WORM Compliant Document Storage & Management
Write-once-read-many (WORM) storage is necessary for a wide variety of rules and regulations. For example, FINRA requires all companies registered to follow WORM as a requirement under its Rule 17a-3. Other legal requirements such as HIPAA for health services also require WORM. These requirements are added to ensure that the users of these services have records in case questions arise about their transactions. But how do businesses maintain compliance over the long term? With SeraScript.
Understanding WORM Compliance Rules
WORM compliance is all about ensuring accessibility and transparency. A business that incorporates WORM into its document handling benefits from a more trustworthy document storage service. Several different industries have their own requirements for WORM. Among these are:
Finance
As mentioned before, FINRA requires WORM as part of its guidelines to companies involved in securities trading. WORM relates to digital document storage, specifically to ensure that documents pertaining to transactional data cannot be tampered with. Businesses must create immutable records that can only be written once but can be accessed many times..
Healthcare
HIPAA compliance also relies on WORM storage. Documents related to personal health information must be registered and secured once the organization creates or receives it from a third party. While WORM isn't a requirement in HIPAA, it is an attractive method to ensure transparency in the institution's record management and security.
Education
Schools and universities have strict guidelines on handling student records. To reduce the chance of impropriety, teachers are expected to record grades once, with students able to access them later on at their leisure. WORM is a perfect solution for these types of document distribution since it ensures accessing parties cannot tamper with the final grade.
Government
In many governmental offices, documents must be stored on-site for a certain amount of time before being archived. Digital copies that might not be accessed regularly need the level of security that WORM offers to ensure their integrity over time. The National Archives and Records Administration (NARA) suggested WORM to avoid defacing or damaging records in violation of their guidelines..
Penalties for Non-Compliance
So what happens if a company decides to bypass the WORM requirements? Penalties from the financial sector could run into millions of dollars and include imprisonment of the company’s directors. Governmental offices risk losing public trust because of document mismanagement. Educational institutions may have scandals coming out of their poor document management. Students may be able to “game” the system if they figure out how to tamper with those records. Healthcare companies risk hefty fines for each violation of the HIPAA rules, not to mention the loss of patient documents reflects poorly on the organization. Non-compliance comes with damage to both its reputation and its bottom line. WORM can help a business avoid paying excessive fines and ruining a reputation it has spent years developing.
How SeraScript Ensures WORM Compliance
SeraScript’s approach to Write-Once-Read-Many storage lies in its development of the blockchain. A blockchain, but its very nature, ensures that the data entered on it is immutable. No changes can be made to that record, although the document may be updated later as a newer, more current copy, with the associated timestamp to show its change. SeraScript also provides additional support to companies needing WORM document storage, including:
- Increased Integrity: Bulk uploads are tracked for corrupt data packets when uploads are happening to ensure that documents are uploaded correctly the first time.
- Indexing: The organization can access customized indexing, with fields defined by the business to make it easier to access or search their uploaded records.
- Redundant Storage: Multiple data centers around the world ensure that an organization's data is always available when it needs to be. There is no single point of failure to lead to a data wipe.
Why Choose SeraScript?
SeraScript presents a unique proposal for businesses that want to ensure that they conform to their industry’s rules and regulations. Instead of investing money into hardware that needs to be constantly managed, SeraScript provides safe, secure storage backed by the security of a blockchain. If you’re interested in finding out how SeraScript can help your business be compliant, give us a call today.
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