Cybersecurity is arguably the most crucial aspect of surviving as a modern-day business.
There's no shortage of cyberattacks hitting companies around the globe every day, and the consequences are devastating. If a business is successfully infiltrated by cybercriminals, they risk permanently damaging their finances, reputation, and in most cases, their future. But, by maintaining compliance, businesses are ensuring a guaranteed higher security standing and are more likely to avoid that problem.
The only problem?
Depending on the industry, meeting compliance is one of the most difficult aspects of cybersecurity.
What is Compliance?
Maintaining compliance, in cybersecurity terms, simply means meeting the set regulations and standards created by both government and industry bodies. The regulations are created to both mitigate cybersecurity risks and to reinforce an organization’s ability to keep personal information and data protected from criminals and other unauthorized forms of access.
Essentially, compliance is a non-negotiable cybersecurity framework businesses must abide by in order to continue operation. High-level industries, such as healthcare and finances, usually have the most compliance regulations because of the nature of the data being handled.
Common Compliance Laws
Health Insurance Portability and Accountability Act (HIPAA)
If you’ve ever gone to the doctor’s office before, you’ve interacted with HIPAA.
HIPAA lays out the required standards healthcare organizations must abide by, on a federal level, to keep your medical information safe. Some of HIPAA’s regulations include establishing and maintaining restricted access controls, performing regular cybersecurity risk assessments, and deploying multi-level security measures.
For any healthcare organization, a data breach is dangerous for both patient and staff—just one is all it takes to shut down.
Payment Card Industry Data Security Standard (PCI DSS)
Anywhere that takes card as a form of payment must abide by PCI DSS.
All PCI DSS regulations emphasize and prioritize securing all payment systems to protect cardholder data. Finances are one of the most damaging pieces of data to lose, so the cybersecurity requirements to comply with PCI DSS are thorough and, oftentimes, tough to meet for small businesses.
What Happens if a Business Doesn’t Meet Compliance
Failing to meet compliance regulations comes with many penalties.
On a technical level, a business that fails to meet compliance will be required by law to continue paying hefty legal fines until they’re up to par, which can be detrimental depending on the size of the company. However, by failing to meet compliance, you lose more than just money.
The biggest compliance penalty is trust.
Your customers trust you to keep their sensitive information safe every time they make a transaction. By keeping up with compliance, you’re demonstrating your commitment to their protection, upholding your reputation as a good business, and encouraging future business with them.
Compared to other businesses in your industry that aren’t prioritizing their cybersecurity and compliance level, you’ll be a goldmine.
Cybersecurity and Compliance Starts with a Conversation
You won't know what policies and security your business needs unless you start talking. Cybersecurity shouldn’t be the dreaded 6-hour training exercise required every year for your staff—normalize voicing concerns and regularly practicing cybersafe procedures whenever you can. The more we talk about how to stay safe, the more empowered we are to put it into practice.
A culture of cybersecurity prioritizes the protection of data, which only has a net positive on how the world sees your business. But, as we all know, maintaining compliance and improving your organization’s overall cyber health is not an easy, overnight task.
Contact Twin Networks today to learn more about how we can get your business on track to meet compliance with flying colors.
