Compliance with the law is extremely significant because non-compliance with them can lead to costly financial implications and more severe consequences. This also applies to the compliance of your enterprise with cybersecurity standards, acts, and policies, which mainly implies the safety and confidentiality of your customers’ data.
In many cases, customer data is a valuable asset, especially when it contains valuable or exclusive information. Such data can easily become the target of interested fraudsters and other cybercriminals. Therefore, customer confidence in the safety of their data within your company is a very important link in the area of customer trust and maintaining your reputation at all.
This is where Vinnocorp’s Compliance Services come to your rescue. We help you and your business by consistently maintaining compliance with government regulations. Compliance with such policies and other acts is not the largest part of your business, but it requires attention because due to any non-compliance and other conflicts with them, you can subject yourself to penalties and other types of damage to your business, up to arrest.
Our experienced Compliance Services professionals at Vodchits Innovations Corp. understand the unambiguous importance of regulatory compliance. We will help your organization analyze and understand which laws and regulations you need to follow, identify the elements that need to be changed to comply, and provide you with a range of advisory solutions to mitigate risks and fully comply with policy requirements.
Regulatory Compliance You May Face
Currently, there are many different data and information privacy policies, standards, and laws in the world, varying from industry to industry, and the need to comply with which depends on different conditions – mainly from the regions of the world. Among them: GDPR, HIPAA, PCI DSS, SOX, CCPA, PDPA, LGPD, FISMA, DoCRA, and many others
For the safety of your business, it is vital to understand what specific laws and standards apply to your company and your business in general, and how to comply with them. The main positive is that most of the rules in these standards are quite similar, so by adopting a certain set of security standards, you can meet every single of them at the same time.
We provide compliance verification services under all existing data privacy policies, below are the most popular and common ones:
GDPR or General Data Protection Regulation is a European law and is considered one of the most stringent rules for the protection of confidential information in the world. This legal mechanism governs all collection and processing of personal data from individuals within the EU. The regulation was introduced on May 25, 2018. It obliges companies to protect the personal data and privacy of EU citizens for transactions that take place in EU member states.
Businesses are allowed to collect personal data from subjects, but only if there is a legitimate reason, they are also obliged to inform the data owner of how their data will be used and processed. The GDPR also binds companies to maintain confidentiality for any systems and processes implemented, which means that adequate cybersecurity measures are always utilized, including PII encryption.
In case of violation of the rights and freedoms of personal information, or leakage of data of EU citizens, according to the EU GDPR, fines are imposed on the perpetrator, which can be based on income. In numbers, non-compliance with the GDPR leads to fines of up to 4% of the direct annual income of the company, or up to 20 million euros. However, European policy provides for penalties not only in monetary terms. In part, this act gives the supervisory authority the power to impose extremely harsh sanctions, up to and including prohibiting the organization from doing business in general.
It is worth remembering that if your organization collects or processes the personal data of citizens of the European Union, the GDPR law will also apply to you in any case, regardless of which country your company is located in.
PCI DSS or Payment Card Industry Data Security Standard is an international standard that is designed to protect transactions with payment cards, from data theft and other types of fraud that have been in force since December 15, 2004. This law must be followed by all organizations that carry out any transactions with the help of credit or debit cards. In this case, your corporation has certain responsibilities and, according to the act, is obliged to protect the data of cardholders using PCI security and services standards.
Security breaches and cybercrime have become extremely common in recent years, which means that adherence to PCI data security standards can be a critical factor in determining the security of your customer’s payment card data. PCI DSS is established by five major card companies – Visa, MasterCard, Discover, American Express, and JCB – a security standard for card transfers and transactions that protects transactions from data theft and other incidents. To comply with this standard, organizations that have card payment capabilities must strictly control access to personal and financial information of customer cards, as well as track any unauthorized entry into the corporate network.
Due to the absence of a legal body that would monitor compliance with the law, there is no specific fine or punishment for violation as such. However, PCI DSS certification is widely demanded by consumers around the world, and breach of the personal and financial data of your customers can lead to legal action, which will lead to serious economic and reputational losses.
Compliance with the rules set out in the PCI standard can be of great benefit to your business, regardless of its size and niche, since the lack of payment methods by card is likely to be very noncompetitive for your organization. Different volumes and types of transactions require different demonstrations of PCI compliance. But you can rest assured that Vinnocorp’s experts will help you figure it out!
HIPAA or Health Insurance Portability and Accountability Act Privacy Rule refer to the protection of confidential customer data within the scope of the health insurance portability law. Simply put, HIPAA protects the privacy of personal information in the medical field.
This pact was adopted by the Congress of the United States of America on April 14, 2003. The sphere of protection of this standard includes any information about a patient’s health, medical services, and medical fees that can be used to identify that person. Your business is required to follow this act if you collect and store any US citizens’ PHI, that is, for example, you are a provider of medical services, a health center, an insurance company, and the like. Whenever you provide medical treatment, payment, and surgery services, have access to patient information within healthcare, or are a business partner or subcontractor in such a business, you must comply with HIPAA at all times.
The penalty under this agreement is interest and fines ranging from $ 100 to $ 50,000+ for a specific violation, up to $ 1,500,000 per year. Also, negligence and non-compliance with HIPAA rules and compliance can threaten you with criminal liability and individual large fines, regardless of whether the violation was the result of intentional malicious acts or the company’s negligence. So, if you are engaged in the transfer of data about the health of people, you must understand the importance of ensuring the security of this data and protection from the hands of intruders or accidental disclosure under other circumstances.
CCPA or California Consumer Privacy Act was passed by the California Legislature on January 1, 2020. This act extends to California residents to protect their personal information and probably one of the most advanced data protection laws enacted in the United States, on a par with the European GDPR.
The basis of this law is the ability of citizens to fully control the use of their personal information, including its sale to others, obtaining the owner’s permission before collecting personal data, storing and deleting data from the enterprise, the right to subscription, equal service, and others. That is, this act implies the inviolability of a person’s private life.
You are required to comply with this act if you are a commercial organization that does business in California and has an annual income of $ 25+ million when involved in the sale and purchase of personal data of 50,000+ citizens or households, or if you receive more than 50% of immediate annual income through the sale of personal information of California citizens.
This law is quite similar to the GDPR since it is not an element of control of only one area, such as the Central Center for Internal Affairs, but it envelopes all areas of activity at once. Thus, every business, regardless of the industry in which it is deployed, must follow this decree. Despite the fact that California has an estimated population of about 40 million when the European Union has an estimated 450 million, California has an economic turnover of approximately $ 3.2 trillion, which makes it the fifth-largest economy in the world when you count California as a country. Almost every giant corporation conducts part of its business and has a branch in California. This is why the scale of the CCPA’s influence cannot be overlooked.
Fines for violations of CCPA policies range from $ 100 to $ 750 per consumer. Of course, if the total amount of actual damage is greater, then the organizations are also responsible for reimbursing the cost of this damage.
As you can understand, compliance with the above laws and regulations in the field of information security is extremely important. Any organization that processes any kind of confidential information is subject to the policies of acts and regulations on the protection of this data.
We provide regular data protection audits to your organization, giving strategic advice, implementation planning, testing, certification, and other compliance services. Vinnocorp experts explore all aspects of your company’s cybersecurity and assess the degree of compliance with industry rights, preparing you for strong protection and confidence in the safety of your business!
Value and Benefits of Regulatory Compliance Services
Obviously, adhering to all the standards and rules that you are required to abide by, will relieve you from many problems, as well as provide many advantages on the financial battlefield. Here are the most basic and important ones:
1) Reducing Legal Risks and the Possibility of Legal Action
2) Providing Protection Against Huge Financial Costs
3) Gaining Trust of the Customer Base and Increasing the Level of Branding
4) Improving Efficiency and Quality with Healthy Competition
5) Better Alignment and Сompliance with Business Strategy
6) Peace of Mind for You and Your Customers
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Our experts have over 10 years of experience in Compliance Services, with companies that have complied and succeeded in their business goals. Check out all our reviews/testimonials and see first-hand how satisfied all our clients have been!
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