So, what can a small or medium business do to get ready for this change? ComplianceCoach has developed a service, dubbed CompliancePal, to help companies identify the steps that they need to take. The service, which is relatively inexpensive (ranging in price from $295 to $995 per year) is designed to be easy to use. The vendor has an automated process that walks small and medium businesses through their own business processes and identifies red flags, unsound procedures that could leave their customers open to identity theft. Once the problems are pinpointed, a company needs to put procedures in place to eliminate them.
Though helpful, the service is not a panacea. The results are based on customersï¿¼ own input, so new problems could arise if they do not understand their own business processes. Also, the service does not offer a client a guarantee that its customers will not fall prey to identity theft.
The government has been a step behind when chasing cyber criminals. Recently, elected officials have been putting checks in place to help address cyber issues, such as spam and identity theft. As these safeguards become effective, the onus falls on small and medium companies to make sure they comply with the new regulations. Consequently, more services, such as CompliancePal, will emerge to help companies meet these requirements.
How much of a risk do you think identity theft is in your company? How strong are the processes to handle personal data? What tips would you have for other companies looking at this issue?