Technology has made some huge strides in recent years and created a much more convenient working environment. Connectivity gets much of the credit for achieving this status. By connecting different devices and data points, we can work more efficiently. However, by creating an interconnected web of devices, we expose our data to multiple points of vulnerability. With the threat of a cyber attack looming, business owners need to stay vigilant and take compliance seriously. This issue has grown to such prominence that the federal government has stepped in to ensure business’s security measures are up to par. They have created mandatory compliance standards that companies must meet. These standards cover privacy, security, and employee work accessibility. The goal behind these standards and mandates is to provide a standardized system that companies can follow for their cyber security policies. Here are some new rulings that can affect your business: Health Insurance Portability & Accountability Act (HIPAA) – Medical records are possibly some of the most sensitive records that exist. HIPAA was created to ensure patient records and insurance records are kept safe from fraud and theft. Payment Card Industry Data Security Standard (PCI-DSS) – Almost any business that accepts major credit cards will have to comply with the PCI-DSS. It increases control of cardholder data in an effort to reduce credit card fraud. Sarbanes-Oxley (SOX) – To prevent another Enron situation from happening, publicly traded companies are now required to submit annual reports to the Security and Exchange Committee (SEC). These reports need to detail the effectiveness of their internal accounting controls.
