Benchmark – Framework Compliance Assessment Report

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BENCHMARK-SMALLTOMEDIUMSIZEDBUSINESS.docx

Running Head: BENCHMARK-SMALL TO MEDIUM SIZED BUSINESS 2

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IT is a broad term that encompasses everything that businesses do with computers. Information technology is responsible for developing a business's communications networks, safeguarding data and information, creating and administering databases, assisting employees with computer or mobile device issues, and a variety of other tasks necessary to ensure the efficiency and security of business information systems (Kiel, Arnold, Collisi & Voigt, 2016, May). The advancement of communication and information technology has emphasized the internet's importance in business. The internet is extensively used by businesses to market and promote their products and services. Customer support is provided via the internet, as is information sharing and employee training. Essentially, Internet use has had a variety of consequences in a variety of fields.

To begin, the internet has altered the landscape of business. It has resulted in the creation of new business opportunities. From a security standpoint, internet use has a plethora of implications. The issue of intellectual property (IP) rights infringement, piracy, and security breach, among others, has broader implications for the internet, online shopping, basic web presence, vendor-specific portals, vendor-exclusive portals, social media, the Internet of Things, and VPN use. SBM and data protection are inextricably linked to rule and regulation compliance. Noncompliance at any level can have a catastrophic effect on security.

Second, the use of the Internet has resulted in a number of implications for intellectual property data protection. Intellectual property (IP) is the result of an individual's ideas, thoughts, intellectual influence, and copyright. Nowadays, legislators and the government, recognizing its strength and scope of operation, have provided it with legal protection against patents, copyrights, trademarks, and design rights. IP can assist SMBs in expanding globally and becoming as large as their competitors in all areas of the business.

It is critical to consider third-party vendors, cloud computing, and technological trends. Without addressing them, the consequences will persist and security will be jeopardized. To mitigate the consequences, strong and effective compliance strategies must be implemented. For SMBs, the most significant impact of the internet on the international marketplace is the ability to reach a global platform at a low cost (Wnuk & Murari, 2016, June). A company website can serve as a promotional resource for an organization that is accessible to anyone on the planet. SMBs can use a basic web presence to promote their products, advertise their store, and communicate with their customers.

Online shopping is a significant innovation that has benefited industries worldwide, including small and medium-sized businesses. Small and medium-sized businesses (SMBs) account for a sizable portion of the economy, and they heavily rely on electronic information sharing to advance their operations.

A vendor-specific portal enables users to track suppliers by diversity category and resource category, providing a clear picture of the company's progress toward multiple internal goals. Additionally, they enable businesses to connect and collaborate online with their third-party suppliers. They are required for any business that works with multiple suppliers, as they provide a simple and secure method for the business and its suppliers to track orders, raise concerns, and communicate, as well as ensure that both parties are on the same page. Vendor-specific portals are a critical component of a vendor management system because they help manufacturing facilities organize their data and improve turn-around times.

Businesses can communicate for free with millions of customers worldwide via social media sites. The Internet enables SMB owners to become more mobile by simplifying the process of enhancing the business from anywhere. The Internet of Things and related technologies such as artificial intelligence and machine learning have far-reaching implications. From anywhere in the world, an SMB owner on a business trip can communicate with their office in real time via an online chat feature and share critical information with others. A VPN is an excellent tool for cost-effectively connecting remote offices and employees to an organization's network.

Internet use has excess of implications for data protection and intellectual property protection. Intellectual property rights are critical for the development and protection of small business data. IP can aid SMBs in all aspects of business development and management, from brand management to service, product development to design, and from increasing economic resources to exporting or expanding business internationally through IP assignments such as licensing. IP contributes to a business's value and worth in the eyes of financial institutions and investors.

Finally, it is critical that compliance with rules and regulations is effectively monitored at all levels. If this is not done, cloud-based data will be compromised, and third-party vendor channels will be used to circumvent security measures (Kerber, 2016). The technology trend will eventually become synonymous with non-compliance. Each of the areas mentioned above is addressed by a robust compliance mechanism.

References

Kiel, D., Arnold, C., Collisi, M., & Voigt, K. I. (2016, May). The impact of the industrial internet of things on established business models. In Proceedings of the 25th international association for management of technology (IAMOT) conference (pp. 673-695).

Wnuk, K., & Murari, B. T. (2016, June). The impact of Internet of things on software business models. In International Conference of Software Business (pp. 94-108). Springer, Cham.

Kerber, W. (2016). Digital markets, data, and privacy: competition law, consumer law and data protection. Journal of Intellectual Property Law & Practice11(11), 856-866.