Tech and Finance: Keeping up with Data Security and Regulatory Compliance

Technology has advanced so much in such a short time that it’s completely changed the way we have done business over the past decade. Now, more than ever, it’s critical to keep data private and secure, especially as most of our activities are increasingly being processed in the digital space and cloud environments.

Most organizations will find that securing data can be quite simple to implement, although some methods can take a little more time and resources to accomplish than others. When adding a new layer of security it’s important to assess every aspect of your operations, from physical hardware and storage devices to administrative access controls. In addition to this assessment, you should check how the security will affect your software stack, organizational policies and procedures, and even your level of compliance with regulatory standards.

Data security policies are an excellent way to protect an organization’s critical information from security breaches when implemented correctly. They also protect against internal threats and human error, which tend to be major sources of data breaches these days.

Besides policy development, there are an array of tools and technologies that can safeguard an organization’s existing data and boost the software currently utilized in the infrastructure. Keeping all of this in mind, your business should have these tools to protect sensitive files while also complying to the current regulatory standards, especially if you’re selling to the federal government.

Keeping your data safe and secure with strict permissions

One of the most cost efficient ways for a business to immediately increase their data protection and security efforts is to keep the list of people who have direct access to critical information very short, meaning to only the most trusted personnel. Strict permissions and access control is a key feature of intelligent data security for businesses, and keeping this list as short as possible will definitely help in the long run.

‘Security of your business is best maintained when fewer people have access to business critical information.’

The permission list should remain brief and direct as possible to ensure that data is safe and easy to manage. By following this simple principle businesses can limit access to databases, networks and administrative accounts to only those who need it to complete their work. All other users will still be able to get their jobs done, but they will have limited access to sensitive information that they do not need.

Additionally, strict permissions lists can help organizations remain compliant with industry regulations by limiting potential risks associated with data breaches. With fewer users having access to important information, it becomes less likely to being exposed to internal and external threats. If you’re in the government contracting sector, let’s take a look at how staying compliant with the latest regulatory guidelines will keep your financial data security ready for any type of audit.   

Financial Compliance: Staying on top of the latest regulatory trends

It has always been in the government’s best interests to ensure that funds are properly spent. One of the methods the government ensures their contractors spend money appropriately is through a rigorous audit process. Audits are utilized to determine whether contract costs are reasonable and correctly allocated as needed.

One of the largest contracting auditing agencies is known as the Defense Contract Audit Agency (DCAA) which performs thousands of audits for the DOD and other federal agencies every year. Being DCAA compliant means that your financial organization is following all the agency’s recommendations and guidance so that you remain compliant with federal law and also prepared for any upcoming audits.

If you are a federal government contractor, it’s important for your organization to be compliant with DCAA’s requirements. For example, your accounting platform should be able to track costs separately into categories like direct contract costs, indirect costs (fringe, overhead, G&A), and unallowable costs. All of this should ideally be integrated with your timekeeping system so that it can easily track all reports that the DCAA will want to audit.

‘Fuxebox offers solutions that assure you meet compliance requirements in recording and reporting financials of your business and maintaining integrity in your data and overall IT solutions.’

Is your organization thoroughly prepared with solid systems for all the accounting and compliance demands you’ll be faced with as a federal contractor? You can start by contacting Fuxebox to stabilize business performance and achieve better project results – with reduced compliance costs and fewer risks involved in the audit process.

Contact Fuxebox for DCAA Audit Support

Fuxebox has over 20 years of expertise in the field with audit support programs to assist in all aspects of DCAA compliance. We have an array of services including the development of an indirect rate structure, support in price proposals, internal audit assessments, generating up-to-date policies and procedures in accordance with FAR/DFARS and CAS, submitting compliant annual incurred cost submissions, and implementing other DCAA-related audit activities and readiness training for your internal team.

Would like to learn more about how to keep your business safe from potential cyber threats? Contact us for a free consultation:  http://fuxebox.com/technology

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Rey Martinez
Rey has over 20 years of experience in the information technology area, especially around the specialties of cybersecurity and systems administration. Originally from Toa Alta, Puerto Rico, he enjoys playing golf and tennis, and spending time with his family.
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