Many regulatory organizations like FINRA and HIPAA require yearly compliance questionnaires. It helps to ensure businesses are aware of the requirements and are making efforts to meet those requirements. This is a great practice that should be implemented by every business when it comes to third-party vendors as many hacks in 2022 were caused by unsecure vendors.
The Good
While it may seem like a chore to do these questionnaires, they’re actually very beneficial to your business. It helps you manage risks to your company as well as avoid costly fines due to non-compliance. Overall, executives are able to identify potential vulnerabilities and create a plan of action to address the reported risk.
The Bad
Compliance can be tricky to grasp. There are so many moving parts and expectations that may not be clear to many organizations. Unfortunately, this unawareness leads to grave errors and large fines. These compliance questionnaires are meant to help people understand the requirements and seek assistance if they’re unable to meet them.
The ultimate goal is for businesses to make efforts and not just turn a blind eye. Performing a risk assessment will help those concerned about compliance prepare for the real compliance questionnaire.
The Ugly
There are organizations who are aware of the requirements and choose not to meet them. They don’t even make an attempt to safeguard data or defend against cyber criminals.
While it’s one thing to get hacked even though the proper security protections are in place, it’s another when it’s simply negligence. For those offenders, compliance organizations are rarely lenient. Serious consequences are dealt out like hefty fines or even jail time.
How Can BIS Help with Compliance Questionnaires?
We make compliance easy! Businesses should feel confident in their compliance efforts. We provide security risk assessments and compliance consulting to make sure that happens.
Book a Time to Discuss Compliance
If you’re concerned about meeting compliance requirements, please book a time with Phillip on his calendar below.
ADDITIONAL RESOURCES
- 5 Ways to Prevent Your Cyber Liability Claim from Being Denied
- HIPAA Risk Assessment Quiz
- https://www.corporatecomplianceinsights.com/truth-compliance-is-difficult-and-getting-harder/
- https://www.hipaajournal.com/jail-terms-for-hipaa-violations-by-employees/
Phillip Long – CISSP, CEO of , along with his team of marketing and information technology experts, will walk you through an overview of what your business should be doing to protect your data and plan your digital marketing strategies.
You may reach out to us at:
Phone: 251-405-2555
Email: support@askbis.com
