In the past year, CIOs have been in back-to-back crisis meetings over cybersecurity. The global pandemic opened a can of worms. Vulnerabilities were exposed, and all hell broke loose—from the dark web.
However, regulators have not ceased to crack the whip. The right IT support company in Dallas can be a worthwhile partner for continuous compliance. The below key regulations and their enforcement will shape the scope of operations in businesses even as executives push the envelope in workflow modernization.
1. GDPR—$23.5 million fines for non-compliance
GDPR, often regarded as the world’s strongest data protection standards, became functional on May 25, 2018. It targets modernizing European Union data protection laws and increasing openness among organizations that connect with EU people. European regulators can now fine companies up to 4% of their annual global sales if they fail to comply.
GDPR ensures information security by requiring businesses to elect an information Protection Officer to enforce technical and bureaucratic information security measures. Again, every CIO must communicate risks to persons whose data may have been compromised. Should a firm fail to adhere to the above, it will be subject to financial penalties. It is advisable to work with IT support professionals in Dallas to help you with protecting your critical data.
2. California Consumer Privacy Act (CCPA) – $7500 per violation
California’s AB 375, often known as the Consumer Privacy Act, was approved in 2019 and took effect in January 2020. Due to this, consumers now have the right to know who is in contact with their information under the law.
The law has it that clients can either request the firm to delete their data or use an opt-out option that must be widely displayed to prevent their data from being auctioned or transferred to other parties. This is a costly regulation with fines of up to $7500 per single regulation.
3. SEC—Multimillion dollar fines for non-compliance
Due to the massive breaches of data and security incidents in the financial sector, the U.S. Securities and Exchange Commission’s 2018 guidance implemented the sec guidance.
However, it’s focused on cybersecurity policies and the steps to respond to breaches and risk management programs. The right IT support team can help with controls, audits, and reporting in compliance with SEC’s requirements.
4. The NYDF 23 NYCRR Part 500—$100 per violation
The New York’s Cybersecurity Regulation (23 NYCRR Part 500) became effective in 2017. It then coerced affected organizations to become compliant on March 1, 2019. As of now, its rules apply to financial organizations such as banking, insurance, and financial services, only to protect client data from cybercriminals.
Companies must conduct systematic security risk analysis, keep asset usage log files, build a defensive network, and establish an incident response strategy.
Fines and penalties aside, organizations that do not comply with these requirements risk losing valuable data and sinking beyond recovery. Having IT support is the answer.
At Technagy IT, our focus areas include network security, data backup and recovery, help desk, and others. Let’s help you stay on top of your cybersecurity. Contact us our IT support team in Dallas for more info!