If you store consumer data (full name, social security number, address, income etc.) chances are you need to comply. Especially if you are familiar with form W-12
When filling out the W-12 form you attest under point 11 (Data Security Responsibilities) that you have a data security plan in place as well as system security protections.
It doesn’t matter if you think you’re “too small” or have “anti-virus protection” in place. It also doesn’t matter where you store your customer data (it may help, but it’s not the full solution).
The FTC doesn’t really care if you have the budget for it either.
As much as $43,000 per violation (and possible jailtime).
We are not lawyers and can’t tell you what to do. It is completely up to you to make this decision. Should you not comply with the Safeguards rule and consumer/customer information is stolen from you, the fines for non-compliance can be as much as $43,000 per violation. You are also risking imprisonment, which is the worst case for non-compliance.
Of course, that is what we are here for. Let us start.
Each accounting practice is different. To create a solution that fits your business, we need to understand what you have, where you have it and what is the risk within your business. We simply can’t say how much this is going to cost without conducting a Risk Assessment.
Schedule a free 15 minutes telephonic assessment with us, where we will cover the basics of what we do and find out whether we are a great fit or not. Even if we are not a good fit, you will learn more about what you need to do to comply.
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