New federal and state laws are having a direct impact not only on large businesses but the small business owners as well.. Why should these owners be concerned about FACTA, HIPAA, GLB, SOX?
Answer: Civil and Criminal liability.
Gramm,Leach,Bliley Safeguard Rule (GLB); Eight federal agencies & any state can enforce this law. This ruling applies to any organization that maintains personal financial information regarding its clients or customers.
Non-Public Information (NPI) lost under the wrong set of circumstances may result in:
- Fines up to $1,000,000 per occurrence
- Up to 10 years jail time for executives
- Removal of management
- Executives within an organization can be held accountable for
non-compliance both civilly and criminally
Protect your business and your customers from possible Identity-theft problems
Just because you may own a small business doesn't mean you should treat it like one. You may not have the resources to hire an ISO but you should at least develop a plan for your business. Betsey Broder assistant director of the FTC's Divsion of Privacy and Identity Protection say's We're not looking for a perfect system, but we need to see that you've taken reasonable steps to protect your customers information.
So, whether you have 1 employee or 1,000 you should start taking steps to prevent, detect and then defend not only your clients information but your business as well. You've worked too hard to let ignorance of these new laws or some rogue employee take your business from you. Get caught up and make sure your company is ID-Theft compliant.
All of our service providers
utilize state-of-the-art fraud detection and prevention software that monitors and secures all of your e-payment transactions in “real time”…365 days a year...24 hours a day. They insure that all e-payment activity protects you,
your business, and your customers against potential fraudulent activity; and keep your
Management team and employees up-to-date on current compliance guideline.
FYI ID-Theft Resources:
http://www.webwire.com/ViewPressRel.asp?aId=25846
http://search.techrepublic.com.com/search/compliance+and+identity+theft.html
http://www.fdic.gov/news/news/financial/2007/fil07032a.html
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