Grow ARM Revenue Through Data Security Compliance

Gain a Competitive Edge with Data Security Compliance

Running an Account Receivable Management (ARM) organization can be demanding, especially in a technology-driven market. Data security and compliance with various industry standards and regulations has become a basic requirement of operating an ARM.

The good news: this compliance challenge also brings a business opportunity and a real competitive advantage. By following certain data security best practices and having your organization audited and certified by a cybersecurity expert, you can drive new revenue growth with a strong return on investment.

As one CEO of a midsized ARM client put it, "It's an investment in time and money. But these (data security) compliance audits mean millions of dollars of revenue to my business."

What is Data Security Compliance?

Data security compliance is the process by which an authorized auditor certifies that an organization meets the requirements of a regulation or standard. Compliance standards provide a framework for a solid cybersecurity posture.

A secure posture keeps sensitive data protected from being read, copied, changed, or deleted by cybercriminals. In other words, it sets a standard of best practices to help defend against a hacker looking for a way in to steal that data.

Modern ARMs are investing heavily in a few key data security compliance certifications to protect and grow their business. With proven operational and technology controls in place, these ARMs are seen as a superior vendor choice by their customers and prospects.

These certifications are usually driven by the requirements of customers, prospects, and vendors. The most common ones sought by ARMs are:

PCI DSS

PCI DSS (Payment Card Industry Data Standard) is an information security standard for any company that accepts, processes, or stores credit card information. It ensures that proper controls are in place to protect credit card transactions and that all payment information is accepted, processed, and stored in a secure ecosystem.

A Qualified Security Assessor (QSA) is a data security firm qualified by the PCI Council to perform PCI DSS assessments.

The Assessor will:

• Verify all technical information given by the merchant or service provider
• Use independent judgment to confirm the standard has been met
• Provide support and guidance during the compliance process
• Be onsite for the duration of the assessment as required
• Adhere to the PCI Data Security Standard Assessment Procedures
• Validate the scope of the assessment
• Evaluate compensating controls
• Produce the final Report on Compliance

ISO 27001

ISO 27001 is an information security standard that helps organizations manage the security of assets such as financial information, intellectual property, employee details, or information entrusted to them by third parties. Many ARMs adopt the standard to benefit from the best practice it contains.

Others also want to get certified, to reassure customers and clients that its recommendations have been followed.

ISO 27001 is the best-known standard in the family, providing requirements for an information security management system (ISMS). An ISMS is a systematic approach to managing sensitive company information so that it stays secure. It covers people, processes, and IT systems through a risk management process.

The standard specifies a management system that puts all information security under management control. The requirements include:

• Examining an organization's information security risks in the context of threats, vulnerabilities, and impacts
• Designing and putting in place a comprehensive suite of controls and other forms of risk treatment, such as risk avoidance or risk transfer, to address any risks that are unacceptable
• Adopting a process that keeps all information security controls meeting the needs of the organization on an ongoing basis

HIPAA

HIPAA (Health Insurance Portability and Accountability Act) was established in 1996 to modernize the flow of healthcare information. Any company that has access to or uses personal healthcare information (PHI) must be HIPAA-compliant.

For an ARM, being HIPAA-compliant is critical to doing business with customers in the healthcare or healthcare-related industry.

The HIPAA Privacy Rule addresses how PHI can be saved, accessed, and shared. To handle any PHI data, an organization must follow standards for physical and technical safeguards. Audit reports and tracking logs are also necessary.

Technical policies should cover integrity controls, or measures taken to ensure the data is not altered or destroyed. Finally, network security is another HIPAA requirement, protecting against unauthorized public access to PHI.

HITRUST

The Health Information Trust Alliance (HITRUST) is a private company that collaborates with healthcare, technology, and information security stakeholders to establish the Common Security Framework (CSF). HITRUST is a more formal standard with a certification aimed at protecting sensitive healthcare information.

The CSF is an outline that any organization can use to create, access, store, or exchange sensitive data. The framework is flexible and an efficient way to meet regulatory compliance and risk management. Organizations can adjust the CSF based on the type of organization, size, systems, and regulatory requirements.

Conclusion: Data Security Compliance, ARM Clients Expect It

When an ARM looks at how to win new customers and retain existing clients, it is important to see data security compliance as a real business requirement. Customers are often highly regulated themselves. They have become very diligent about data security, and they demand that their vendors prove compliance with various data security standards to protect their business. In short, ARMs that do not embrace this trend are choosing to be left behind by the competition in their hyper-competitive industry.