The interconnectedness of today’s digital world makes it increasingly important to be vigilant on the cybersecurity front. Digital information cannot be locked up in a safe and unlike a physical object, you may never even know it’s been obtained by a malicious agent. We learn early to keep our valuables under close watch but digitally, you’re protecting invisible, highly-valuable assets. Unlike a wallet, our identity, data, and customers’ personally identifiable information (PII) are not tangible items that we can keep in our sight, knowing that as long as it’s in our hands, it’s not in someone else’s. Cybersecurity requires a different approach.

It seems every week, a major company, hospital, or education system experiences an alarming security breach. The breaches may compromise privacy (hacked laptop/phone cameras, for example), data, or PII. Credit monitoring companies, phones, and even entire cities  have been compromised and even taken hostage. This NPR piece offers a sobering read on the fifth domain (after land, air, water, and space) of the cyberworld.

Businesses and consumers increasingly rely on apps and software to get everyday work done. For companies, this comes with a responsibility to protect clients’ information. So what’s a company to do?

It’s a real problem. So now what?

We’re not going to offer a sobering perspective without offering solutions. While we’re talking about what businesses can do, we would be remiss not to address one important aspect of how you can protect yourself on a personal level. You can freeze your credit as well as that of your minor-aged kids. Here’s an article from the USA Today with more about how and why to take this step.

Customers trust companies with priceless personal information and sensitive company data and companies have a great responsibility to handle that data with care.

How Companies Can Protect Sensitive Customer Information

1. Password management: There are tools that offer super-secure ways to make sure your company passwords are accessible only to whom you want them to be. If you’ve ever tried to access a company account after the person who managed it is no longer with the company, you see the value here. Aside from the convenience, it’s a way to keep information super secure.
2. Policies and procedures: Make sure you have policies and procedures in place to prevent attacks. Train employees on good security etiquette. For most organizations, human error is by far the most likely source of mistakes that lead to breaches.
3. Insurance coverage: Should you experience a breach, having solid insurance coverage in place can make it a lot less painful by covering the financial loss. This article provides a lawyer’s guide to cybersecurity insurance coverage.
4. Penetration tests: Have third parties perform monthly security checks and an annual penetration test. 
5. Customer encryption: Encrypt all information at multiple levels. Encryption scrambles data so that it’s unreadable without the encryption key. This article on business cybersecurity talks about three ways companies should encrypt data: “at rest, in motion and in use.” 

The Bottom Line

Any investment in your security is a wise investment indeed.

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The Affordable Care Act, also known as Obamacare, is a healthcare reform law that was passed in 2010. The main purpose of the ACA is to make healthcare more affordable and accessible for all Americans.

There are a number of different requirements that businesses must comply with in order to be in line with the ACA. This can seem daunting, but luckily there is an ACA compliance checklist to help you make sure you are on track.

Why comply with the ACA ? There are a number of reasons. First and foremost, it is the law. But beyond that, complying with the ACA can help to improve your employees’ health and well-being, which in turn can improve your business’s bottom line .

What do you need to do to make sure you are ACA compliant? Check out the list below.

• Make sure you are offering health insurance to your employees: This is one of the most important requirements of the ACA. If you do not offer health insurance, you may be subject to a penalty.
• Make sure your health insurance meets the minimum requirements: The ACA requires that all health insurance plans must cover certain essential benefits, such as doctor visits, hospitalizations, and prescription drugs.
• Make sure you are not discriminating against employees: The ACA prohibits employers from discriminating against employees based on health status. This means that you cannot deny coverage to employees with pre-existing conditions or charge them higher premiums.
• Make sure you are providing employees with information about the health insurance marketplace.

There are a number of notices and disclosures that employers must provide in order to be in compliance with the ACA . 

• Marketplace notice: Employers must provide their employees with a notice about the health insurance marketplace. The notice must include information about the availability of subsidies for health insurance coverage through the marketplace.
• Coverage options: Employers must provide their employees with information about their coverage options, including whether or not the coverage meets the minimum essential coverage requirements of the ACA. Employers can choose to provide their employees with health insurance through the marketplace, or they can choose to provide their employees with health insurance through an employer-sponsored plan. 

W-2 reporting is a requirement under the Affordable Care Act that employers must provide their employees with information about their health insurance coverage on their W-2 forms. This information is used to help employees and the IRS determine whether an employee is eligible for subsidies for health insurance coverage.

• Employee Rights and Responsibilities: Employees have a number of rights and responsibilities under the ACA. Employees have the right to receive information about their coverage options, and they also have the responsibility to provide accurate information about their health care needs. 
• Summary of Benefits and Coverage (SBC): The summary of benefits and coverage is a document that employers must provide their employees with in order to be in compliance with the ACA. The Summary of Benefits and Coverage must include information about the benefits and coverage available under the health insurance plan, as well as the cost of coverage.
• Guaranteed Renewable Coverage: Guaranteed Renewable Coverage is a type of health insurance coverage that employers must provide their employees with in order to be in compliance with the ACA. Guaranteed renewable coverage means that the health insurance plan cannot be canceled or changed by the insurer, as long as the premiums are paid.

Beyond the ACA compliance checklist, there are also a number of benefits to complying with the ACA. 

What are some of the specific benefits of complying with the ACA?

• Improved Employee Health: One of the main goals of the ACA is to improve the health of Americans. By offering health insurance and complying with the other requirements of the law, you can help your employees to be healthy and productive.
• Lower Healthcare Costs: Another goal of the ACA is to lower healthcare costs for both businesses and individuals. By complying with the law, you can help to keep your healthcare costs down.
• Improved Employee Morale: When employees know that their employer is taking steps to provide them with good health insurance and comply with the ACA, it can improve morale and loyalty.
• Fewer Absences: If your employees are healthy, they are less likely to miss work due to illness. This can help to improve your business’s bottom line.

As you can see, there are a number of reasons why complying with the ACA is important for businesses. Not only is it the law, but it can also help to improve your employees’ health and well-being, lower your healthcare costs, and improve employee morale. So, if you have not yet done so, refer to our ACA Compliance Checklist and make sure to start working on ACA compliance today to improve your business.

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