The number of frameworks and compliance requirements a business must adhere to can be overwhelming. Thinking back, can you describe the last time you discussed business cyber risks with anyone? Do you have a way to track what could harm your business or have a process for ensuring things are running as expected from a cybersecurity and technology best practice standpoint? To provide context, PCI DSS, HIPAA, NIST 800-171, and 800-53 are just a few frameworks or regulations requiring ongoing security testing or review.
Some items that are found in these frameworks and regulations include but are not limited to:
- Penetration Testing
- Vulnerability Management
- Security Program Review and Oversight
Now, you are not alone if this seems overwhelming. The Sage Cyber Security for SMBs Report shows that 51% of small- to medium-sized businesses (SMBs) surveyed say that keeping up with new threats is their biggest challenge and that only 40% of SMBs regularly discuss cybersecurity. If you are supposed to follow any of the frameworks or regulations above and are not doing some of the items we have listed, you may be out of compliance with your requirements.
Why Make Cybersecurity and Compliance a Priority?
Under HIPAA (Health Insurance Portability and Accountability Act), violations can lead to fines ranging from $100 to $50,000 per incident, depending on the severity of the breach, with annual penalties potentially reaching $1.5 million. These fines escalate if a breach is determined to be due to negligence or willful disregard of the law, such as not managing your requirements or having proper security program oversight.
For businesses handling payment card information, non-compliance with PCI DSS (Payment Card Industry Data Security Standard) can result in fines that range from $5,000 to $100,000 per month, depending on the level of non-compliance and the number of payment card transactions involved. These fines can accumulate quickly, especially for larger organizations.
These are just two examples, but adequately assessing and managing your requirements can reduce the risk of heavier fines or penalties in case of a breach.
What Should You Do?
First, do not panic. You may have an idea of what you are missing, but if you have not done some form of assessment recently, things may not be as bad as you think. You can trim down the process into these five steps:
- Identify Your Current State: Where are you currently compliant
- Define Your Desired State: Where do you need to be
- Analyze the Gap: Current state compared to the desired state
- Develop Your Action Plan: Your strategy for addressing gaps
- Implement and Monitor: Execute the action plan and monitor progress
However, if you do not have the expertise or experience to conduct this type of assessment, you may want to engage a third party to do the heavy lifting for you.
What are Our Compliance Assessments?
Our Compliance Assessments equip you with the personnel to strategically and effectively identify, define, analyze, develop, and implement your cybersecurity and compliance program. Our Team holds IT auditing, risk management, and security program implementation credentials, such as CISA, CISSP, CISM, and others, that give them the required perspective and experience to ensure you know how to combat new cyber threats and meet your regulatory requirements. We aim to help you mitigate risks, avoid costly fines, and establish long-term, sustainable security practices that align with industry standards and evolving regulatory requirements. So, now that you know what is at stake, take the guesswork out of the process.
At IntelliSystems, we offer comprehensive compliance assessment services to help businesses navigate regulatory requirements like HIPAA and PCI DSS. Our certified cybersecurity professionals work closely with you to analyze gaps in your program, assess your security posture, and ensure your business aligns with industry standards. Whether you want to avoid costly fines or strengthen your cybersecurity defenses, our tailored assessments provide the insights you need to protect sensitive data and stay compliant. Contact us today for a detailed compliance assessment and take the first step toward safeguarding your business from potential penalties.