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    A Roadmap for Navigating the Data Compliance Journey

    May 9, 2024

    In today's global landscape, businesses face a multitude of challenges when it comes to data compliance. With regulations evolving rapidly and spanning across various jurisdictions, it's imperative for organizations to review their current data compliance strategies and address any complexities that may arise.

    Broadcom understands the gravity of these challenges and is actively working to provide solutions that support compliance certification and enable businesses to navigate the intricate world of data regulations. Our recent collaborations, such as the integration between the View output management solution and CA 1TM Flexible StorageTM  for a large bank in the U.S., stand as a testament to our commitment to empowering businesses to achieve compliance objectives efficiently and effectively.

    To assist businesses with their journey to efficient data compliance, we offer a comprehensive framework that consists of three key components: 

    1. Risk mitigation
    2. Operational efficiency
    3. Compliance

    By looking at these competing aims holistically, organizations can achieve the right balance among the imperatives of each of these components.

    MSD_FY24_Blog_A-Rodmap-for-Navigating-the-Data-Compliance-Journey-compliance-components-chart

     

    Risk Mitigation

    Let's dive deeper into the risk mitigation aspect of our framework by exploring a practical scenario. Imagine your organization is contemplating a move to the cloud for cold storage purposes, driven by the desire to cut costs and streamline operations. While this initiative might seem straightforward, it's essential to recognize the potential compliance and business risks lurking beneath the surface.

    Moving your cold storage data to the cloud offers scalability, accessibility, and cost savings. However, embarking on this journey without considering compliance and business risk priorities can lead to unintended consequences.

    For instance, the cloud introduces a new layer of complexity regarding regulatory compliance. Data protection laws vary across jurisdictions, and storing sensitive information in the cloud can trigger compliance requirements, such as data residency, data sovereignty, and data protection regulations like GDPR or CCPA. Failing to adhere to these regulations can result in hefty fines, legal repercussions, and reputational damage for your organization.

    Moreover, cloud migration has inherent business risks, including data breaches, service outages, vendor lock-in, and loss of control over data. Without robust risk mitigation strategies in place, your organization might be vulnerable to these threats—jeopardizing data security, operational continuity, and overall business resilience.
    This is where the framework comes into play. By systematically evaluating the trade-offs and implications of your compliance efforts, using the framework can help you navigate the complexities of cloud migration while effectively mitigating risks. This approach enables you to identify pitfalls, anticipate challenges, and make informed decisions that balance compliance requirements and business objectives.

    Whether it's assessing the impact on internal SLAs, evaluating regulatory complexities introduced by cloud migration, or mitigating associated business risks, our framework provides a structured roadmap for addressing these critical considerations. By leveraging our expertise and guidance, you can confidently navigate the intricacies of compliance while optimizing your operations for long-term success.
    The framework empowers you to make informed decisions that align with compliance and business objectives, ensuring that your organization remains resilient, agile, and compliant in an ever-evolving regulatory landscape. 

    We start by considering the following critical questions:

    • Does moving data to the cloud introduce additional business risk?
    • How does this approach impact our ability to meet internal SLAs?
    • Does moving our cold storage data to the cloud introduce additional regulatory complexity, for example by moving data off premise or to a different geography?

    By addressing these questions, businesses can identify potential pitfalls and proactively mitigate risks before they escalate.

    Operational Efficiency

    We prioritize operational efficiency while maintaining compliance standards. Key questions include:

    • How does our compliance approach impact our customers' experience?
    • Do our data retention policies affect our ability to comply with regulations?
    • Do our data retention policies create unnecessary impacts on our operations?
    Balancing compliance requirements with operational efficiency is crucial for ensuring smooth business operations while meeting regulatory obligations.

    Compliance

    At the apex of our framework lies the ultimate goal of achieving compliance, and CA 1 Flexible Storage simplifies this pursuit. With CA 1 Flexible Storage, businesses can navigate the intricate landscape of compliance without compromising on the three critical components: risk mitigation, operational efficiency, and compliance itself.

    CA 1 Flexible Storage offers a comprehensive suite of features that empower organizations to meet their compliance objectives—seamlessly, and without compromises. Here’s how:

    1. Data security and compliance: CA 1 Flexible Storage provides robust data security measures, ensuring that sensitive information remains protected at all times. With features like encryption, access controls, and audit trails, businesses can safeguard their data against unauthorized access, breaches, and cyber threats. Moreover, CA 1 Flexible Storage enables organizations to adhere to regulatory requirements such as GDPR, CCPA, SEC Rules 17a-4(f)(2) and 18a-6(e)(2), FINRA Rule 4511(c), CFTC Rule 1.31(c)-(d), and MiFID II Delegated Regulation(72)(1).
    2. Cloud migration made simple: Many businesses are exploring cloud migration as a means to reduce costs and enhance scalability. With CA 1 Flexible Storage, organizations can embark on this journey confidently, knowing that their data will be securely transferred to the cloud while remaining compliant with regulatory mandates. CA 1 Flexible Storage facilitates seamless integration with private and public cloud platforms, allowing businesses to leverage the benefits of cloud storage without sacrificing compliance or data security.
    3. Cost efficiency and operational optimization: Despite stringent compliance requirements, CA 1 Flexible Storage enables organizations to achieve their original goal of reducing costs and optimizing operations. By automating tape management tasks, optimizing storage resources, and enhancing data accessibility, CA 1 Flexible Storage empowers businesses to streamline operations, improve efficiency, and drive cost savings.
    4. Flexibility and scalability: As businesses evolve and grow, their data storage needs also grow and change. CA 1 Flexible Storage offers the flexibility and scalability to adapt to changing requirements seamlessly. Whether it's extending existing storage capacity, transitioning to the cloud, or integrating with new technologies, CA 1 Flexible Storage can accommodate diverse business needs while ensuring compliance with regulatory mandates.
    Whether it's securely moving data to the cloud, maintaining regulatory compliance, or optimizing operational efficiency, CA 1 Flexible Storage empowers businesses to navigate the complexities of compliance with confidence and ease. 

    Get Started on Your Compliance Journey 

    Now is the time to review current data compliance strategies within your organization and ensure alignment with evolving regulations. With new requirements like PCI 4.0 on the horizon (March 31, 2025 implementation), the need for proactive compliance measures has never been more pressing.

    Broadcom stands ready to support you in your compliance journey. Solutions like CA 1 Flexible Storage are designed to meet the stringent requirements set forth by regulatory bodies like the SEC, FINRA, CFTC, and MiFID II. Our recent certification from Cohasset Associates further validates our commitment to delivering compliance-ready solutions.

    Navigating the complex data compliance landscape requires a strategic approach that encompasses risk mitigation, operational efficiency, and a relentless pursuit of compliance excellence. Let Broadcom be your trusted partner in this journey toward achieving and maintaining compliance in an ever-changing regulatory environment.

    Find out more about how CA 1 Flexible Storage can help you with your storage needs, and contact us today to learn more about how we can help your business navigate the maze of data compliance with confidence and ease. Together, we can build a future where compliance is not just a goal, but a reality.