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New York State has implemented formal rules that regulate the data security of state residents. Any business or organization that deals with the private electronic data of NY State residents must be compliant with the NY State SHIELD Act. Does that apply to your organization? Read on for everything you need to know about maintaining compliance.
The proper handling of confidential electronic data is a huge part of doing business anywhere these days. With more and more business transactions occurring online, protecting electronic customer data is critical. In fact, for businesses who do any kind of business with New York State residents, there are now new rules and compliance regulations in place to ensure client electronic data is properly protected.
On March 21st, 2020 New York State implemented the “Stop Hacks and Improve Electronic Data Security” (SHIELD) Act. The NY State SHIELD Act requires any person or business owning or licensing computerized data – including identifying information of any New York State resident – to implement and maintain reasonable safeguards to protect the security, confidentiality, and integrity of that data.
The most important part? The NY State SHIELD Act applies to businesses and organizations who deal with the data of NY State residents even if their organization operates outside of NY State. This means if your company processes transactions or collects any type of data from customers residing in NY State, you’re required to get and stay compliant with the NY State SHIELD Act.
We know that many of our clients fall under the jurisdiction of these new regulations. So, we thought we would put together a brief guide explaining what the NY State SHIELD Act is all about and how all businesses and organizations can stay compliant. Keep reading to understand everything you need to know about NY State SHIELD Act compliance.
The NY State SHIELD Act is all about protecting consumer data through the implementation of reliable cybersecurity standards and strategies. The SHIELD Act is designed to protect the private data of NY State residents through the implementation of reasonable administrative, technical, and physical safeguards. Let’s break down some of this jargon below.
What is considered private data?
What are some examples of reasonable administrative safeguards?
What are some examples of reasonable technical safeguards?
What are some examples of reasonable physical safeguards?
Now that we’ve discussed what the NY State SHIELD Act is all about, let’s talk a little bit about what compliance looks like for different organizations. The real determinant here is the size of your business. The larger your organization, the more safeguards you’ll need to implement to maintain compliance.
For more detailed information about the requirements for different business types and sizes, you can read the entire NY State SHIELD Act Senate Bill here.
In the meantime, you might be wondering about some initial, baseline strategies that will help you start taking NY State SHIELD Act compliance seriously. The fact of the matter is, compliance is very important and the financial penalties for non-compliance are steep – up to $5000 per violation. That can be a devastating hit to your organization’s bottom line.
So, here are some initial tips and tricks to get serious about data security & compliance:
Compliance and data security can seem like a daunting task. But when you break it down into more manageable tasks and goals, you can develop a system that helps you maintain compliance regularly and continually address points of vulnerability. All in all, the NY State SHIELD Act is in place to protect consumer data, but it’s also in place to help you protect your organization’s continuity. The sooner you start working towards secure and compliant business processes, the sooner you can get back to the pressing business that matters.
Ready to get compliant with the NY State SHIELD Act? We’d love to help. Give us a call anytime at (978) 528-0110, drop us a line at firstname.lastname@example.org, or visit our website at www.radiusits.com to chat with a live agent and book an IT compliance consultation.