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By Carrie Fuesel • August 14, 2018

Data Security Concerns in Regulated Industries & the Role of an MSP

With greater concern around data security in regulated industries, managed service providers (MSPs) are focusing on regulated industries to provide increased protection of IT systems, assets, and data as well as to make sure that their IT strategy is in tune with compliance obligations and business objectives.

Whether your business is in the healthcare, legal services, or financial services industries, you require a unique set of data protection measures to ensure compliance within your industry regulations. A MSP can guarantee that your business is always up-to-date with current industry regulations so that you can focus on providing the best services for your customers.

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Healthcare

In 2017, 16% of healthcare organizations were attacked with ransomware.[1] Because of regulatory legislation such as the Health Insurance Portability and Accountability Act (HIPAA) and Health Information Technology for Economic and Clinical Health (HITECH) Act, patient confidentiality and compliance are top priority for healthcare organizations. MSPs provide end-to-end security protection, HIPAA compliance, and threat prevention. Your MSP will manage and monitor your entire IT infrastructure, so you can focus on delivering industry-best patient care. With the right MSP, you’ll have faster access to patient records because of improved network quality, and you will have improved efficiency, visibility, and workforce strategy.

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Legal Services

Law firms have unique IT needs, and it is becoming increasingly popular in the legal industry to use managed IT services. When evaluating MSPs, it is important to make sure you work with an experienced provider that is familiar with industry standards. In 2017, a study by Statista showed that 49% of legal professionals identified outsiders trying to break into the data network as the biggest security threat to their firm.[2] In the same study, 24% said that not knowing if data had been compromised was their biggest concern.[3] With managed IT services, you can be certain that your network, documents, and customer information are being protected. The right MSP will ensure that all your documents are managed and stored in a secure, confidential way.

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Financial Services

Ransomware continues to be a main concern in the financial services industry. In 2017, 21% of financial services business were attacked with ransomware.[4] The Gramm-Leach-Bliley (GLB) Act requires companies defined under the law as “financial institutions” to ensure the security and confidentiality of personal information of consumers. As part of its implementation of the GLB Act, the Federal Trade Commission (FTC) issued the Safeguards Rule, which requires financial institutions under FTC jurisdiction to have measures in place to keep customer information secure. Under this rule, you must ensure confidentiality and security of customer information, protect customers against threats, and protect against unauthorized access to customer files. Increased cyber security is a must when it comes to clients, employees, technology, and projects.

Financial industries need to stay on top of new technologies, keep all documents secured, and keep up with strict data security and regulatory laws. This can be a hard task to take on along with keeping up with day to day operations. With managed IT services, you can be sure that your network and documents are being securely monitored and managed. This leaves room for increased productivity, functionality, and keeps your focus on customers.

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As healthcare, legal services, or financial services organization in regulated industries, you cannot afford to be lenient with their security measures. It’s critical to have a strong MSP who holds security and compliance as their number one concern for your business. With compliance and security the main concern of your MSP, you can focus on growing your business and serving your customers.

[1] https://blog.barkly.com/ransomware-statistics-2017  [2] https://www.statista.com/statistics/877716/biggest-it-security-threat-to-law-firms-in-the-us/  [3] https://www.statista.com/statistics/877716/biggest-it-security-threat-to-law-firms-in-the-us/  [4] https://blog.barkly.com/ransomware-statistics-2017

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