In the competitive world of SaaS (Software as a Service) companies, compliance is something that inspires trust from your customers.
SaaS Compliance: A Basic Introduction
And if you are running a SaaS company, then you are responsible for ensuring your business stays compliant. You can’t afford to mess this one up, but you have also got a huge number of other important responsibilities.
Each of these compliances is complex enough to require a step by step guide dedicated to following the individual compliance properly. Be careful, and follow guides to the letter – you do not want to get this wrong!
So how can you ensure that your SaaS company is compliant without losing focus on any of the many other responsibilities you have to take care of?
Well, when you have compliance frameworks set up, you do not have to worry about them anymore and can focus on other ongoing concerns instead.
Below, we are going to help you to understand what SaaS compliance means for your business, how it can help you to be strategic, and the full checklist of compliances you need to consider.
What is SaaS compliance?
SaaS compliance is a broad umbrella term encompassing all the regulations and frameworks that all SaaS providers are required to follow.
These regulations govern how processes are set up within an organization. They also work to ensure that the company stays compliant across different regions that might have different standards.
Regulations cover things like how you calculate tax, how you manage customer data, and how often you are permitted to contact your users. There are specific regulations regarding cybersecurity (ISO 27001), revenue (ASC 606), data protection (GDPR), and many, many other fields.
Why is SaaS compliance important?
SaaS compliance is essentially risk management. Each point of contact between your SaaS product and any other software is a potential breach of security.
Not being properly compliant is a huge risk, both in terms of failing to properly handle data and in being hit with large fines for non-compliance. It could lead to lawsuits, huge data breaches, and the complete collapse of your product’s reputation.
Staying compliant helps you to build credibility with potential investors, keeps all of your data and revenue fully secure, and ensures that you are fully equipped to grow your company without running into problems and complications along the way. Compliance is about staying safe in the present and building for the future at the same time!
SaaS Compliance Checklist
If you are running a SaaS business, here is the list of compliances that you need to ensure you follow properly.
Data Security and Compliance
SaaS compliances can be difficult to wrap your head around. There are so many of them, and they have confusing acronyms that are hard to remember. We have all heard of GDPR, but almost nobody could tell you what PCI DSS means! Do not be tempted to skip compliance management, though. All of these compliances are essential, and you need to follow all of them, even the ones that you do not fully understand!