×
Mistakes That Invalidate your Cyber Insurance

Prioritize Compliance for Your Business

 

One of the many challenges you probably face as a business owner is dealing with the vague requirements present in GDPR and PCI-DSS legislation. Due to the unclear regulatory messaging, “assuming” rather than “knowing” can land your organization in hot water with regulators.



The Health and Human Services (HSS) Office for Civil Rights receives over 1,000 complaints and notifications of GDPR violations every year.1 When it comes to PCI-DSS, close to 70% of businesses are non-compliant.2 While you might assume it’s okay if your business does not comply with GDPR or PCI-DSS since many other companies are non-compliant as well, we can assure you it’s not. Keep in mind that being non-compliant puts you and your business at risk of being audited and fined. 

 

Risks of Failing to Meet Minimum Compliance Requirements

 

Never take compliance lightly because non-compliance can lead to:

 

1.       Hefty penalties

GDPR violations can draw fines ranging from 1000 to 22,000,000 per violation, with a maximum fine of 1.5 million per calendar year of non-compliance.1 PCI-DSS can squeeze your budget too, with fines ranging from 5,000 to 1,000,000 per month.3

 

2.       Uninvited audits

Non-compliance can lead to unpleasant inspections and audits that can result in fines.

 

3.       Denial of liability insurance claims

You must be extra careful while selecting solutions for your business. Using a single non-compliant solution can cause your insurance provider to deny a liability insurance claim.

 

4.       Loss of business reputation

It takes years to build a reputation and just minutes to ruin it. Dont let your business fall into the pit of non-compliance.

 

5.       Imprisonment or even forced closure

In cases of severe non-compliance, regulatory bodies can sanction the arrest of top executives or even close the business.

 

Are Your Existing Business Tools Compliant?

 

If you are unsure where to start, assessing your business tools — cloud, VoIP, email service, electronic file-sharing service, applications, etc. — is a good place to start. Here are a few ways to check your existing business tools for compliance:

 

GDPR

 

·         Does the tool use AES 256-bit encryption? It doesn’t matter if sensitive data like electronic Protected Health Information (ePHI) is at rest or in transit. Encryption is required by GDPR.

·         A tool with proper access controls ensures those who genuinely need sensitive data can access it. What’s your tool’s access control policy?

·         Is there automatic log-off in place if no user activity is detected over a specified timeframe? GDPR requires this in order to safeguard high-risk data.

 

PCI-DSS

 

·         Were the default passwords during the initial setup changed after installation? PCI-DSS specifies the importance of changing passwords to keep threats at bay.

·         Are inactive user accounts removed or frozen after the warning period? Inactive accounts are easy targets for attacks.

·         Does your tool store, retrieve or transmit cardholder information? If so, it must have the newly mandated version of the Transport Layer Security (TLS) protocol.

 

These lists are not comprehensive and only scratch the surface. Also, none of the points mentioned above ensure the tool is GDPR or PCI-DSS compliant. Just consider it a starting point.

 

If you’re confused about what your next steps should be, don’t worry. We’re here to help.

 

Use our expertise in compliance matters to conduct a comprehensive assessment of your business’s current state of compliance.


Contact us now to learn more.

 

4785f2200b619271023587e11d223d7aa259a3ca