PCI-DSS Compliance: What You Should Know

Over the last year, many organizations struggled to keep their private data secure against cyberthreats as they rushed to adapt to pandemic-inspired shifts in workforce and operations. Cybercrime is becoming increasingly prevalent, and the sophistication and volume of cyberattacks is escalating as well. According to a report, over 300 million ransomware attacks occurred in 2020.1

Dealing with a cybersecurity disaster is difficult and brings forth a lot of uncertainty, especially when it involves financial and reputational damage. This holds true for all organizations, and especially for small and medium-sized businesses (SMBs). SMBs are increasingly becoming prime targets for hackers because they consider these organizations to have insufficient expertise and resources to prevent and respond to attacks.

The Role of Compliance in Cybersecurity

The overall technology landscape is evolving at a breakneck pace. While these changes are meant to improve the quality of life, the unfortunate flip side is an increase in cyberthreats. This is why global cybersecurity spending increased from nearly $40 billion in 2019 to $54 billion in 2021.1 Unfortunately, due to a lack of spending on personnel or technology, SMBs are most likely to be targeted by threat actors.

Many organizations fall victim to cybercrime because compliance and security are not a high priority for them. For your organization to run smoothly, both compliance and security are critical. While compliance ensures that your organization stays within the bounds of industry or government laws/regulations, security ensures that your organization’s integrity and vital data are safeguarded.

Prioritize Compliance for Your Business

One of the many challenges you probably face as a business owner is dealing with the vague requirements present in HIPAA and PCI-DSS legislation. Due to the unclear regulatory messaging, “assuming” rather than “knowing” can land your organization in hot water with regulators.

The Health and Human Services (HSS) Office for Civil Rights receives over 1,000 complaints and notifications of HIPAA violations every year.1 When it comes to PCI-DSS, close to 70% of businesses are non-compliant.2 While you might assume it’s okay if your business does not comply with HIPAA or PCI-DSS since many other companies are non-compliant as well, we can assure you it’s not. Keep in mind that being non-compliant puts you and your business at risk of being audited and fined.

5 Ways to Combine Compliance & Cybersecurity Best Practices to Improve Outcomes

When you run a business, compliance and security are two essential factors. Both are equally important for the seamless operation of your business. While compliance helps your business stay within the limits of industry or government regulations, security protects the integrity of your business and sensitive data.

It is worth noting that although security is a prime component of compliance, compliance does not equal security. This is because compliance does not consider the growing threat landscape and associated risks. What it considers, however, is a set of pre-defined policies, procedures, controls, etc.

A ‘Compliance First’ Mindset Limits Liabilities for SMBs

By adopting a Compliance First strategy, when choosing solutions and vendors, you will identify those that do not comply with your requirements, eliminate them from your selection process, and then select from the rest. It also means evaluating your current solutions and vendors and replacing those that cannot support your compliance requirements.

Wisconsin Act 73 Insurance Data Security

Wisconsin’s new cybersecurity law was signed by Governor Tony Evers on July 15, 2021, and can be found in Wisconsin Statutes Subchapter IX of Chapter 601. The new law is aimed at protecting consumers from increasing risks of cybersecurity threats such as ransomware and data breaches from their insurers and their affiliate agencies. Threat actors remain on the offensive everyday so time is of the essence. Wisconsin insurers should immediately take steps to familiarize themselves with the new legislation and take immediate action to become compliant.

Why You Must Comply With Your Cyber Liability Insurance

If you think that your cyber insurance claim will be cleared with no questions asked, think again. While reviewing your claim, your cyber insurance provider will assess whether you took “due care” to protect your business from being compromised by a cyberattack. While having a cyber liability insurance policy is non-negotiable today, you cannot be fully assured that your insurer will cover any of the costs you incur following a security breach.

The Beginner’s Guide to Cyber Liability Insurance for Business

The COVID-19 pandemic has impacted everyone in one way or another. If there is one category that most benefited from the pandemic, it’s cybercriminals. That’s why cybercrime has shot up by almost 300% since the start of the pandemic1 and that’s why you must adopt necessary measures to protect your business from malicious cyber players. One of these measures is to have Cyber Liability Insurance (CLI)

21 Questions to Determine if Your MSP is Ready for Prime Time or is Setting the Stage for Cybersecurity Problems

As if 2020 wasn’t challenging enough for businesses, reports warn that Managed Service Providers (MSPs), often contracted to provide outsourced IT and cybersecurity services, can represent a significant security risk to the companies they protect. The U.S. Government and cybersecurity firms are sounding the alarm that MSPs represent a significant threat vector for enabling breaches or spreading ransomware to their customers.

Attention, Attention… This is not a Drill!

Recently a major Health Insurance Provider sent out a “Security Due Diligence Questionnaire” to all of its partners and vendors. If you work in the health insurance industry and received this notification, this request may have come to you as quite a shock.