Every company faces the threat of data breach, which is why it’s vital to minimize vulnerability before cybercriminals attack. But that is not enough. There are federal and state laws as well as varied industry rules that govern compliance. If your organization isn’t compliant and customer data is hacked, you might be legally liable. CMIT Solutions is ready to help you satisfy compliance requirements and keep your company and your customers protected.
Counting the Cost of Compliance
Not only do compliance solutions offer a huge return on investment, non-compliance can cost businesses a small fortune. A defining study undertaken by Globalscape and the Ponemon Institute several years ago compared the cost of compliance with non-compliance. The True Cost of Compliance with Data Protection Regulations looked at both federal and industry regulations. These included data integrity, global privacy, data loss, and self-enforced regulatory frameworks including the International Organization for Standardization (ISO). In a nutshell:
- Regular compliance audits saved businesses an average of $2.86 million
- Non-compliance increased compliance expenses by up to 45%
Impact of Compliance on Different Industries
It stands to reason that different industries will approach the challenges of data protection compliance in different ways. For example, many role players in the construction industry work primarily off-site while accounting firm employees are commonly office workers. Increasingly, many industries have hybrid scenarios with a combination of remote and office workers. But regardless of your industry, there are certain compliance issues that are common to all of them. It’s really just the approach that differs. CMIT Solutions is ready to provide practical advice and help formulate the way forward for your business.
Mitigate Risk with Real Expertise
The foundation of the CMIT Solutions compliance approach starts with the initiation of risk assessment conversations. We focus on both short- and long-term needs while charting a course designed to lead to ultimate success. Our method ensures indispensable compliance solutions tailored to your financial parameters..
Satisfy Security Standards
For new or inexperienced business owners, understanding acronyms like HIPAA, GDPR, ISO, and FINRA can be overwhelming. The problem is that if you don’t know the importance of the compliance standards they represent, your data and the data of your customers may be at risk. As compliance requirements become more complex, an increasing number of businesses turn to CMIT Solutions for guidance.
Enhance Your Company’s Reputation
Don’t view strict compliance standards with trepidation. Rather embrace them as opportunities to fortify your data protection and reinforce client confidentiality. Ultimately you will find that these are valuable enhancements to your overarching cybersecurity infrastructure that will contribute positively to your corporate reputation.
What Does Compliance Mean to You?
While the strict letter of the law is important, your location, the size and scope of your business, and the industry you operate in can all make a big difference to what compliance means to you. Some important questions you need to answer are:
- How do you define “personal information”?
- What sort of protection are you required to provide for this information?
- How can your customers exert control over their own data?
- Do you know what kind of notifications you are required to send if a customer’s data is stolen?
Ultimately, as a business owner or operator, you are inevitably going to be in a position where you’ll be dealing with important client information. This means that you potentially face big risks related to protecting the privacy and data identity of your clients. CMIT Solutions knows how overwhelming this can be and we are ready to help small and medium-sized businesses deal with regulatory compliance issues and data governance.
Assessment
CMIT Solutions undertakes evaluations, analysis, and detailed appraisals when reviewing and assessing existing security in a company. Once we have done this, we suggest and then implement ways that ensure internal rules are compliant with all the applicable industry and government standards.
Training
Rather than scrambling to ensure compliance standards are up-to-date annually, CMIT Solutions incorporates compliance training into everyday processes. This approach integrates compliance training seamlessly into daily workflows. It also ensures ongoing adherence to the rigorous requirements demanded by compliance rules and regulations. Ultimately, it eliminates any need for last-minute, annual rushes to meet stringent federal, state, or industry requirements.
Flexibility
CMIT Solutions enables businesses to remain agile and productive in the face of evolving circumstances. This is especially important in states where new or updated compliance laws have been introduced. We do everything possible to avoid disruption when there is mandatory change.
Guidance
Never underestimate the value of qualified and experienced guidance. CMIT Solutions equips companies throughout North America with compliance expertise, eliminating the necessity to employ a full-time security specialist. At the same time, our expert team players are constantly at your side to guide you.
Coordination
CMIT Solutions provides data security protocols that harmoniously link employees, computers, and networks, ensuring uniform compliance standards across the board. It doesn’t matter what devices employees are using, when they need to be in the loop, they are. We help with integration, synchronization, and ultimate alignment to make sure the process is 100% coordinated.
CMIT Solutions Tech Specs for Compliance
Compliance can be a complicated business, starting with mandatory requirements. Some of these are industry specific, some aren’t. For example, the federal Gramm-Leach-Bliley (GLB) Act is concerned with the financial privacy of consumers. The Health Insurance Portability and Accountability Act (HIPAA), on the other hand, relates specifically to the flow of health-related information.
GLB Compliance
The GLB Act doesn’t only apply to financial institutions that offer financial products including loans and insurance. It also applies to payday lenders, financial advisors, collection agencies, check cashers, auto dealers, and a host of other companies. All these businesses need to safeguard customer data and explain any practices that might entail sharing customer information.
HIPAA Compliance
HIPAA compliance can be a challenging path for healthcare providers and their partners. Whether you fall in the category of a covered entity or are a business associate, CMIT Solutions is here to provide guidance and ensure compliance.
CMMC Compliance
Contractors engaging with the Department of Defense must obtain Cybersecurity Maturity Model Certification (CMMC). This can be an enormous challenge. CMIT Solutions assists organizations in preparing for a CMMC audit through an initial risk assessment and a comprehensive action plan to address compliance shortcomings.
NIST Compliance
CMIT Solutions aligns its cybersecurity practices with the framework established by the National Institute of Standards and Technology (NIST). NIST compliance requires businesses to comprehensively address data threats through the five key functions: Identify, Protect, Detect, Respond, and Recover. These include measures like security awareness training and Security Incident and Event Monitoring (SIEM).
FINRA Compliance
Complying with the Financial Industry Regulatory Authority (FINRA) involves adhering to very stringent rules governing information sharing and transaction transparency within the banking, accounting, and tax sectors. This is essential within the financial sector. Business that don’t comply will be held legally liable in the event of data breaches.
PCI Compliance
For businesses accepting major credit card payments, compliance with the Payment Card Industry (PCI) Data Security Standard, introduced in 2004, is obligatory. It enhances security for card issuers by mandating minimum standards for the safe storage, processing, and transmission of cardholder data. These businesses cannot afford not to comply with the standard.
GDPR Compliance
Enforced in 2018, the European Union’s General Data Protection Regulation (GDPR) standardizes data privacy regulations and promotes transparency relating to how organizations address this critical matter. Its impact has reverberated globally, with governments and regulatory bodies adopting GDPR-inspired standards.
Security Awareness Training
You can bolster your team’s cybersecurity awareness with easy-to-implement, hassle-free security training programs. We deliver up-to-date content combined with online training This is complemented by in-depth reporting functionalities that allow you to effectively administer a robust security training program.
Penetration Testing Compliance
An effective cybersecurity approach requires a proactive stance. This should include penetration testing to simulate cyberattacks on your organization. This proactive measure empowers IT partners like CMIT Solutions to pinpoint and rectify vulnerabilities before malicious actors can exploit them. Throughout this process, we uphold compliance with data privacy and security regulations just as we would in the event of a real attack.
Consider the Benefits of Compliance
Familiarizing your business with its regulatory obligations enables you to proactively defend your data, empower your employees, and fortify your systems against cyber threats. In the process, you have the opportunity to bolster your business’s reputation and elevate your cybersecurity safeguards.