3 Types of Regulations Your Business Should Be Aware Of

Your business is likely subject to certain compliance laws and regulations depending on the type of data you collect from your clients or customers. Today, we want to emphasize the importance of your business considering regulation and compliance when managing its data and IT resources, as without doing so, you run considerable risk.

Consumer Personal Data

You probably collect certain information from your clients and customers, such as their names, emails, phone numbers, and so on. You might use this to provide better service to them, but collecting and holding on to this information means that you are subject to the General Data Protection Regulation (GDPR)—particularly if you collect personally identifiable information or sensitive information like Social Security numbers.

Financial Records and Transactions

You’re in business to make money, and in order to make money, you have to receive payments somehow. Therefore, the necessity for financial records and transaction ledgers is there. This might include tax documents, payment card information, bank account details, and so on, and they all require adherence to regulatory requirements. One that you’re likely to see is the Payment Card Industry Data Security Standard, or PCI DSS, which requires you to protect data from card payments in various ways. This might involve securing your payment portal, protecting and auditing the system, and ensuring that it complies with other laws.

Health and Medical Records

Healthcare and other health-related records are extremely private by nature, so they must be protected per the Health Insurance Portability and Accountability Act, or HIPAA. If you store information on patient demographics, medical history, treatment records, and insurance information, you need to protect it, period. To ensure data is transmitted and stored securely, you can use encryption, access control, multi-factor authentication, and other powerful security measures.

Take Responsibility for Your Data Security

Hackers will always take advantage of businesses that don’t take the time to consider cybersecurity, and when compliance fines and penalties are involved, you cannot afford to slip up. You have to accept the fact that your business is a target, and ready or not, the hackers will launch attacks at you until they get their way.

Preferred can help your business master cybersecurity and regulatory compliance. Call us today at 708-781-7110 to learn more.