09 May Increase Revenue by Selling Compliance Services to New Markets
The financial and legal industries are among the most highly regulated in the country – typically bound to both government laws and industry regulations. Yet, financial firms expose more than 60% of all leaked records.
Law firms, certified public accountants (CPAs), and financial institutions often have clients who manage high-value data for their clients that serve healthcare organizations. If the accounting firm gets hacked, the healthcare organization must notify multiple sources, including all its patients, of the breach.
With risks of this magnitude, businesses in these sectors need MSPs who can provide formidable cybersecurity and data protection.
So how do you land new accounts? Learn what type of services they offer, who their clients are, and what drives their businesses. You must also learn their level of cybersecurity competency:
- Do they understand their industry regulations?
- Do they know and follow cybersecurity best practices?
- Do they realize the repercussions of non-compliance?
Financial organizations must adhere to a variety of cyber and data laws through regulating entities such as Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and the Federal Financial Institution Examination Council (FFIEC). If the institution processes credit cards, they must also observe the Payment Card Industry (PCI) Security Council Standards.
Law firms must make reasonable efforts to guard against the inadvertent or unauthorized disclosure of client information. Most case information is filed electronically, adding another level to their cybersecurity needs.
The competency standard mandates that lawyers can only take on cases for which they are qualified. For example, a divorce attorney could not handle a murder trial. But now, understanding cybersecurity and the risks of technology are part of competency requirements. Lawyers must either prove they possess an acceptable level of cybersecurity knowledge or hire an expert to assist.
CPAs share similar ethics and confidentiality standards like attorneys as they handle sensitive client financial and tax information. Their major governing institution is the American Institute of Certified Public Accountants (AICPA), but they must also satisfy financial and tax regulations and any regulations of their clients’ industry.
Not only can a single data breach jeopardize an attorney’s or CPA’s ethical, confidentiality, and competency standings, it can also obstruct court filing deadlines, tax filing deadlines, and threaten client relationships. Reputation is a driving force in these sectors. No one wants a lawyer or accountant with a history of cybersecurity fumbles.
For all three of these vertical markets, clients must be made aware of the full breadth of their cybersecurity needs. Compliance services not only ensure they comply with regulations but also provide the required documentation of policies and procedures that proves an organization is doing what’s necessary to protect the data.
Compliance Manager GRC
A comprehensive compliance management platform reduces the effort required and automates much of the work that goes along with compliance. Compliance Manager GRC gives you greater confidence that the information security programs you’re putting into place are actually working – and generates documentation to prove it!
You don’t need additional headcount or prior knowledge of industry or regulatory standards. Compliance Manager GRC can put you in an excellent position to provide improved IT security and robust compliance. Our Rapid Baseline Assessment will help you get up to speed quickly and demonstrate the need and value of compliance to any audience, whether for your organization’s upper management or for MSP clients or MSP prospects.
To find out more, click here to get a custom demo from our knowledgeable experts.