Effective governance, risk management, and compliance (GRC) are essential for organizations to navigate the complex regulatory landscape, mitigate potential threats, and ensure long-term sustainability. Our comprehensive GRC solution provides a centralized platform to streamline processes, enhance visibility, and foster a culture of accountability. With robust risk assessment capabilities, customizable policy management, and seamless integration with your existing systems, you can confidently navigate the evolving business environment and safeguard your organization’s interests. Empower your team to make informed decisions, optimize resources, and demonstrate compliance – all while driving operational excellence and building stakeholder trust.
Compliance refers to the rules and regulations that help protect sensitive data relevant to specific industries, regions, or business operations. Each sector and region has unique compliance requirements that all organizations must follow. Compliance includes legal and ethical regulations on personal data protection, privacy, and security.
While small businesses rarely make the news when they are the victim of a cyberattack, that doesn’t mean it doesn’t happen. In fact, SMBs make up the majority of cyberattack victims. In 2021, 61% of all SMBs in the US were targeted by a cyberattack. More recently, over 90% of breaches impacted SMBs, demonstrating how vulnerable these businesses are to cyber threats.
And it’s not just an inconvenience or a minor risk of downtime and data loss — these breaches pose an existential threat to small businesses. A UK study showed that 60% of small businesses will close within six months of suffering a cyber attack, showcasing the long-term impact of poor cybersecurity and compliance measures.
Speaking of existential risk… 46% of ransomware attacks in 2023 led to losses of between $1 million and $10 million, which is enough to put the majority of SMBs out of business altogether. Could your clients comfortably absorb seven-figure losses, compounded by data loss, downtime, and a hit to their reputation? Probably not.
Bad actors are increasingly targeting smaller businesses over large enterprises. Small and medium-sized businesses often lack the resources, budget, and expertise to defend their businesses properly — many falsely assume they are not big enough to be a target. Unfortunately, 82% of cyberattacks target businesses with fewer than 1,000 employees. Compliance as a Service providers can avoid this trend by proactively selling compliance and risk management to SMBs, equipping them with the solutions necessary to safeguard against threats.
This can’t be said enough — many of your clients are likely not tech-savvy or experts in compliance and cybersecurity. Adhering to compliance regulations adds another headache to their list of responsibilities, which is why they need your help.
As your clients work towards becoming compliant, they must refine and optimize all internal processes and systems to ensure they comply with various compliance frameworks. Sometimes, this is a full-scale overhaul of how they do business. At the very least, an organization-wide systems audit and process breakdown are required to identify process gaps that could lead to vulnerabilities. Many of your clients wouldn’t even know where to start. That’s where you come in.
Compliance is simply too substantial to be an afterthought. Most clients don’t have the time, resources, and expertise to become compliant on their own, and hiring a qualified information security manager is a considerable expense they can’t (or don’t want to) pay for. By taking the burden of compliance off your clients and equipping them with compliance management software, you can fill a need in their infrastructure and cement your position as your clients’ go-to IT partner — all while saving them money compared to hiring an internal resource.
And since 82% of breaches target businesses with fewer than 1,000 employees, SMBs are especially vulnerable. All together, these stats paint a pretty clear picture — cyber breaches are a massive expense for SMBs and threaten their very existence. Because of this ever-present threat, cyber insurance premiums have increased 30-40% — another significant expense for small businesses. But many insurance companies offer discounts for good security posture. By maintaining adequate cybersecurity measures, you can reduce your clients’ insurance premiums, which goes right to their bottom line.
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