Laptops, tablets and smartphones have made it easier than ever to share information. Consequently, it has also become easier for hackers to steal sensitive data such as phone numbers, social security numbers, or email addresses from people and businesses. Each year, millions of personally identifiable information (PII) records are compromised because of data breaches. Victims of data breach need to respond quickly to reduce the risks to their clients and the company’s reputation.
Data breaches can occur at any time without warning, and it is often difficult to spot a breach once it has happened. Compounding the situation is the complex procedure involved in reporting a data breach. All organizations that have employees, customers, or vendors must comply with the appropriate reporting procedures to let consumers know about the loss or suspected loss of PII. However, regulations vary among all 50 states, and federal law can override any state legislation. Also, many authorities require reports immediately or within 24-72 hours after the incident.
The consequences of noncompliance in data breach reporting can be very serious and can include greater regulatory scrutiny as well as financial, civil, and even criminal penalties for negligence.
It is extremely important in this technology driven age to have a plan in place in the event of a data breach, not only to protect your clients but also to protect your company from any damaging fallout. Take, for example, a company’s human resources department. The department has contact information, social security numbers, and insurance documents for every employee within the company. If a data breach occurs, all employees within the company could be at risk of identity theft.
Knowledge is Prevention
It’s crucial for your company to know the procedure for reporting a data breach and how to go about letting authorities, employees, and clients know about the situation. At the same time, handling data breaches can be risky in itself. Harsh civil and criminal sanctions can be filed against your company even if you are missing just one of the required reports.
Fortunately, a solution exists that takes the worry, headaches and hassle out of complying with data breach reporting requirements. CSR Professional Services is the only national service of its kind that handles complicated mandated reporting to authorities as well as notification to consumers. Trained, certified privacy professionals use a proprietary system to evaluate your circumstances against hundreds of rules and regulations to determine which reports need to be filed or if consumers and other entities need to be notified.
For example, New England Document Systems Readiness Pro Edition, powered by CSR, will help your business reduce the risk of a data breach. It comprises the patent-pending risk assessment program, CSR Readiness and the award-winning CSR Breach Reporting Service.
The CSR Readiness Program is an online self-assessment tool to help you determine the best practices for handling personally identifiable information based on several factors. The Breach Reporting Service will report to authorities with all appropriate documentation and can notify consumers as required, which reduces the liability to your organization. This means that you’re covered on both the preventative and response sides of compliance requirements.
Research has found that 97% of data breaches are preventable. Proactive detection and correction can go a long way to save your company from the reputational damages and financial losses a data breach can bring.
Feel free to contact us today to speak with a document security specialist who can provide information on solutions to protect your company and employee data against the risk of a breach.