Building A Low Cost Business IT Infrastructure for Regulatory Compliance
IT infrastructure refers to the combined suite of hardware, software and network resources required to operate an enterprise information technology environment. Maintaining the whole gamut IT infrastructure for regulatory compliance is a herculean task but one which is non-negotiable.
It is commonly believed that information security is an issue that only the IT department handles. However, there can be legal and reputational ramifications for the whole organization in case there is a data breach.
Factors such as risk management process, compliance controls, monitoring and testing, reporting, issue resolution should be considered when putting together IT infrastructure for regulatory compliance.
Why Should IT Infrastructure be Compliant with Regulations?
As businesses expand, to offer more services to customers, they can find themselves running into regulatory challenges they never considered when they started out. Failing to meet the strict standards of regulatory compliance can present serious challenges to businesses like a Government fine or customer lawsuit.
The overall goal of IT regulatory compliance is to build a technical, procedural and strategic framework that provides the means to attain and uphold a company’s legal and ethical integrity.
At this point, the importance of managed IT infrastructure becomes clearer because it helps in building compliant frameworks thereby avoiding:
- Damage to corporate image or customer trust
- Loss of revenue, market opportunity or stock value
- Remedial expenditure by way of legal costs, fines, lost productivity and so on
- IT Infrastructure Budget
The goal of an IT infrastructure budget should be to strike a balance between maximizing productivity and minimizing risks and costs. Some of the things to be borne in mind while working out the budget for investing in IT infrastructure for an organization are taking stock of required items (such has the hardware, software, cloud subscriptions, backup processes, network and IT security) and calculating the spend (the popular method is to calculate the spend as a percentage of revenue)
How to Build a Cost Effective IT Infrastructure for Regulatory Compliance?
It is as important to have the correct regulatory compliance procedures in place as it is for them to be cost effective. The enterprise application support should ensure that the laws are being followed as well as being supportive to the business continuity plan of the organization.
Some points to bear in mind in this regard are:
- Pick the Right Team Size
The right decision for this depends on various factors such as server count, staff size, communication process flow, client base and growth projections.
- Build It for Scalability
The company infrastructure needs to be able to adapt in order to accommodate growth and change with processing and storage in mind. Managed cloud services are today the need of the day when it comes to storage.
- Keep it Simple and Document Everything
It is best to avoid excessive complexities and over engineering. A mandate needs to be put in place such that there are permanent solutions to technical problems. It is also extremely important to document every single task to ensure a fall back system in future and enhance the communication process flow while saving time.
- Choose Supportive and Trusted Software Vendors
Opting for and managing trusted hardware, software, SaaS vendors can be instrumental in having a cost effect IT infrastructure.
- Conduct IT training for non IT staff
The entire staff should be given training touching upon all aspects of the IT infrastructure. This will ensure that all the staff have some basic knowledge in overall functioning thereby improving communication process flow while ensuring compliance when a project/work is underway.
- Consider IT Infrastructure as a Service
A third party provider that is efficient in compliance management can host user applications, hardware, software, servers, storage and other IT components on behalf of the company.
- Have an IT Infrastructure Expert to Set It Up
Planning and implementing the IT infrastructure such that it is regulatory compliant is no small task. Bringing on board an expert in this field will bring in years of expertise with respect to auditing, designing and implementing the IT infrastructure.
Cloud Services Aid Regulatory Compliance
Regulations require firms to collect, store and process data across multiple products. Expansion into new geographies creates additional challenges for an organization. The amount of data that is being generated every day is growing at a steep pace prompting many to wonder where all this data can be stored. As more and more companies begin to use the Internet of Things(IoT), artificial intelligence and edge computing strategies, data collection and storage offer several challenges. Today there is a strong trend towards cloud migration due to lowered cost in storage and its collaborative features. The impact of cloud computing on retail business is not only limited to seamless and scalable applications but also in providing several security and compliance features. The cloud contact center for example, is a treasure trove of personal information, which makes the cloud contact center security a crucial aspect .
Cloud Contact Centre Security
The security of contact centers hosted on a cloud depends on various factors:
- Updated technology: Ensuring that the contact center staff are using the latest technology to engage with customers and are in the know about security and technology updates is important
- Infrastructure security :Opting for a design which has a built in security system seems to be a better option than securing an existing system.
- Using multiple layer protection: A solid cloud contact center security should combine data loss prevention software and encryption.
- Round the clock support: A cloud provider’s business thrives on the fact that it is available 24*7.
- Strong Identification Policy: A strong password policy combined with biometrics help to strengthen security
A good IT compliance system involves the realities and intricacies of today’s highly connected environment. More than ever, IT compliance demands strong governance frameworks, appropriate policies and protection from any untoward incidents.