In recent years, public cloud solutions have become an increasingly popular option for businesses in regulated industries, such as finance, healthcare, and government. However, the use of public cloud solutions in these industries requires navigating complex compliance and regulatory requirements. This article will explore best practices for using public cloud solutions in regulated industries, including understanding the regulatory landscape, selecting a compliant cloud provider, and implementing appropriate security and compliance controls.
Understanding the Regulatory Landscape
Before adopting a public cloud solution, businesses operating in regulated industries need to have a thorough understanding of the regulatory landscape. This includes understanding the relevant laws, regulations, and industry-specific standards that apply to their business. For example, healthcare providers must comply with the Health Insurance Portability and Accountability Act (HIPAA), while financial services providers must comply with the Gramm-Leach-Bliley Act (GLBA) and the Payment Card Industry Data Security Standard (PCI DSS).
Selecting a Compliant Cloud Provider
Not all cloud providers are created equal when it comes to compliance and regulatory requirements. When selecting a cloud provider, businesses must ensure that the provider is compliant with the relevant regulations and industry standards. This includes evaluating the provider’s compliance certifications, such as the International Organization for Standardization (ISO) 27001 and the Service Organization Control (SOC) 2 Type II. It’s also important to evaluate the provider’s security and compliance controls, including data encryption, access controls, and incident response plans.
Implementing Appropriate Security and Compliance Controls
Even with a compliant cloud provider, businesses must still implement appropriate security and compliance controls to protect their data and comply with regulatory requirements. This includes implementing data encryption, access controls, and monitoring and reporting tools. It’s also important to conduct regular risk assessments and audits to ensure that the security and compliance controls are effective and up to date.
Conclusion
Navigating compliance and regulatory requirements can be a daunting task for businesses in regulated industries that want to use public cloud solutions. However, by understanding the regulatory landscape, selecting a compliant cloud provider, and implementing appropriate security and compliance controls, businesses can confidently adopt public cloud solutions while protecting their data and complying with regulatory requirements.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.