Due to the convenience and increasing Internet presense, consumers are readily turning to online shopping, which has been fuelling the retail market throughout the United States and abroad. The e-commerce industry generates billions of dollars and supports businesses from the startup phase to publicly traded organizations.
Ecommerce also scales across to overseas locations such as Europe, Canada et cetera. Once data travels outside of the United States, the company is bound to follow the other countries data security and privacy laws. While the compliance and regulatory space can be quite complex for this industry, contact a professional at The Knox Corps to translate these mandates into strategic objectives.
Companies in the ecommerce space must comply with multiple regulatories in order to keep the customer's data safeguarded along with their privacy.
Firms should pursue the following:
PCI DSS - Cardholder information is the key to every ecommerce firm as customer entrust your firm to safegiard this data for long-time use. One breach in this space could cause a firm to loose market share.
ISO - Firms should follow ISO Compliance as well to introduce an Information Security Management System into their business to protect personal identifiable information amongst others.
US Data Privacy - With the proiferation of information that is stored, it is critical for firms to safeguard the information of US citizens.
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Regulatory and Frameworks
Commerce governs how the world operates when it relates to the movement of currency. The regulations are very complex and hackers are always looking to intercept a transaction to gain knowledge for theft or reelling purposes.
Regulatory fines can get to be very complex when equating risks to dollars. At times, the total cost for a breach might exceed to what the business is worth. Regulators mandate that fines are received 30 days after their initial report.
Breaches lead to reputational damage that equate to losses and eventually the non-existence of your business. Hackers are not your only enemies, your competitor could be an enemy.
It is time to protect your business and the identities of your customers, contact Knox!
1. Seek a Risk Assessment of the practice that cover the multiple regulatories.
2. Assign an experienced Security Officer.
3. Seek Board involvement and investment.
4. Prioritize risk by numbers and impact to the practice.
5. Implement a security framework consistent with policies and procedures.
6. Contact The Knox Corps to plan and execture the identification and remediation of risks today!