Compliance with regulatory standards is key for any organisation using Software-as-a-Service (SaaS) tools such as Slack, Google Drive, and Microsoft Teams. While SaaS providers will usually offer some form of data compliance, it is down to the company using the tool to ensure compliance with regulatory requirements. 

SaaS applications often involve the processing and storage of sensitive data, as employees share information with one another, or third parties feed more data into the system. While this is often necessary in order for employees to carry out their roles effectively, data should not be stored for an indefinite period. 

This is where SaaS compliance software comes in. It can help you understand where sensitive data is stored across your SaaS stack, and put steps in place to reduce the amount of data you retain.

Data stored in SaaS applications will still need to meet compliance requirements. Common standards that organisations adhere to include the General Data Protection Regulation (GDPR) which puts a focus on EU citizens’ data protection rights. 

Under GDPR, companies must obtain explicit consent for data processing, set data retention periods, and minimise the amount of data they have on record. They must also ensure every piece of data they hold is accurate, and inform the Information Commissioners Office (ICO) of any data breaches within 72 hours. 

ISO 27001 is also applicable across many industries, with a specific focus on information security management. To reach this quality standard, organisations must implement risk assessments, security policies, access controls, and continuous monitoring. 

Finally, Service Organisation Control 2 - commonly known as SOC 2 - is relevant for companies that offer cloud services or have a focus on technology. SOC 2 offers customers the reassurance that their data will be secure, confidential, and processed with data integrity front of mind.

There are different regulations that cover each industry, so your organisation will need to become familiar with the laws they should be abiding by. Here are just a few examples of industry-specific compliance laws:

1. Healthcare
   Those handling patient data in the United States will need to ensure compliance with the Health Insurance Portability and Accountability Act (HIPAA). This puts strict guidelines in place to protect Patient Health Information (PHI) and secure data transmission between organisations.
2. Financial Services
   Within the US finance sector, the Gramm-Leach-Bliley Act (GLBA) is in place to protect non-public personal information (NPI). It safeguards customer financial data, as well as putting security programs in place. Those companies processing payment cards will also need to remain compliant with the Payment Card Industry Data Security Standard (PCI DSS) which keeps customer information secured through encryption and other security measures. ‍
3. Educational Institutions
   Schools and other educational services within the US must comply with the Family Educational Rights and Privacy Act (FERPA) which protects student education records, and allows parental access to their files.

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There are many risks associated with non-compliance. After all, they were put in place to protect customer data.

Without clear compliance measures in place, sensitive customer or employee data stored in SaaS apps is vulnerable to unauthorised access by malicious actors or data leaks that could compromise data integrity. However, minimising the amount of data you hold can reduce the impact of a possible data breach or leak.

If you fail to comply with the regulations appropriate to your industry, you could face legal action from authorities, or those affected by any data breaches. This may result in fines, penalties, and reputational damage, as customers may feel they can no longer trust you. Compliance with regulations gives customers and partners the reassurance that their data is protected with you. The disruption caused by legal investigations may also halt operations and negatively affect business productivity.

To prevent any risks from your supply chain, you should conduct due diligence on any third-party vendors you’re using to ensure that any impact on their services won’t affect your organisation.

SaaS compliance software brings many benefits to your organisation, including enhanced security, streamlined operations, and overall risk mitigation.

Not only can it improve your data security posture, but it can help you avoid legal fines, and improve customer trust. SaaS compliance software automates compliance with industry-specific regulations, such as GDPR, HIPAA, or PCI DSS, reducing the risk of legal consequences and ensuring the organisation's operations align with relevant standards.

It can also reduce the amount of data you store in SaaS applications, helping you to comply with regulations such as GDPR, and gives you visibility into data locations across your SaaS stack to understand how sensitive data is shared among your team.

Reporting tools also help you to generate compliance reports, making it easier to prepare for audits and demonstrate adherence to regulatory requirements, saving time and resources. Finally, implementing SaaS compliance software fosters a security-conscious culture within the organisation, promoting awareness and accountability among employees for adhering to compliance standards.

Metomic can benefit your organisation in a number of ways, helping you to reduce the amount of data you retain with automatic retention periods, to bring peace of mind to security teams.

Our unified dashboard helps customers enforce compliance strategies across multiple integrations at one time, making it easier to manage security policies across their entire SaaS stack, and bringing a holistic approach to your data security.

Real-time data monitoring helps organisations to identify and address compliance issues as they arise, promoting data transparency across the company.

In conclusion, choosing Metomic brings a combination of advanced features, user-friendly design, and ongoing support, positioning it as a valuable solution for organisations seeking to effectively manage and enhance their data compliance efforts.