Many small businesses probably do not pay much attention to HIPPA and PCI compliance. Many feel it is a hood effort, complicated and not very important. parental locks However, compliance with data security standards can bring your business major benefits, while failure to comply can bring your business serious and negative long-term consequences.
Benefits of Compliance
Compliance with the set standards means that your systems are secure and that your customers can trust your business with their sensitive information. This trust gives customers confidence in doing business with you that will likely result in repeat business in the future. These satisfied customers are also more likely to recommend your services to others. Compliance will not only improve your reputation with your customers, but also potential business partners.
Through your efforts to comply with standards, you will be better prepared to comply with other regulations that you encounter in the future. You will also have a basis for a corporate security strategy and be able to identify ways you can improve the efficiency of your IT infrastructure.
It is important to remember that compliance is an on-going process, not a one-time shot. Because compliance continues to evolve, you will know that if you are in compliance you are doing everything in your power to prevent a security breach and theft of your customers’ payment information. Data thieves are becoming more and more sophisticated, posing a threat to those who do not stay on top of their security. HIPPA and PCI work constantly to monitor threats and improve the industry’s means of dealing with these thieves through enhancement and updates of the standards. By being compliant, you are becoming part of the solution in fighting these thieves.
Cons of Not Complying
If you chose not to comply with the standards, you can have your customer’s data compromised. This does not leave you with happy consumers, merchants or financial institutions. A single incident can severely damage your business’s reputation which will have a negative impact on your ability to conduct business effectively. You also face the possibility of lawsuits, insurance claims, lost business, payment card issuer fines and even government fines.
Because you have worked so hard to build your business, do not let it go to waste by failing to comply with HIPPA and/or PCI standards. Luckily, the team at TechHeights is here to make the process simple. We can ensure you are in compliance and that you stay in compliance. Give us a call today to find out more.