Though it may not be front of mind, when you really think about it, your small business deals with a lot more sensitive data than you might expect. Aside from your customers’ personal information, you’re also holding details about your employees; that’s quite the responsibility. Making sure all that data stays protected is an essential but often stressful process for SME owners, so today we’re bringing you a complete guide to data protection and compliance regulations to help you navigate the journey.
What Are Compliance Regulations?
Compliance regulations are the laws and standards that help safeguard sensitive information of both customers and employees (like credit card details). They lay out the measures businesses are obligated to take to protect data privacy, maintain secure networks, and respond adequately to security incidents. Adhering to these standards helps businesses strengthen their cyber security and maintain trust with customers, which is especially important for SMEs that rely on loyalty and word of mouth to grow.
Although several global frameworks exist, regulations tend to differ between countries. The GDPR, for example, sets out how EU customers’ personal information must be used by businesses. A key part of these regulations states that sensitive data must be ‘handled in a way that ensures appropriate security’, and this is the sort of guideline that is at high risk of being breached by businesses, either through ignorance or negligence.
What Could Non-Compliance Cost Irish Businesses?
Don’t brush compliance under the rug, because the consequences can be costly. So much so, they can actually bankrupt SMEs entirely. Despite businesses of all sizes being held to the same standards, smaller businesses that demonstrate ignorance of policies like the GDPR face considerably harsher fines when they fail to adhere to them. Since they’re operating on tighter budgets, it’s an expense many really can’t afford.
Not to mention, in the case of data breaches, a common consequence of poor cyber security posture, you’ll stand to lose revenue while operations are halted. It takes time to patch up any vulnerabilities responsible for the breach, recover lost data, and get all the affected systems running smoothly again. You’re prevented from productivity, which ultimately impacts your customers’ experience and results in fewer sales.
Even if you survive the financial blow, you might not recover from the hit to your reputation. Trust is a thing that takes time to rebuild, and when plenty of competing businesses around Limerick can offer similar services without jeopardising their personal information, one violation of your customers’ good faith could see them off for good.
How Can I Keep My Small Business Compliant?
First things first, you need to conduct an audit of the data you currently hold. Record where it’s being stored, what type of data it is, who can access it, how long you’ve retained it, and what your lawful bases are for using this data. You should also make note of any current controls you have in place for data processing. After conducting an initial audit and risk assessment about the data your specific business deals with, you can begin deploying appropriate measures to mitigate the chances of non-compliance.
Because they offer such a wide net of protection, building a solid network of cyber security measures is a good place to start. Whether you’re based in Cork, Galway, or further afield, most businesses find the following measures help move them towards compliance:
- Data encryption – Any technology your business uses to handle sensitive data should have some level of encryption, including your mobile devices. This ensures that any confidential information, from team passwords to client details, is kept secure no matter what channel or device your team is using. Data backups should also be encrypted to prevent those without access trying to take advantage of a technical fault or outage.
- Access controls – On the topic of authorisation, restricting who can get their hands on what is crucial to staying compliant. Only a select few members of your team need access to things like clients’ bank details or customer addresses. Limiting access to just what your team members need to do their job reduces the risk of slip-ups. When combined with system-wide encryption, it helps contain any threats that do slip through to one place, instead of them growing out of control and wreaking havoc company-wide.
- Incident response planning – Should a crisis happen, you need to be prepared to handle it. Assigning roles and clear procedures and training your team members in these means that if you ever find yourself facing an IT emergency, you can navigate it with confidence.
- Data breach notification obligations – Despite all preparations, accidents happen. Mistaking a spoofed email address for that of a key customer could grant a digital do-badder access to that client’s confidential information. You can’t control what they do with it, but you can inform the affected parties and the relevant supervisory authority. In fact, you must, no matter how insignificant the leak may appear. The GDPR requires businesses to do this within 72 hours of becoming aware of the breach.
How Can a Limerick, Cork, or Galway-Based IT Service Provider Help?
As well as implementing the encryption tools and access controls mentioned above, experienced IT services in your area can ensure all the compliance measures you’re taking are up-to-date with the latest regulations. Compliance guidance in Ireland changes frequently in response to ever-evolving digital threats, so it’s a good idea to partner with an expert team to avoid being caught out.
A service provider in your area can also offer:
- Industry-leading cyber security solutions that proactively look for and eliminate threats before you become aware of them.
- Unique insight into the geographic and industry-specific regulations your SME needs to follow.
- Rapid response times in the event of potential breaches, meaning dangers can be swiftly dealt with before they become catastrophic.
- Genuine investment in your business’s success and the protection of the local community’s data.
And perhaps the most important thing local IT support can provide is peace of mind. Navigating compliance regulations can be overwhelming and more than a little intimidating. When you have a trusted IT partner on your side who’s experienced in guiding businesses like yours around Limerick, Cork, and Galway towards a secure, compliant future, all that weight is lifted from your shoulders. You’re free to focus on providing excellent service to your customers, safe in the knowledge that both their data and your team’s is being handled securely.
Is Your Approach to Data Protection Up to Scratch?
Hopefully, this guide has helped move data protection from a niggling to-do item at the back of your mind to something you feel empowered to tackle head-on. By understanding the importance of data compliance and taking appropriate steps to safeguard the data your SME handles, you’ll prove your trustworthiness to your customers and team alike. With ongoing compliance ensured by an IT partner, all your attention can turn to growing your business.
PAQ IT – Providing Proactive IT Support to SMEs Throughout Ireland
Since 2002, we’ve been helping businesses in Limerick, Cork, Galway, and beyond leverage technology to enhance their operations. We offer fully managed, end-to-end cyber security solutions designed to tackle today’s digital threats, all of which help ensure SMEs around Ireland are data- compliant. If you’d like further advice about navigating data protection regulations, let us know! One of our friendly team members would be more than happy to help. Book in here for a free 30-minute chat.
