5 compliance trends shaping the business communications landscape
The last two years have brought about major change to the way we work, with communications and collaboration platforms being at the forefront of innovation.
There is no doubt about it – remote work is here to stay, even with many employees now having the option to return to the office. However, to suggest that home is the new office is inaccurate. The reality is that knowledge workers have grown accustomed to working from wherever they want, whether that involves getting a head start on the day’s tasks using a smartphone during the daily commute or working on a laptop in a café. However, since work is no longer defined by what we do in the traditional office environment, this has also resulted in increasing security complexity when safeguarding business communications platforms.
As regulatory oversight strives to keep up with a constantly evolving cyberthreat landscape, it falls to organizations to stay one step ahead of the game if they are to manage risk effectively. Businesses must focus on building a culture of compliance and security by design and, for the most part, that revolves around their usage of popular communication and collaboration tools. After all, these have become critical enablers of remote work.
Here are some of the top compliance trends shaping the regulatory environment today:
Growing demands for digital sovereignty
Governments around the world, particularly in Europe, are putting into motion new strategies for achieving greater digital independence in a world where the majority of data ultimately falls under the control of US tech giants like Microsoft. Among the main concepts being addressed by recently proposed legislation, such as Europe’s Data Act, are the localisation and residence of data pertaining to EU citizens. In many ways, this is a direct response to the US’s CLOUD Act, which many privacy experts fear could leave the citizens of countries outside the US open to surveillance by US authorities.
Regulatory scrutiny is on the rise
Many governments, including the US government and the European Commission, continue to work hard to consolidate their data privacy and security regulations and set new standards for both. Europe’s GDPR, which came into effect in 2018, is one such example. However, as the compliance landscape evolves and data comes to play an ever more crucial part in modern economies, so too does regulatory scrutiny. For example, we have already seen huge fines levied against companies using WhatsApp and not adhering to record-keeping regulations, including the $200 million fine against JPMorgan Chase.
Compliance automation is gaining momentum
Despite efforts to the contrary, the compliance landscape is undeniably getting more complex, especially for global enterprises doing business under multiple jurisdictions. However, there is a silver lining in that most compliance processes are repeatable, simply because they are standardized. It is relatively easy to automate repeatable processes, including the continuous analysis of systems and data for compliance. Thus, compliance automation is a fast-growing field that promises to reduce the burden on compliance teams and scale risk management.
Zero trust security is becoming mandatory
In January 2022 the US Federal Government released a strategy memo on implementing zero trust security, which is slated to become mandatory for government agencies and suppliers. The European Parliament is also working towards introducing legislation that will set standards for a new zero trust framework that would apply to all systems that collect, store, or process sensitive information. Zero trust is one of the most powerful security and privacy concepts of all, simply because it relies on continuous verification and gives data owners and processors complete control over their data assets.
Private clouds are increasingly important
In order to preserve digital sovereignty and apply their own security, privacy, and compliance controls, more and more organizations are moving to private-cloud architectures. This helps them enforce data localization and, with the help of specialized third-party tools, it is possible to protect communications platforms like Microsoft Teams as well – even though they operate primarily through the public cloud. Private clouds also help companies maintain the principle of least privilege, a core component of zero trust security in which people and systems only even have access to the data they explicitly need to perform their roles.
Worldr solutions help you meet the demands of a constantly evolving regulatory landscape and adhere to new data protection laws. Get in touch today to request your demo.