If there are any lessons that we ought to walk away from 2018 with hat in hand, it is the lessons learned regarding digital compliance and the ways that corporations ought (and ought not) to handle potential issues in a data breach. Facebook may have taken the bulk of the sting in 2018, but anyone who has looked into the matter will know that this was just the tip of the iceberg and that corporations across industries have faced significant setbacks and publicity issues due to data breaches and compliance concerns.
Heading into 2019, the most significant compliance challenges facing businesses in Philadelphia and Wilmington stem directly from the issues unsurfaced throughout the last several years. Corporate compliance with the protection and use of consumer data must be at an all-time high because consumer awareness and speculation about the use of their data is at an all-time high. The most significant compliance challenges facing the industry this year is easily summed up as one primary concern: diligence.
What does your board need to be aware of as the New Year begins? Here is a quick run-down of the biggest corporate concerns businesses are facing coast to coast, and which could impact your business in Philadelphia or Wilmington.
Problem 1: The “Bring your Device” policy.
This is a convenience that many corporations offer to help employees feel more comfortable with their work/life balance, but it is a convenience that may come at a high cost to your business’s digital security. The long and short of the issue is that personal mobile devices with access to corporate data create security vulnerabilities. The best way for businesses to handle this concern is to either limit the amount of information that employees can access on personal devices or go through the additional steps of utilizing a device management protocol, which can improve verification and ensure that data is not being unintentionally released.
Problem 2: Inefficient Software Management
Whenever a problem is identified within any software (which is undoubtedly going to happen time to time, even with the most advanced software developers on your staff), patches are put together to solve the problem. Ideally, once the patch is released the issue comes to a close, but sometimes those patches aren’t fool-proof. There could be several errors that could get in the way, from users not downloading the patch in a timely matter, to the patch not applying to all aspects of the software. IT organizations need to be on the lookout for potential problems with software patches and look for ways to ensure that when an issue is identified, the patch does the job justice and corrects the concern.
Problem 3: General Data Protection Regulation
The GDPR went into effect in May of 2018 and created a lot of changes in regards to how data security must be implemented by corporate interests. This new policy looks beyond data security, actually regulating how an organization uses data and respects individual privacy rights. With this law in place, and company that collects information about any European resident, whether that is personal data, offers for goods and services based on targeted data, or even provide storage for those individuals must meet specific compliance regulations. The GDPR is looked at as a turning point in the regulation of digital information, and also if the law does not apply to American citizens, it is now considered digital etiquette to offer data protection at this magnitude. Allowing data to be freely taken by other corporate interests or left vulnerable to hackers opens your business to criticism and potential negligence.
These are just the top three concerns that IT companies need to be aware of. Other matters that ought to be consulted in your board room include IoT management, including the readiness of your business to handle device interconnection from both internal and external sources, as well as Electronic Data Interchanges (EDI)—a problem which emphasizes the importance of managing third-party vendors at maximum efficiency.
Philadelphia and Wilmington businesses need to be alert of these biggest concerns as 2019 starts. In today’s digital world, being able to manage customer security and safety digitally is equivalent to actually managing consumer safety. Being as transparent as possible with security precautions and plans for consumer data is an excellent place to start. Working with a strong IT department that can maximize your safety while managing customer concerns is paramount to staying successful and ahead of the curve as you plan for the most successful year possible for your business.