Prudent business leaders worry about compliance risk. However, those without specific technology expertise may not know how to assess or mitigate that risk. Ignoring it isn’t an option, as one bad audit or incident can cost the business dearly.

But what should business leaders do when there are so many rules and not enough data security knowledge? Solving this dilemma is crucial for every business and a vCIO can provide a practical answer to the problem at hand.

As AI gains steam in most industries, governments are moving to tighten regulations. In addition to existing laws like the Payment Card Industry Data Security Standard, the Securities Exchange Commission has introduced new cybersecurity disclosure rules that require businesses to report on cyber risk management programs and incidents.

If businesses don’t follow these regulations, they can face hefty fines from government agencies. Additionally, non-compliance can lead to expensive downtime and data breaches that erode customer and investor trust in the organization.

Fortunately, a virtual Chief Information Officer (vCIO) can help. Here are five ways your business can benefit from investing in a vCIO.

Investing in managed IT support, such as a virtual CIO , can assist businesses in reducing their compliance risk exposure. Here are five reasons why you should consider an MSP for your organization.

All industries are governed by specific regulations. For example, healthcare organizations must adhere to the Health Insurance Portability and Accountability Act, which sets standards for protecting patient health information. A vCIO can help with understanding and following the regulations that apply to your particular industry.

A vCIO can offer a full compliance risk audit to demonstrate your cyber risks and where you might be out of line with regulations. You’ll also learn the material costs your business could face for a failed government audit, such as fines or a loss of your customer base.

A vCIO will share its findings and recommendations from an audit. With Fairdinkum, you won’t just receive a risk report; you’ll also understand how to address issues with a complete implementation roadmap. This includes an incident response plan for mitigating damage during emergencies, often required by many federal regulations.

IT consulting experts can help you understand how to retool your compliance policies to set your business up for success. This gives everyone in your organization clear guidelines to follow to ensure everyone is working toward the same goals.

Working with a vCIO isn’t just about compliance. The real time tech support can also help you manage the daily aspects of your technology infrastructure. This includes creating a plan to maximize your current systems with managed cloud solutions, reviewing your workflows for efficiency and analyzing costs so you can reduce them.

Compliance risk is too big a deal for your business to ignore. While you may not think your business is subject to scrutiny, if you work with public information in any way, you likely must comply with regulations. Fortunately, a managed service provider puts compliance expertise right at your fingertips. We understand the many different areas of compliance documentation across industries. Let us help you protect your business.

Send us an email to sign up for our free series to learn more about the numerous types of compliance risk exposures and how to maximize your data security success.

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