From healthcare to manufacturing, businesses in every industry rely on a range of technologies that are subject to compliance standards. Whether that involves the protection of customer information, safeguarding processes from downtime, or guarding confidential patient data, compliance regulations exist to promote the security of organizations, their customers, and outside stakeholders.
The risks of non-compliance are vast, compounding on one another in a way that makes it impossible to manage an organization without concern for compliance. That being said, there are many who falsely believe that compliance requirements are a burden that are too difficult to meet. However, a technology partner like Liss Technologies has expertise in building IT systems and forming policies that meet stringent requirements. Organizational leaders are not alone when managing compliance, they have a partner.
So, What Are the Risks?
The bottom line is that organizations that cannot keep their systems secure and data safe are not going to be operational over the long-term. From direct costs like fines to reputational damage, the risks of not meeting compliance are great and varying. Because of the perception that compliance can be difficult to attain without dedicated teams and large IT budgets, small businesses often struggle with non-compliance. Knowing this, cybercriminals often focus their efforts on small businesses.
The three risks below are by no means exhaustive, but they cover the most common struggles of non-compliant organizations.
Outside of the costs of a data breach, it might be easiest to first cover a direct cost: fines and lawsuits. If a healthcare facility, for example, is breached and patient data is lost or stolen, one of the first assessments will look at whether or not that organization was utilizing HIPAA compliant technologies. If not, it is likely that hefty fines, at minimum, will be incurred.
From there, patients could have legal standing to sue the practice.
Let’s say the hypothetical medical facility survives the fallout that resulted from their noncompliance. Now they are forced to contend with the fact that patients aren’t going to be as trusting. Some may opt to seek services through another practice.
Peace of Mind
Even if no security breach has occurred (yet), the possibility of security risk can overshadow everything an organization does. Perhaps all the right protocols have been put into place or perhaps not. Unless an experienced technical team is available to find and correct issues, the fear of other risks will always be present.
How Liss Technologies Can Help
It’s only possible for an organization to achieve its goals if the appropriate compliance standards are met. When the team at Liss Technologies arrives, our goal is to understand your specific systems, correct any ongoing issues, and then select and integrate compliant technologies suited for your needs.
We are experts in meeting a wide range of standards, including:
NIST – National Institute of Standards and Technology
ISO – International Organization for Standardization
HIPAA – Health Insurance Portability and Accountability Act
PCI-DSS – Payment Card Industry Data Security Standard
GDPR – General Data Protection Regulation
AICPA – American Institute of Certified Public Accountants
SOX – Sarbanes-Oxley Act
COBIT – Control Objectives for Information and Related Technologies
FISMA – Federal Information Security Modernization Act
FERPA – Federal Educational Rights and Privacy Act of 1974