Organizations today are leaving no stone unturned when it comes to securing and protecting critical data from cyber threats. However, cyber threats and cyber-attacks are only becoming sophisticated as time passes by.
In addition to the security measures the organization takes, it is now wise (and mandatory) to comply with the regulations formed by government authorities that chart out security standards that strengthen the organization’s cybersecurity posture even further.
We have listed top 4 regulatory compliances. If you believe your business is yet to conform with them, take your action right away.
On 25th May 2018, Europe’s strongest data protection law-GDPR (General Data Protection Regulation)-came into existence. The objective was to regulate the data privacy laws of organizations across Europe. GDPR entails the security measures an organization must take to protect the sensitive data and information. GDPR essentially includes:
- Obtaining consent and consent management for data processing
- Concealing the data information, practicing data anonymity.
- Notifying incidences of data breach
- Monitoring data transfers.
You may read our blog on GDPR to know more about this regulation.
Which organizations should comply with GDPR?
GDPR was adopted across the European Union initially. Today though, GDPR is adopted by organizations all over the world.
The intent should be to protect and secure employees’, customers’, and the company’s vital data. So, GDPR typically applies to any business that carries on any commercial activity. However, there are some exceptions. For instance, for transferring or processing personal data, one need not conform to GDPR.
HIPAA is short for Health Insurance Portability and Accountability Act. This regulation requires organizations in medical business to protect and secure the medical records and health information of patients. HIPPA has 2 aspects. That is, HIPPA will be applicable if the health information:
1. Identifies an individual
2. Stored or exchanged either electronically or on hard copies.
For instance, Mary, patient ID:1234, contact number:456789, tested for Diabetes. Here, “Mary”, “Patient ID number”, and “Contact” identifies the individual. This information is stored in a datasheet. HIPAA is implemented to protect the confidentiality of such individuals and their medical records.
Which organizations should comply with HIPAA?
Any organization that primarily operate in or relation to the health care domain and provides health care facilities, Pharmaceutical services, health insurance, coverage to health care facilities for the employees, etc. are required to comply with HIPAA.
In June 2018, California Consumer Protection Act (CCPA) came was rolled out and came into effect on 1st January 2020. CCPA is somewhat along the lines of GDPR. CCPA allows the consumers of California to request or access their data that an organization holds. The customers may also demand to see the list of third-parties with whom their data is shared with. The consumers have the authority to raise an objection on the way their details are collected, stored, and shared. They can address their objections legally under CCPA.
Which organizations should comply with CCPA?
Essentially, companies that cater to the residents of California and have a minimum revenue of $25 Million must comply with CCPA. Also, if a company collects data of more than 50,000 people and 50% or more of their revenue comes from the sale of personal data, should be compliant with CCPA. However, a company needs to be based out of California, in fact, it need not necessarily be a USA based company to comply with CCPA.
#4 SOX Act
SOX Act or the Sarbanes-Oxley Act of 2002 was designed by congressmen, Paul Sarbanes and Michael Oxley. The law protects the investor’s interest from fraudulent accounting activities of the company. Complying with the SOX Act means adopting transparent financial disclosures. The law positively impacts security of the Information Systems as financial information is stored and processed by IT systems.
Which organizations should comply with SOX Act?
Since the law is essentially designed to protect the investors, Public companies operating in the United States must conform to the SOX Act. Though there is no compulsion on Private companies to comply with this ACT, private companies that are ready for IPO must comply with the SOX Act.
Finally, compliance with such mandatory regulations comes with great benefits. The organization becomes cyber resilient, earns goodwill, and enjoys sustainability as it is secure from disrupting cyber-attacks.
So, combine your brilliant security protocols with mandatory regulations and you are sure to combat cyber-attacks, invariably.