Work from home strategies leave many companies in regulatory limbo

2020-10-27 06:00

Like most American businesses, middle market companies have been forced to rapidly implement a variety of work-from-home strategies to sustain productivity and keep employees safe during the COVID-19 pandemic.

When many companies set up work-from-home solutions, they quickly realized that their new environment did not work with the legacy architecture protecting the data.

Many middle market companies now face a critical dilemma: as the time comes to perform audits or self-attestation reports, do they report these potential lapses to regulatory or industry entities, such as the SEC, PCI Council, HHS, DoD or FINRA, knowing that could ultimately result in significant reputational and financial damages and, if so, to what extent?

Even a proposed grace period would not mean that middle market companies would be completely out of the woods.

Companies often must comply with a host of non-regulatory obligations, and while a grace period may provide some relief from government regulatory agencies, it would not solve similar challenges that may arise related to industry regulations, such as PCI or lapses in third-party agreements.

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