Most companies have some sort of regulation they need to stay compliant to, and 2020 seems to be a landmark year. This year, companies have to deal with end-of-life upgrades, the development of new privacy laws, as well as the existing regulatory landscape. Let’s take a look at why compliance is important and what to expect in the year ahead.
When we write about Net Neutrality, we typically write about how it is designed to keep the telecommunications conglomerates, who make Internet service available to individuals on the Internet, honest when laying out their Internet service sales strategy. One way to put it is that without net neutrality in place, the Big Four (which are currently Comcast, Charter, Verizon, and AT&T) have complete control over the amount of Internet their customers can access.
One of the inevitabilities of working with the cloud is that you have to face a tough question; what kind of compliance requirements are there for cloud-based data? If you’re storing data for your business in a cloud-based environment, it becomes your responsibility to know where and how this data is stored--particularly if you’re not the one doing the actual cloud hosting. How do you maintain compliance when you seemingly have so little control over how your computing platform is managed and maintained?
If you think that working with the cloud doesn’t have risks, think again. It’s inevitable that you’ll face security compliance concerns when it comes to your cloud-based data. If your organization has data stored in a cloud-based environment, you’ll want to pay particularly close attention to how compliance laws affect the way that you access and store this information. How can you make sure that your cloud-based data isn’t in violation of some cloud compliance laws?
Compliance laws regarding the storage and dispersion of healthcare records were implemented with the intended purpose of urging healthcare providers to better take care of their patients’ personal information, but how effective are they? Unfortunately, there are many providers that have failed to meet the standards for the HIPAA and HITECH compliance laws, and it has brought a hefty price tag along with it.
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.
As a business, your clients trust that you’re taking every measure possible to protect data, like personal information or financial records. However, with the number of businesses using electronic records continuing to climb, along with the rise of cybercrime attacks, many industries have begun to impose regulations and compliances that are designed to keep personal information secure. Health and finance are two of the most heavily regulated industries, with the government having stepped in and set a specific standard of data security regulations that these companies must comply with.
Regardless of what industry a company is classified under, they all are responsible for upholding particular standards to ensure compliance with industry regulations. However, according to the 2016 State of Compliance survey, a shockingly high number of organizations were shown to be a bit fuzzy on their requirements.
Technology is invading all practices, including those of medical offices and other health-related institutions like hospitals and dental offices. With the advent of electronic medical records (EMR) and their management systems, medical institutions are capable of eliminating the physical space required to store paper documents, and can instead easily store them in a digital environment. Unfortunately, this also brings its fair share of problems, such as regulatory compliance.
American healthcare organizations must store and exchange patient data in ways that comply with the HIPAA law, or else face hefty fines. One mental health service in Alaska recently learned this lesson the hard way after being hit with a $150,000 fine. Is your healthcare organization’s IT infrastructure 100 percent HIPAA compliant?