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Data Regulation And Business: You are Probably Regulated By These Laws
Many small to medium-sized businesses mistakenly believe that they are too small to have data that is protected under state, provincial, or federal laws.
Although most business owners are aware that there are laws regulating the handling of data, there is a common misconception that these laws only apply to larger firms. Data protection laws generally worry about the content of your data, not the volume of it. That is, you don’t need to have an abundance of data to be to regulated by data privacy laws. If you maintain personally identifiable information (PII) you may be regulated by these laws that can include penalties and fines for non-conformance. PII means you store a person’s first name/initial, last name and then link it to another piece of personal information, such as, but not including:
- Driver’s license, or state ID
- Some financial account number, e.g. credit/debit card, checking account, etc.
- Social Security Number
- Health insurance ID
For the extended scope of the law to kick in, a financial transaction does NOT have to take place. If your business collects PII be sure to maintain continuous observation of the regulations, and file a report within 72 hours if a data breach occurs.
Companies should be paying attention and changing practices now instead of waiting to become a headline two years down the road. Consult with a managed services provider, like Intersection Technology Solutions, to make sure you are in compliance. This isn’t an issue for the faint of heart, and failure to maintain compliance can lead to some very expensive fines and penalties. Call us today: 407-278-5664.