There are a lot of risks that come with street racing. Let’s assess the situation: it’s too fast, it’s too dangerous, and it’s illegal. But as long as no one catches you, it’s fine, right? Wrong. Even if there’s nobody watching, there are still all kinds of risks. You could hit an innocent bystander, turn too fast and flip/crash, or just loose control. And if someone catches you, your license can get revoked and you’ll be in trouble bigger than you ever imagined.
You need to be safe.
So does your technology.
Your technology can be prone to risks like this. In order to avoid them, you need to put it through risk assessment. Risk assessment is a systematic process of evaluating the potential risks involved in a projected activity or project. The importance of maintaining regulatory compliance is immense. If you are non-compliant, the loss of trust and patient confidence is incredibly difficult to come back from. Some of these compliances also carry large penalties and jail time for even first time offenses. As Praetorian defines, a few of these compliances are:
SOX – The Sarbanes-Oxley (SOX) Act of 2002 is a United States federal law. It passed in response to a number of major corporate and accounting scandals. Some of these were affecting Enron, Tyco International, and WorldCom (now MCI). These scandals resulted in a decline of public trust in accounting and reporting practices. The Act also covers issues such as auditor independence, corporate governance and enhanced financial disclosure.
PCI DSS – The payment card industry (PCI) is comprised of credit card companies. Some of these are Visa, MasterCard, and Discovery. These companies have created industry requirements with the goal of reducing theft and fraud of payment card information.
HIPAA – The Health Insurance Portability & Accountability Act (HIPAA) demands much attention, resources, and money. It demands all this from the organizations to remedy their existing and planned systems where protected health information (PHI) is involved. It is the application of the appropriate security controls that helps to mitigate the risks associated with the identified threats to stored or transmitted PHI data.
Even if you understand these compliances, take another look. Maintaining compliance is a lot more complex than you may think. You may assume that your path ahead is smooth, but you never know when you could pop a tire. Or hit an innocent bystander. The holes in your company could trip you anytime.
Run another risk assessment to make sure. This will also show the costs associated from lost business and expose areas needing improvement.
Much like street racing, when you haven’t done a proper risk assessment, you’re leaving your company open to danger. Don’t take that risk. Contact Qsource today – we’ll make sure your business is completely compliant and maintains that level of confidentiality.