business focus 13
Chartered accountants Haines Watts presents a series of articles based on its blogs. It offers analysis, reviews and comments and welcomes your feedback at
www.hwca.com/blog
of the month Managing IT Security writes Barry Potter, partner at Haines Watts
The business world is leveraging new advantage from an ever-changing array of delivery models. The rise of cloud computing, outsourcing or shared services provides more efficient ways of doing business - but at a possible cost.
The cost is the increased risk that comes with the remoteness of data storage and processing solutions. Privacy, security concerns and regulatory compliance are major considerations.
To mitigate some of this, trust and transparency around these services is key.
Managing Risk
There are several key issues that SMEs should carefully assess associated with outsourcing and actions that they should take. For example, make sure:
• you have a legal contract with vendors;
• you select a provider who guarantees the service delivery/resilience/continuity that fits your business;
• information confidentiality is maintained;
• a provider has in place an independently verified information security system;
• that you do not breach any contractual obligations with
customers by placing their information with a third party;
• you fully appreciate and understand contract termination clauses; and
• you can fully comply with your legal and regulatory obligations (PCI, data protection etc).
Remember too that if a customer’s personal information, such as credit card details, is stolen it remains your responsibility. s
Knowing about a possible threat and understanding how to
reduce the risks or potential for harm is part and parcel of effective management.
If all these issues are addressed carefully before taking out a contract and the right measures are put in place, cloud presents a terrific opportunity for cost- savings, global communication and remote working. The benefits are numerous, as long as you assess the adequacy of your IT security.
Details:
www.hwca.com
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