Following NAIC guidelines, make sure your clients' confidential and personally-identifiable information is protected, so that they know they can rely on your business.
The reality for all businesses today is that, in order to stay competitive and avoid failure, they must stay on top of technology.
In today's world, big data is all stored in cloud storage. Your financial transactions must meet all industry standards, such as the Generally Accepted Accounting Principles (GAAP), and/or your company must be HIPAA compliant, based on what insurances your company offers. To achieve this, businesses need to consider IT compliance, the security of IT infrastructure, and data recovery for any mistakes or disasters.
Business owners now have the challenge of understanding what to choose, from an abundance of technologies, that fits their individual situation. MJJT Consultants are here to assist you in understanding, implementing and managing your IT compliance and infrastructure. We take into consideration things like finding an equilibrium between cost and risk, and profitability.
The premise that software is GAAP/HIPAA compliant is just like you driving. The accessibility of the software would determine if it’s compliant—you may have a valid driving license, but if the car is unregistered or uninsured, you would still be held responsible if something happens.
To keep unwanted people out of your house, you would want to put a lock on the door. But the next question would be what quality the lock should be. You might want to take it to an even higher level by installing an alarm system, video camera, or even get a security guard, etc. All these situations requiring additional security levels would be based on the location of the house, for example, if it was in a gated community or a high-risk neighborhood. The same goes for the security of your data; it depends on the location—your office, or in a data center. And the type of lock you get is like your firewall, determining how your data gets accessed and logged.
Everyone needs to get to work. The easiest option might be to walk, but this depends on the location of your home and the location of your work. It might not be practical if you live too far away from your office. Other factors such as weather may come into play. If there is a blizzard, and you’re a school teacher, you may not have to work. If you were a lawyer, you might be able to work from home. If you were a doctor, you would have to find some way to reach your practice. Depending on your type of employment, different steps are taken. A good backup and recovery solution for your data would be determined based on a mitigating factor that varies per business. Some factors that may need to be considered are cost and loss of income, or the time it takes to recover your data.
With the complexity of technology today, it’s essential to have a qualified IT partner that ensures the growth and profitability of your business. MJJT Consultants can be that partner, providing you with guidance to achieve a specialized solution for your business to ensure your cost and risk against your profitability.
