Risk Assessment
December 2020 - Compliance
Tips/Info
In the case of a data breach, HIPAA regulations require your company to notify any impacted victims. If you fail to comply, your organization can be penalized with hefty fines and a tarnished reputation. Don’t let compliance scare you from doing the right thing.
When a data breach occurs, businesses must report to the individuals involved that personal information has been compromised. In a way, customers are becoming more and more accustomed to breaches and don’t see the notifications as a complete shock. However, the lack of honesty from businesses can be the biggest problem, as customers expect to see complete transparency and ownership of the situation.
The road to compliance is a daunting process. Don’t go it alone.
Learn by example. Don’t let a compliance fine like this make national headline news!
Out of 180 HIPAA audit requirements, failing to have an accurate and thorough risk assessment was the no. 1 cited reason for penalty.
Payment card Industry Data Security Standard (PCI DSS) is in place to protect financial information from credit card transactions. With cyberthreats increasingly targeting financial records, staying up to date with PCI DSS is a no-brainer.
The more valuable the information, the loftier the fine! Global regulations are not known to show mercy to organizations that failed to meet compliance requirements in the first place. Especially after a data breach, your business will be under scrutiny until the problems are fixed.
According to Deloitte, “A comprehensive compliance risk assessment will help identify those individuals responsible for managing each type of risk and make it easier for executives to get a handle on risk mitigation activities, remediation efforts, and emerging risk exposures.” Your business cannot successfully achieve compliance without the full support of your team.
When you’re in the trenches of your business, it may be difficult to see where you need improvement. Enlisting the help of an outside entity will help you fill in the gaps, determine your weaknesses and mitigate risks. You need unbiased, trained professionals whose sole purpose is to help you reach your compliance goals.
Risk assessments to achieve compliance are not one-time processes. They require active involvement from your employees, administration, and stakeholders.
Participate in risk assessments that are –
- Actionable: prioritizes risks and provides solutions for mitigation or remediation
- Transparent: identifies the individuals that are responsible for handling each risk
- Repeated: are conducted periodically as new risks develop
A thorough and accurate risk assessment is required for most compliance regulations and is essential to the overall security of your business data and information assets. Is your organization up to date with a recent risk assessment for compliance?
Achieving compliance is a business lifestyle that should be implemented in every facet of your organization. It is a new way of thinking that benefits your business and your customers equally.