Don’t Let Expensive WISP Services Hold You Back - It’s Required and Fines Are Real!
Did you know that failing to implement a Written Information Security Plan (WISP) could cost your business up to $100,000 in fines? Yes, that’s right.
The IRS and FTC both require businesses—especially those in industries like tax preparation and accounting—to have a WISP in place to protect sensitive customer information. Non-compliance isn’t just a security risk; it’s a financial risk too.
Why is a WISP Required?
The IRS mandates that all businesses handling sensitive financial information must have a WISP to protect client data from cyber threats, data breaches, and identity theft. With the rise of digital attacks, your business must comply with regulations like the Gramm-Leach-Bliley Act (GLBA) and the FTC Safeguards Rule. These rules ensure that you’re doing everything possible to protect your clients’ most valuable information.
What Are the Risks of Not Having a WISP?
Hefty Fines:
Failing to implement a WISP can cost your business up to $100,000 in fines. Both the IRS and FTC enforce strict compliance, especially under the FTC Safeguards Rule, and they’re not lenient with violators.
Data Breaches:
Without a WISP, you’re leaving the door wide open for catastrophic data breaches, like the Equifax breach, which affected 147 million people and cost the company billions in damages.
Repetitional Damage:
Consider the Target breach, where the exposure of 40 million credit cards led to significant financial losses and lasting repetitional damage. Failing to secure your data can destroy customer trust overnight.
Regulatory Penalties:
Non-compliance with regulations like the Gramm-Leach-Bliley Act could result in $100,000 fines and even up to five years in prison for executives.
Why pay more for compliance?
Get the protection you need at a fraction of the cost.
Many of our competitors offer services to help businesses create and maintain a compliant WISP. These services range from $699-$1,500 or more depending on the complexity and support provided. At ApexIT, we believe compliance should be affordable, which is why we offer quick and straightforward WISP services for just $450.