Are You Heading for a Compliance Disaster?

Are You Heading for a Compliance Disaster?

How StorageMAP Helps You Steer Clear – Transforming Compliance Nightmares into Strategic Wins with Next-Gen Unstructured Data Management

Even with top-notch experts leading the charge – managing data in regulated industries is no walk in the park.

For instance, take healthcare providers in the U.S. They have to deal with different rules for how long to keep patient records, depending on the state, all under HIPAA regulations. Over in Europe, companies have to be careful with how long they hold onto personal data, thanks to the GDPR, making sure not to keep it a day longer than needed. And, there are rules like SEC 17a-4 in the finance sector that require certain data to be kept just as it is – no changes or deletions allowed. Each industry has its own set of data rules to play by, and it can get pretty tricky to keep everything straight.

And, the stakes are high! A slip-up doesn’t just result in a slap on the wrist – it could lead to crippling fines, irreparable reputational damage, and protracted legal battles.

Businesses are between a rock and a hard place. On the one hand, they could get hit with penalties if they don’t keep data long enough. On the other, they might face fines if they hang onto it too long. And with rules always changing and business demands ramping up, the pressure just continues to escalate.

In fact, according to Accenture, the cost just to stay compliant could jump by as much as 30% in the next few years, with the demand for regulatory technology (RegTech) expected to triple, hitting an estimated $204 billion by 2026.

So… what are your options? Where should you begin? A step in the wrong direction could lead to rather serious, and highly expensive ramifications (not to mention, be a tad career-limiting).

I would respectfully offer you should really take a look at StorageMAP. StorageMAP is unparalleled in its ability to help businesses get their arms around their data while slashing risks and costs. It really makes a hard job a whole lot easier. Here’s how:

  • Full Insights – provides comprehensive visibility into your data landscape, illuminating everything from ownership to activity levels – crucial for heavily regulated industries that must account for every bit of data they handle
  • Customizable Dashboards and Reporting – offers fully customizable dashboards for monitoring and reporting, providing insights into compliance status, data health, and operational efficiency
  • Data Organization – organizes data efficiently, tagging and classifying it according to business and legal requirements – key in industries where data must be meticulously managed to comply with strict regulations
  • Risk and Cost Reduction – ensures data is in the right location and managing inactive or orphaned data, StorageMAP reduces both the risk of non-compliance and the costs associated with data storage and management
  • Data Mobility – data mobility capabilities are built to handle the scale and complexity of unstructured data, enabling actions like data migration, archival, and cleanup in compliance with regulatory requirements
  • Advanced Integrity Protection (AIP) – ensures the highest level of data security, crucial for industries where data breaches can lead to significant legal and financial penalties
  • Vendor Agnostic – operates across heterogeneous storage systems and clouds – ensuring optimal capabilities, protection, and security, as well as vendor lock-in avoidance, cost-efficiency, and maximum ROI
  • Policy-Based Data Movement – facilitates archival, cleanup, and other data management actions based on predefined policies – ensuring ongoing compliance with industry regulations

Regulations are really piling up everywhere, becoming stricter and more widespread across almost every industry around the world. Why is that? Well, it’s a combination of factors. Technology is advancing rapidly. International trade is becoming more complex. People are more concerned about the environment. And, there’s a stronger emphasis on privacy and data security. As a result, governments and regulators keep rolling out new rules to tackle the latest issues, protect consumers, and promote greener practices. For you and your business, it just means there are even more hoops to jump through to make sure you’re staying compliant.

Not to worry… With StorageMAP, you get all the capabilities you need to more easily navigate the compliance landscape. And, as regulations keep evolving, StorageMAP has your back… making sure you don’t just survive but thrive.