New York State passed the Stop Hacks and Improve Electronic Data Security Act in July 2019. The law aimed to bring all business owners up to a minimum in security standard, and those who violate this law will suffer the consequences. Companies that fail to meet the cybersecurity standards will face a civil penalty of $5,000 per violation. The maximum penalty ranges from $100,000 to $250,000.
What if You Don’t Know How to Stay Compliant
For those unsure of how to remain in compliance with the law, you best choice is to hire a Managed IT company such as SynchroNet. SynchroNet understands how to keep its clients in compliance of the New York Shield Act. Data breaches could prove more costly than if you had simply hired IT services to monitor your network and keep you fully updated.
Meeting a Minimal Security Standard
Under the New York Shield Act, business owners must meet a minimum standard of security. That doesn’t mean that they can’t improve their security standard above that, but it gives them a minimal bar to keep from becoming a target to cybercriminals. All businesses and organizations in New York State must comply with this new law or face civil penalties. SynchroNet ensures that you remain compliant without the need for doing this yourself. You can hire someone else to raise the standards of your security. Most experts estimate that businesses lose $400 billion per year because of hackers. To worsen the problem, cyber-attacks continue to rise as people saw a 62 percent uptick in the number of cybercriminals using ransomware from 2019 to 2020.
Don’t be left out in the rain. If you don’t have a plan for complying with the New York Shield Act, you could face hefty fines that put your business underwater. As a growing number of people use the internet, it will become more profitable for hackers to go after information. Business owners have a responsibility to protect their customers’ information. Don’t let someone walk into your house with muddy shoes. You worked too hard for your business. Call SynchroNet today!