Managed Service Providers (MSPs) play an increasingly vital role in safeguarding businesses from security and compliance risks. Beachhead Solutions, which provides cloud-managed PC and mobile device encryption, security, and data access control provider for MSPs, has unveiled the “MSP Guide to Compliance and Regulation,” a comprehensive report aimed at guiding MSPs in protecting their practices and clients.
The report offers exclusive expert guidance on FTC Safeguards, HIPAA, cybersecurity assessments, CMMC, and cyber insurance, empowering MSPs to navigate security and compliance challenges while also highlighting strategies to attract new customers through compliance expertise.
The FTC Safeguards Rule
The Federal Trade Commission (FTC) Safeguards Rule, which requires “financial institutions” to maintain robust information security programs, has gained prominence. This rule necessitates practices like continuous security testing, data encryption, access controls, employee security training, and more. Many Small and Medium-sized Businesses (SMBs) find themselves urgently seeking MSP expertise to ensure compliance. Beachhead Solutions’ report not only explains the intricacies of the FTC Safeguards Rule but also highlights the significant opportunity it presents for MSPs to attract clients.
HIPAA Compliance
For MSPs serving healthcare delivery organizations, compliance with the Health Insurance Portability and Accountability Act (HIPAA) is paramount. MSPs must conduct regular risk assessments to identify potential vulnerabilities and risks to patient Protected Health Information (PHI) as a crucial aspect of HIPAA compliance. Additionally, MSPs should have an incident response plan in place to address security incidents or breaches, including reporting to relevant parties as required by HIPAA. The MSP guide offers a thorough primer on the latest HIPAA requirements, ensuring that MSPs can effectively assist healthcare clients in maintaining compliance.
Cybersecurity Assessments
Industries governed by regulatory compliance frameworks rely on cybersecurity assessments to evaluate their security posture. These assessments, when done accurately, help clients cut compliance costs and turn security into a business asset. MSPs should start with a risk assessment for new clients and also apply these processes internally. Moreover, they should stress the business value of cybersecurity assessments to clients, moving beyond IT-centric perspectives.
Beachhead Solutions’ report emphasizes the importance of these assessments in enabling MSP clients to thrive in regulated environments. It provides guidance on how MSPs can use cybersecurity assessments to transform security from a pain point into a competitive advantage.
CMMC 2.0 Compliance
With the introduction of Cybersecurity Maturity Model Certification (CMMC) 2.0, MSPs have a pivotal role in helping organizations secure controlled unclassified information (CUI) and personally identifiable information (PII). MSPs can excel by implementing security controls aligned with best practices to safeguard this information across organizations. Continuous monitoring and regular security assessments are essential to ensure CMMC compliance. The report offers a detailed walkthrough of CMMC 2.0 compliance requirements, empowering MSPs to assist their clients in meeting these stringent criteria.
Cyber Insurance
Compliance requirements for regulated industries are closely linked with cyber insurance. MSPs must ensure that all required cybersecurity measures are not only in place but also correctly implemented and well-documented to meet policy standards. Cyber insurance policies vary widely in coverage and requirements, making it crucial for MSPs to assist clients in selecting policies that effectively protect their businesses. The report sheds light on the intricacies of cyber insurance policies and how they align with major compliance mandates. MSPs can provide immense value by ensuring that their clients’ cybersecurity measures meet the specific terms and conditions of their policies, thus streamlining the claims process.
As regulatory compliance becomes an undeniable necessity for businesses across various industries, MSPs must be well-equipped to navigate the complexities, protect their clients, and seize opportunities for growth in this dynamic landscape.
Get the complete report here.
