“We’re from the government, and we’re here to help (you protect your data).”

Okay, maybe the FTC doesn’t exactly say it like that. But with the updated Safeguards Rule, they’re making it clear that cybersecurity isn’t optional anymore for many businesses. This means if you handle sensitive customer information, you need to have a plan in place – or potentially face penalties.

Who Needs to Pay Attention?

Think the rules don’t apply to your small business? You might be surprised. The FTC’s definition of “financial institutions” is broad. It includes not only the obvious suspects (banks, credit unions) but also:

• Car dealerships offering financing
• Tax preparers
• Real estate appraisers
• Companies extending credit for their products/services
• …and many more (check the full list on the FTC website)

Bottom line: If you handle customer financial info or personally identifiable data, it’s time to take this seriously.

What Do the Rules Actually Say?

Don’t worry, the government isn’t asking you to build a Fort Knox-level security system overnight. Key requirements include:

• Appoint a Security Czar: Designate someone in-house to be responsible for your cybersecurity plan. They don’t need to be a tech genius, but they’ll be your point person.
• Assess Your Risks: Where’s your sensitive data? How could it be breached? This isn’t just about hackers – think lost laptops, paperwork mishaps too.
• Team Up with the Pros: Work with an IT company like TOSS C3 to implement the right defenses: firewalls, encryption, backups, employee training, etc.
• It’s Not a One-and-Done Thing: Cybersecurity is an ongoing process. Set up regular reviews and updates to your plan.

The Good News

Yes, there’s work to be done. But stronger cybersecurity isn’t just about avoiding fines; it’s about protecting your business and your customers! A data breach can cost you far more in lost reputation and downtime than investing in prevention.

Take the First Step: Get Your Free Risk Assessment

Not sure where your business stands? TOSS C3 offers a quick and painless Cyber Security Risk Assessment. Click here to get started. We’ll give you a clear picture of your vulnerabilities and how to fix them.

TOSS C3 is the trusted Cyber Technology Services provider in Massachusetts specialized in serving law firms, libraries, local governments, and healthcare providers throughout the USA.

Let’s protect your business and get you in compliance – the sooner, the better!