Retail EDI

Many companies are looking at MFT, regardless of whether it is for compliance (SOX, GBLA) or just the benefits of centralized file management.  Is anyone looking at MFT to help prepare for upcoming privacy legislation? 

I had a long talk recently with a privacy analyst who explained how financial institutions and businesses will have to in some cases change how they safeguard PII (Personally Identifiable Information).  This becomes important when we think about electronic commerce and IT security.  Banks must protect business and individual PII and not allow it to become compromised.  Who needs to start learning?  Small and large businesses both (Although the larger the more prepared you probably are).  Banks are already in the know.  Apparently, if you are an individual and the bank loses your money through a security breach, they must replace it.  If you are a business YOU must prove they lost your money.  Large businesses spend more on risk management and take steps to safeguard data, have insurance, etc.  Small businesses typical (SMB’s) as you all know don’t spend much if anything in this area.  

There are a few questions which arose from the conversation, such as: how do you audit, what certification determines compliance (What steps, etc.) and finally where are the statistics to back up the need?  I remember about 10-12 years ago (It’s still going on) when there was a rush of people to try and ‘fix’ the healthcare industry with regard to HIPAA.  It affected everyone from small single doctor practices all the way up to massive hospital corporations.  Is the same thing about to take place?

Have you ever mapped out the touch points for an online transaction?  Consumer, a bank or two, credit card clearinghouse, maybe PayPal, the consumer, and your businesses e-store and ERP software? 

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