What Compliance Requirements Does My Business Need?

For many companies, fulfilling compliance requirements is absolutely essential in order to keep the lights on. Slacking on compliance could lead to a host of bad consequences, including disqualifying you from bidding on government contracts, costing you in non-compliance fees, and leaving your data and assets vulnerable to cyber criminals. 

On the other hand, following compliance requirements does more than keep your company safe and in good standing in your industry: it also proves to your customers or clients that you’re staying up-to-date with the latest technology, information, and practices, which is vital for building trust and maintaining lasting relationships. 

But what compliance requirements does your business need? Here, we’ll break down common types of compliances and which businesses they apply to. 

Compliance Requirements 

CMMC Compliance: Fully implemented by 2025, Cybersecurity Maturity Model Certification (CMMC) is a standard of cybersecurity verification that any company working with the DoD will be required to meet in order to bid on government contracts, whether as a prime or sub-contractor. Whether you’re a company working with the DoD for the first time or aiming to continue your current contract, all companies and contractors are required to be CMMC compliant and certified soon. Some contracts have already begun requiring CMMC certification as of January 2021. 

NIST 171 Compliance: NIST 800-171 regulates practices and procedures that must be followed to safeguard the control of physical and digital Controlled Unclassified Information (CUI) that companies of the Defense Industrial Base (DIB) have access to. Any company working with CUI needs to be NIST 171 compliance and pursuing CMMC compliance.

HIPAA Compliance: The Health Insurance Portability and Accountability Act (HIPAA) is a comprehensive legislative act that aims to safeguard the Protected Health Information (PHI) of patients and improve health care efficiency. All individuals or organizations that are classified as “covered entities” or “business associates” who handle PHI are required to be HIPAA compliant.

PCI Compliance: Payment Card Industry Data Security Standards (PCI DSS) protect consumers and their credit card information.  Any company that accepts credit card payments from customers must be PCI compliant.

ISO Compliance: The International Organization for Standardization (ISO) establishes globally recognized security standards and IT best practices. Many different industries, from energy management to medical devices, must be ISO compliant. 

GDPR Compliance: This compliance is required to protect the privacy of personal data from EU countries and beyond. Any company that manages personal information about EU citizens within EU states must comply with the GDPR. 

FFIEC Compliance: Federally supervised financial institutions that engage in online banking have to be compliant with Federal Financial Institutions Examination Council’s (FFIEC). 

SOX Compliance: This compliance is required for public companies to protect shareholders from errors and fraudulent practices. It includes standards for electronic records management, data protection, executive accountability, and internal controls reporting. Finance and IT departments need to work together in order to comply with SOX. 

SOC 2 Compliance: Companies who store customer data in the cloud must follow strict policies and procedures to protect information security. Complying with SOC 2 means your company has proven to a third-party auditor that it properly manages customer data.

Get Compliant with Hyper Vigilance  

No matter which cybersecurity compliance your business needs, Hyper Vigilance can help prepare you for your audit with our full-service compliance management solutions. With our straightforward pricing model and our emphasis on making compliance accessible and easy to understand, you’ll get compliant quickly and efficiently, without losing productivity. Get in touch with us to take charge of your business’ cybersecurity foundation.

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