A report shows that on average, 25% of business revenue is spent on compliance costs. Also, 18% of businesses surveyed estimated that 50% of revenue is spent on compliance. These numbers translate to high costs, which are often beyond the financial capability of startups. At the same time, the report states that continuous compliance has benefited their organizations greatly.
How do startups gain the benefits of continuous compliance with tight budgets?
Technology is a possible solution.
Platforms like Vanta automate many tasks, reducing the effort and resources needed for compliance. Its many features help startups achieve compliance with standards like SOC 2 and ISO 27001 without spending a ton of money. More importantly, Vanta also enables startups to improve their cybersecurity posture and brand image through proactive compliance measures.
Read on to learn how Vanta’s features help startups to comply with different regulations.
What is Vanta?
Vanta is an automated security and compliance platform designed to help companies, especially startups, prepare for and maintain various compliance certifications. Its core value lies in automating many tasks that are typically done manually, like collecting security audit evidence, monitoring systems, and preparing reports.
Vanta integrates with a startup’s existing tech stack, continuously monitors their security systems, and flags areas requiring attention. It supports 30+ compliance standards and frameworks, including SOC 2, ISO 27001, HIPAA, NIST, GDPR, and more.
How does Vanta Ensure Compliance for Startups?
Let’s look at the important Vanta features that help startups comply with different regulations.
Continuous Monitoring
One of Vanta’s standout features is its continuous monitoring capability. Instead of preparing for a compliance audit once a year and scrambling to gather evidence, Vanta enables startups to monitor their security posture continuously. This real-time surveillance ensures that startups are always audit-ready, reducing the risk of non-compliance.
Moreover, Vanta can monitor different systems, like user access, security updates, encryption practices, and vulnerability management. If an issue arises, such as a security patch not being applied, Vanta alerts the team immediately, allowing them to resolve the problem before it escalates.
Automating Security Best Practices
Security policies require regular updates, whether it’s patching software vulnerabilities, managing employee access, or ensuring that sensitive data is encrypted. Manually managing these tasks can be overwhelming for a startup with limited resources. Vanta automates these tasks by:
- Ensuring only authorized individuals have access to critical systems.
- Checking if all systems are up-to-date with the latest security patches.
- Verifying that sensitive data is properly encrypted during transmission and at rest.
By automating these tasks, Vanta reduces human error, strengthens security, and keeps startups aligned with the required compliance standards.
Integrating with Existing Tech Stacks
Startups use different tools and platforms to manage operations, from cloud services like AWS and Google Cloud to collaboration tools like Slack. Vanta integrates with these different platforms to gather security data and check if each process adheres to best practices and compliance requirements.
This integration simplifies compliance management because startups can now maintain strong security practices across their entire ecosystem without overhauling their tech stack or hiring specialized compliance staff.
Saving Time and Cost
Achieving compliance without a platform like Vanta can be expensive and time-consuming. Startups often have to hire consultants or dedicate entire teams to manage compliance manually. The costs can quickly add up when considering the price of audits, legal fees, and potential fines for non-compliance. With its automation features, Vanta cuts down on the need for manual work, saving startups both time and money. Instead of spending months preparing for an audit, Vanta helps reduce this process to a matter of weeks.
In addition, by continuously monitoring systems and alerting teams of any vulnerabilities, Vanta prevents costly data breaches that could lead to fines, lawsuits, and reputational damage.
Simplifying the Audit Process
A major pain point for startups is the audit process itself, which involves preparing extensive documentation, gathering evidence, and undergoing interviews with auditors. This process can take months, especially if the startup is not adequately prepared.
Vanta simplifies this audit process by continuously collecting evidence in real-time, generating reports, and making sure that systems remain compliant year-round. When the audit approaches, startups can provide auditors with pre-generated reports and real-time data, speeding up the process and increasing the likelihood of a successful audit.
Securing Data for Startups
Securing data is a top priority for startups, as they handle sensitive customer information while having limited resources to safeguard it. Inadequate data protection can lead to breaches, legal issues, and loss of trust, all of which can harm a young company. Startups must implement robust security measures from the outset, including encryption, access control, and regular vulnerability assessments. Vanta can automate these processes to continuously monitor and protect sensitive data.
Scaling Growing Startups
As startups scale, so do their compliance requirements. Vanta can grow with businesses, offering flexible solutions that can be tailored to meet the needs of a small startup or a growing enterprise. For early-stage startups, Vanta provides the necessary tools to meet basic compliance requirements. As the company grows and its needs become more complex, Vanta’s platform can scale to meet the challenges of larger enterprises and more rigorous compliance standards. This scalability ensures that startups don’t need to switch compliance platforms as they grow, making Vanta a long-term solution.
Due to these features, Vanta can ease the compliance process for startups while securing their data and maintaining their cybersecurity posture.
Final Words
For startups, securing data and maintaining compliance is essential to building trust with customers, investors, and partners. Vanta offers a streamlined, automated approach to compliance that saves time, reduces costs, and enhances security. Furthermore, it integrates with a startup’s existing tech stack for continuous monitoring. Also, Vanta prepares companies for SOC 2, GDPR, ISO 27001, and HIPAA audits.
Startups looking to gain a competitive edge, secure their data, and grow their business would do well to invest in a solution like Vanta. It offers peace of mind and a proven path to compliance without the overwhelming burden of manual processes and the high costs associated with traditional compliance approaches.