Small and medium-sized companies (SMBs) recognize the significance of adherence but cannot handle it as efficiently as more giant corporations. Small businesses across the USA struggle with the complexities and frequent revisions that come with compliance standards like the Health Insurance Portability and Accountability Act (HIPAA). As the adage goes, ignorance of the law is no justification, but it doesn’t imply you have to go it alone when it comes to CMMC solution.
If you want your firm to succeed, you must stay current on the regulations and practices that apply to your area and sector. For insurance businesses, there are Connecticut-specific restrictions, while defense contractors are subject to federal statutes. If you do not comply with the requirements of your respective government authorities, you risk losing your protections and incurring taxes and penalties.
Although the obligations differ based on the framework to which you’re bound, here’s a general outline of what you may do to stay on top of regulations:
Conduct frequent audits
A regular audit of the security measures securing your accounts, records, and data is necessary to gain a comprehensive picture of what authorities are concerned about.
Although most regulatory standards simply need yearly evaluations and reviews, doing so two to four times a year would make things a lot simpler. Would you rather deal with three regulatory issues per quarter or 12 just before the deadline if there’s an average of one every month?
Evaluate the dangers
You must assess your company’s risks due to non-compliance with legislation. But what should you be looking for when doing these tests? Risk considerations vary depending on the sort of organization you operate, the magnitude of your company, and the sector in which you operate.
Suppose you hold any data on EU individuals, for example. In that case, you’re liable to the General Data Protection Regulation (GDPR), which requires you to reply to a citizen’s request for all of their data within one month. Failure to comply might result in fines of up to €20 million, or 4% of a company’s global annual revenue.
Encrypt all of your files
Regulations on data security don’t usually specify how to become compliant. If that’s the case, industry best practices are a fantastic place to start. Take, for example, data encryption. Although it isn’t required under HIPAA, DFARs, or CMMC compliance requirements, implementing it will solve many cybersecurity concerns.
You must guarantee that restricted papers are only available to authorized personnel to protect firm information security. Use correct encryption methods to keep your data safe in a secure ecosystem where only a few people can see, exchange, and receive essential papers.
Partner with a reputable MSP
Hiring the correct managed services provider (MSP) may alleviate compliance. The following are just a few of the numerous things an MSP partner may assist you with:
Digital signatures allow clients to sign papers electronically, cutting down on response time and increasing efficiency.
Document tracking in real-time tells you if your file has been downloaded or viewed.
Automatic filing: Sorts and saves all papers so that your team has access to the most recent version at all times.
Internal audit software: Ensures that information is owned and that the history of documents is apparent.
Appropriate security procedures: Assess your firm’s dangers by finding areas of vulnerability and possible danger spots unique to your industry.