Financial services and payment companies face rising compliance costs and a significant skills shortage in compliance. No wonder that IT leaders are eager to automate compliance in order to reduce cost and complexity; in fact, nearly 70% of IT pros would prefer an automated approach to compliance.
These pressures have led to the rise of RegTech, a relatively new set of software solutions that automate particular aspects of compliance. (Think Qumram, Onfido, or Privitar.) These software-as-a-service companies are helping financial services companies meet compliance demands and reducing costs, usually for specific, administrative compliance tasks like tracking employee conversations, conducting background checks on employees, and anonymizing data for storage and processing.
But as IT professionals know, the biggest compliance headaches often come from infrastructure compliance. Requirements related to network security controls, encryption, access management, incident response and security monitoring usually make up a significant portion of any compliance framework’s requirements. In fact, these areas are most frequently found to be out of compliance in PCI audits, and are a big reason why nearly half of companies fail to meet PCI standards.
That’s why companies need a simplified, automated approach to infrastructure compliance. We need a RegTech for infrastructure compliance.
However, while many tools exist to automate certain aspects of infrastructure compliance, there is no single automated SaaS solution to “fix” compliance on AWS or Azure or private cloud. It is up to your IT team or DevOps engineers to develop multiple pieces of “software” (automation scripts) and orchestrate a complete solution. This automation framework is often formalized as Continuous Compliance or Security by Design (SbD).
If you’re interested in building your own software solution to automate infrastructure compliance, read our free eBook on RegTech for the Public Cloud. You can also contact Logicworks to learn about the proprietary software we have already built for cloud compliance, which currently protects hundreds of financial services and healthcare companies to automate and enforce compliance-related infrastructure configurations.