Why is Compliance important?

Meeting compliance is important for businesses because it ensures that the company is operating within the legal and regulatory guidelines set forth by the government. Failure to comply with these regulations can result in fines, legal action, and damage to the company’s reputation. Additionally, compliance with industry standards can also help to protect the company from potential liability and legal action, and can help to foster trust and confidence among customers and stakeholders. Overall, meeting compliance can help to protect a company’s bottom line and ensure that it is operating in an ethical and responsible manner.

What Compliance is required for your business?

PCI Compliance – Anyone who processes credit cards!

The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards that businesses of all sizes must follow if they accept, process, store or transmit credit card information. Any organization, regardless of size or number of transactions, that accepts or processes payment cards must be PCI compliant. This includes merchants, service providers, and any other entity that processes card payments. Compliance with the PCI DSS is mandatory for all entities that accept, transmit, or store any cardholder data. Failure to comply can result in hefty fines and penalties, as well as damage to the company’s reputation.

Cyber Insurance Compliance

If your company is looking to purchase or meet the requirements of your cyber insurance company you will need to meet their requirements.

HIPAA Compliance – Companies that operate in the medical industry or that have access to PHI (protected health information)

The entities that must comply with HIPAA include:

• Healthcare providers, such as doctors, nurses, and hospitals, who transmit health information in electronic form in connection with certain transactions.
• Health plans, such as health insurance companies, HMOs, and company health plans.
• Healthcare clearinghouses, which process non-standard health information they receive from another entity into a standard (i.e., standard electronic format or data content), or vice versa.
• Business associates, which are companies or individuals who handle PHI on behalf of a covered entity or another business associate.

It is also worth mentioning that companies that handle PHI in any form must comply with HIPAA regulations and must be HIPAA compliant as well.

FTC Safeguards Compliance – The Safeguards Rule requires non-banking financial institutions to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe.

All of these businesses are: mortgage lenders, mortgage brokers, motor vehicle dealers, payday lenders, finance companies, account servicers, check cashing companies, wire transferors, collection agencies, credit counselors and other financial advisors, tax preparation firms, non-federally insured credit unions, investment advisors and many more.

CMMC Compliance – US Department of Defense contractors and subcontractors who handle sensitive government information have appropriate security measures in place to protect it.

The CMMC applies to all organizations that handle Federal Contract Information (FCI) and Controlled Unclassified Information (CUI). FCI is defined as non-national security information that is provided by or generated for the government under a contract and that is necessary to fulfill the contract. CUI is defined as information that requires safeguarding or dissemination controls consistent with law, regulations, and government-wide policies.