A ‘Compliance First’ Mindset Limits Liabilities for SMBs

Embracing a ‘Compliance First’ Philosophy Safeguards SMBs with North Shore Computer

Opting for a Compliance First strategy, particularly in collaboration with North Shore Computer, empowers small and medium-sized businesses (SMBs) to minimize liabilities. This approach involves scrutinizing solutions and vendors, eliminating those that don’t align with your compliance requirements, and selecting from the compliant options. It also entails evaluating existing solutions and vendors, replacing those that fall short in supporting your compliance needs.

In essence, compliance encompasses obligations imposed by external entities, such as laws, regulations, contracts, and the terms of cyber insurance policies. Neglecting these responsibilities can result in severe consequences, including hefty penalties, lawsuits, investigations, and the risk of insurance failing to cover substantial claims exceeding $1 million.

Dismissing the notion that compliance is solely relevant to larger enterprises is a misconception. All businesses are subject to compliance regulations, which, in reality, is advantageous. Awareness of the necessity for compliance enables businesses to avoid fines, enhance operational safety, bolster public relations, prevent attrition, and, crucially, ensure that liability insurance claims are honored in the event of an incident. Compliance, therefore, yields a measurable Return on Investment (ROI).

Making the ‘Compliance First’ approach the cornerstone of your strategy allows you to meet minimum regulatory requirements, protecting against fines and aligning with liability insurance prerequisites. Subsequently, you can enhance your business’s compliance posture by implementing additional measures.

A critical aspect to note is that a single compliance mistake can invalidate liability insurance claims. Many SMBs, in an attempt to cut costs, opt for free or budget-friendly solutions. However, using solutions that do not meet security, encryption, and reporting standards stipulated by regulations (such as HIPAA, CMMC, PCI-DSS, and GDPR) poses significant risks:

1. Vulnerability to preventable catastrophic breaches
2. Risk of non-compliance and subsequent fines
3. Potential violation leading to the nullification of liability insurance policies, leaving the business financially exposed

Choosing cheap, non-compliant solutions may seem tempting, but it places the burden of reputational and financial risk squarely on the business. Even a single non-compliant solution can lead to claim denial for insurance covering specific compliance regulation infractions.

Recognizing compliance spending as an investment in asset protection is crucial. Viewing it as an unrewarded cost can result in insufficient spending on compliant software and understaffing of compliance teams, potentially leading to devastating reputational and financial consequences for non-compliant businesses.

Penalties for non-compliance can be severe, with HIPAA penalties often exceeding $1 million, defense contractors risking revenue loss, PCI-DSS violations incurring penalties ranging from $5,000 to $100,000 per month, and GDPR violations leading to fines based on company revenue.

Commencing with a ‘Compliance First’ approach for product selection involves a comprehensive evaluation of critical considerations to maintain business compliance. Starting with a business tool audit is advisable, covering various internal tools such as VoIP, cloud storage, file hosting, document sharing, productivity tools, communication tools, and any digital tool used for business. Many regulations mandate encryption of data, including voice messages and emails, during transit and storage.

Choosing the ‘Compliance First’ approach fosters a compliance-oriented culture within the business, preventing it from falling into the pitfalls of non-compliance. While implementing this approach may seem challenging, North Shore Computer stands ready to assist in seamlessly integrating it into your business operations to meet legal and insurance obligations. Contact us today to get started on your compliance journey.

Protecting Data and Privacy in the Age of IoT: North Shore Computer’s Insights

by Trish Breingan | Apr 2, 2024 | Cyber Security

Is your IoT (Internet of Things) data secure? If you’re unsure, you could be leaving yourself vulnerable to potential threats. While IoT devices have undeniably revolutionized daily life for businesses and individuals alike, they also present risks to data protection and privacy. At North Shore Computer, we understand the importance of safeguarding your IoT data from cyber threats. In this blog post, we’ll delve into the common vulnerabilities of IoT devices and explore the top five threats you should be aware of to ensure the security of your data.

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In the realm of business, the key to unlocking valuable insights into customers, market trends, and internal operations lies within your data. Maximizing the potential of this information is vital for enhancing customer experience, fostering innovation, and improving overall productivity.

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In the realm of contemporary communication and commerce, the pervasive influence of social media has revolutionized the way businesses operate. Nevertheless, with its escalating popularity, businesses like North Shore Computer face potential hazards that can detrimentally impact their operations.

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In the digital era, data security compliance is no longer a luxury but a critical necessity. With global enforcement of increasingly stringent data protection and privacy regulations, businesses must prioritize compliance to safeguard their operations.

First Step to Compliance: A Thorough and Accurate Risk Assessment

by Trish Breingan | Nov 24, 2023 | Compliance, Cyber Security

Complying with data privacy and protection regulations wouldn’t give several business owners sleepless nights
if it only meant installing a predefined list of security solutions. Compliance goes way beyond this and for good
reason.

A Deep Dive Into Phishing Scams: Protecting Your Business with North Shore Computer

by Trish Breingan | Nov 9, 2023 | Cyber Security

While emails are indispensable to business operations, ensuring their safety can be a complex endeavor. Consider partnering with a reputable IT service provider like North Shore Computer to implement best practices and security standards.