solutions to safeguard your data and minimise downtime. The incident response plans will align with regulatory mandates, clearly outlining roles, responsibilities, and response procedures to mitigate security breaches effectively.
Compliance regulations often require formal breach reporting. A managed IT services provider will have detailed log incident logs and analysis and can assist with notifying authorities.
A proactive approach to overcoming the cyber incident will help businesses avoid fines, reputational damage, and operational disruptions. The best way to be proactive? Get the right MSP on your side.
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Vendor Management
You’re only as strong as the weakest link, and if you rely on third party vendors, you’re never completely in control of the weakest link! An MSP removes that stress, managing all your third-party tech vendors such as cloud services, SaaS providers, and IT equipment suppliers.
They evaluate vendor compliance with regulatory bodies, assessing their data handling, encryption policies, and cybersecurity controls. The third party providers are screened accordingly, with only those meeting stringent security principles recommended.
By managing vendor risk effectively, MSPs bring peace of mind to businesses, reducing their workload and helping them be more compliant and secure.
Why Compliance is Easier with an Expert MSP
Still trying to take care of your compliance responsibilities yourself? If you’re not convinced by the above, here are a few more reasons to get a managed IT services provider onboard to help you out:
- They bring insights from working across various industries.
- They address issues early, keeping you ahead.
- You can spend less time on compliance, more time growing your business.
Partnering with a good MSP not only protects your business but could cut operational costs, all while giving you peace of mind. Plus, it opens doors for certifications like ISO 27001, making you a more attractive business partner for clients.
Get in Touch with the ISO 27001-Certified MSP
At Smile IT, we don’t just talk the talk when it comes to compliance. We are one of the few Brisbane IT support companies to be ISO-27001 certified. Achieving this demonstrates a commitment to cybersecurity, risk management, and data protection, and shows how seriously we take compliance obligations.
If you want to strengthen your compliance strategy and protect your organisation with managed IT services, get in touch with one of our team members today. We’ll set you on the path towards a more secure, compliant and productive business!
When he’s not writing tech articles or turning IT startups into established and consistent managed service providers, Peter Drummond can be found kitesurfing on the Gold Coast or hanging out with his family!