Any organization that holds medical records or other healthcare-related sensitive data needs to consider legislation and organizations that govern the privacy of those records. In this case, we are referring to HIPAA, the Health Insurance Portability and Accountability Act, and HITRUST, the Health Information Trust Alliance. These two acronyms are incredibly important for healthcare providers in the United States to understand.
Most businesses fall under some type of regulation that demands compliance. This will be especially true as data privacy concerns turn into further regulations. Most of today’s compliance standards are centered around data security, so you’d figure that if a company is compliant with the regulations their operations fall under, that would mean their business is secure. Unfortunately, the two terms aren’t always synonymous. Today, we will discuss the difference between security and compliance.
The days of the cash-only business are over. It doesn’t matter if your business is a multinational corporation or you cut grass for a living, accepting payment cards is not only convenient for your customers, most of the time it’s the most secure way to get paid. In an effort to protect the personal and financial information of consumers who have come to depend on their payment cards, the banks that back the credit card industry have developed a regulation that businesses who process cards need to adhere to. Today, we will go over this regulation and how it affects small and medium-sized businesses.
Data loss can have lasting effects upon your business, usually measured in lost productivity and capital. In other words, data loss is often measured by the cost required to retrieve, restore, and/or repair its effects. Of course, this is only the beginning of how data loss can impact your operations.
Despite what detractors say, regulations are in place for good reason. They typically protect individuals from organizational malfeasance. Many of these regulations are actual laws passed by a governing body and cover the entire spectrum of the issue, not just the data involved. The ones that have data protection regulations written into them mostly deal with the handling and protection of sensitive information. For organizations that work in industries covered by these regulations there are very visible costs that go into compliance. Today, we look at the costs incurred by these organizations as a result of these regulations, and how to ascertain how they affect your business.
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