Small business owners face a variety of obstacles that, if left unchecked, can become overwhelming. From setting up networks and working through the complexities of cloud storage to making sure daily operations are completed without any data security slip-ups, it can be easy to overlook something like IT compliance regulations.
However, compliance is an essential factor in protecting your business and customers from security risks, financial penalties, and data privacy concerns. By understanding what industry and government standards might apply to their business, small business owners can greatly reduce their risk and ensure that they are taking proper steps to protect their customers’ data.
How Does IT Compliance Protect Business Owners and Customers?
Despite being overly complicated and sometimes difficult to understand, IT compliance regulations are always designed to protect both the business and the customer from potential risks. Let’s review the three main ways compliance standards and regulations protect both sides of this coin:
1. Financial Security
IT compliance regulations help to prevent financial losses for businesses and customers. By requiring certain security measures, such as encryption and password or PIN protection, compliance standards help keep customer data secure from hackers who could otherwise access it without authorization.
Compliance standards can also provide a financial safety net if a data breach does occur; in many cases, companies that have taken adequate steps toward meeting industry standards may not be held liable for any resulting losses.
2. Data Privacy
Small business owners must always be aware of the privacy expectations and laws surrounding their customer’s personal information. Industry compliance requirements are designed to ensure that all sensitive customer data is handled responsibly and kept safe from unauthorized access.
3. Legal Protection
Meeting IT compliance regulations can help protect businesses from legal action if any data privacy laws are broken. This is important for small business owners, as they may have the same resources to defend themselves against a major lawsuit that larger corporations do.
What Compliance Standards Apply to Your Business?
The answer to this question will depend on the specific industry and government regulations that apply to your particular business model.
To start, you should consult with an IT specialist or lawyer who specializes in data security and regulatory compliance to see what standards need to be met in order for your company to be compliant. Some of the most common examples of industry regulations include:
- HIPAA (Health Insurance Portability and Accountability Act)
- PCI DSS (Payment Card Industry Data Security Standard)
- Sarbanes-Oxley Act
- GLBA (Gramm-Leach-Bliley Act)
How Does Partnering with a Managed Service Provider Make Compliance Easier for Small Business Owners?
Managed Service Providers (MSPs) can be an invaluable asset to any small business owner looking to stay compliant with industry standards. They are equipped with the experience and knowledge necessary to:
- Properly set up security protocols
- Regularly assess compliance risks
- Develop plans of action in the event of a data breach or other similar issues
- Provide helpful resources that allow businesses to remain up to date on developments in the compliance arena so they can adjust their practices accordingly
Get a Rockstar at Your Side
If you’re a small business owner looking to take the stress out of compliance regulations and ensure your customers’ data is safe, Tech Rockstars can help! Our team of certified IT professionals is well-versed in industry compliance requirements and has the tools and experience necessary to help keep your business compliant.
Contact us today to learn more about how we can make IT compliance easier for your business.
