Cloud-based Compliance Management vs Traditional Compliance Management

"Time flies like an arrow, but fruit flies like a banana." It's a classic joke, and as much as we appreciate the humor, we also know how much more quickly technology is advancing. As businesses move their operations to the cloud, it's important to evaluate cloud-based compliance management versus traditional compliance management.

Traditional Compliance Management

Let's start with traditional compliance management. In the past, businesses would monitor their compliance with regulations like HIPAA or SOX internally. These regulations are complex, and staying current with all updates could prove challenging. It required dedicated staff, resources, and ongoing training to ensure compliance.

To monitor and manage their data, businesses would store it on-premises. They would need to install and maintain costly IT infrastructure to secure the data. This infrastructure includes firewalls, VPNs, and intrusion detection systems. This process was time-consuming and required a significant upfront investment.

With traditional compliance management, businesses have more control over their data. However, they would often find themselves less agile, and the responsibility of compliance fell entirely on them.

Cloud-based Compliance Management

Now, let's talk about how things differ with cloud-based compliance management. With cloud solutions, businesses get the advantage of scalability, flexibility, and accessibility. Cloud providers, including AWS and Microsoft Azure, address security concerns through world-class security measures and compliance expertise. Therefore, cloud services can streamline compliance, taking on the responsibility of meeting regulatory standards.

Cloud providers reduce the total cost of ownership (TCO), as businesses don't need to invest in physical infrastructure. Additionally, cloud-based solutions are competitively priced, making it easier for small and medium-sized businesses (SMBs) to benefit from the same level of protection previously reserved for larger enterprises.

Comparison and Statistics

According to a recent report,¹ organizations using cloud-based compliance management solutions reduce compliance risks by up to 69% more than those using traditional compliance solutions.

The same report also indicates that cloud-based compliance management solutions help businesses save up to 30% or more in overhead costs. These solutions enable businesses to increase their operational efficiency and reduce redundancies. Also, SMBs, who could previously not afford to invest in compliance management, now have access to cloud-based services.

Conclusion

In conclusion, cloud-based compliance management provides a more secure, accessible, and competitive solution than traditional compliance management. Cloud providers take on the responsibility of being compliant through world-class security measures and compliance expertise. They also simplify the experience for businesses, enabling SMBs to enjoy the same level of protection provided to larger enterprises.

That being said, different businesses have different security protocols, and it's important to consider what is right for you. But if you're looking to reduce costs and streamline operations, moving to cloud-based compliance management would undoubtedly prove an excellent step.

References

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