Cybercrime is always a burden and regularly results in loss, but hacks that violate industry regulations can feel like adding insult to injury. These kinds of mistakes can result in fines or loss of licensure, creating additional costs and logistical hurdles to consider on top of the burden of compromised information.
Not all industries have strict privacy policies related to cybersecurity, but many do. Financial institutions, for example, must abide by the policies outlined by the Security and Exchanges Commission, while hospitals and other healthcare providers are bound by the rules of the Health Insurance Portability and Accountability Act, or HIPAA. Violating these kinds of restrictions can result in steep fines – which can be hard to swallow after facing losses from a cyber attack.
If you’re struggling to keep up with changes that apply to your industry, it’s only natural to feel overwhelmed. However, most regulatory bodies send out regular memos or post news and announcements on their websites. Ensure you’re added to all major newsletters and keep up to date with blogs and press releases to keep important updates from slipping by. For those challenged by legal requirements, speaking with a regulatory attorney specializing in your industry can help to clarify policy changes and what measures must be taken to remain in compliance.