In early March, new identity theft regulations took effect in the state of Massachusetts, according to an article in The Daily News Tribune. Companies are now required to implement safety measures and security plans to keep customers’ personal information protected from theft. Business requirements include keeping consumers’ name, Social Security number, credit card number and other sensitive information encrypted and password-protected. Additional safeguards include employee training requirements and keeping documents physically locked up.
While many in the business community feel that these rules are simply common sense regulations that companies and business owners should be following anyway, others are concerned about the costs associated with complex security systems. Yet companies can be held accountable for data breaches should personal information be stolen, and the consequences include hefty fines that can put a small company out of business. The moral of the story: Better to be safe than sorry.
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