Do you know if your supply chain is compliant with current data protection regulations?

With tech-related threats evolving faster than ever before, supply chain risks have taken on a new meaning in today’s digital world.

While traditional supply chain risk management revolved around strategy, market reality and performance risks, today it must also focus on cybersecurity controls and data breach risk mitigation.

As a business owner, it’s your responsibility to ensure your supply chain is compliant with data protection regulations.

If your supply chain is non-compliant with regulatory standards, you’ll face legal repercussions. What’s more, you could lose the trust of your customer base.

Remember: it takes years to build your business’ reputation but just one unfortunate moment to ruin it all.

So, what can you do to ensure your supply chain is compliant?

Keep reading to find out now.

HIPAA & GDPR: How Supply Chain Regulations Affect You

There are two major global regulations that oversee supply chain compliance.

While one is specific to the healthcare industry, the other pertains to any business that collects customer data.

Healthcare Portability and Availability Act (HIPAA)

HIPAA protects patient data from getting into the wrong hands.

If you fail to enter into a business associate agreement that covers the way third parties (your vendors or partners) manage personal health information (PHI) or electronic PHI (ePHI), you will be fined for failure to protect both entities.

General Data Protection Regulation (GDPR)

GDPR outlines how a business can store and manage personal information.

This regulation’s 72-hour breach notification requirement applies to both data controllers (your business) and data processors (your supply chain). Simply put, you are responsible for notifying your customers even if it is your vendor that has suffered a data breach. Failing to do so will make your business liable to pay penalties.

As you can see, failing to adhere to these global compliance regulations will cost you.

Isn’t it time to make sure your supply chain is storing data safely and securely?

Set Up Your Supply Chain Cybersecurity Risk Management Strategy Now

When it comes to supply chain compliance, your inaction could endanger the security of protected data and irreversibly damage your organization’s reputation.

In order to avoid violations, penalties and more, you must ensure your supply chain’s commitment to compliance.

The good news is that identifying and mitigating supply chain compliance and cybersecurity risks doesn’t have to be chaotic, and you don’t need to do it alone. All you need is the right partner by your side.

Reach out to the experts at Third Power IT, Miami’s leading cybersecurity consultants, and let us help you strengthen your commitment to compliance now.

Get started at www.ThirdPowerIT.com.

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