How To Meet Data Compliance Standards?

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• In the digital age, data is the most valuable
  possession of any business. Today companies hold
  more data than ever before.
• With this comes a crucial responsibility of how
  this data is stored, utilized, shared, and
  protected.
• The recent data breach incidents in Facebook and
  Cambridge Analytica illustrate how failure to
  take care of confidential information can cause
  severe reputational and financial damage.
• In the last few years, the number and complexity
  of regulations that firms need to comply with
  have increased remarkably as authorities aim to
  take back control of the enormous amounts of data
  now stored in the cloud and on the servers
  worldwide.
• These regulations that businesses need to follow
  while handling sensitive and personal data are
  known as data compliance.
• In this write-up, we've discussed five necessary
  data compliance standards and how to meet them.

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• General Data Protection Regulation (GDPR)
• European Union's GDPR encompasses a range of
  rules on people's rights to know what data
  businesses possess about them, how these data
  should be processed by the companies, and tighter
  rules on data breach reporting.
• It does not apply to just Europe-based firms. If
  you're involved in a business relationship or
  partnership with any individual firm under
  European jurisdiction, you need to abide by the
  GDPR data compliance provisions.
• Although this European regulatory standard
  involves various rules, it operates under three
  primary principles-
• Obtaining consent for sharing data
• Ensuring the rights of data subjects
• Minimizing the amount of information you hold

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• The first step to ensure following GDPR data
  compliance protocols is assigning an individual
  (data protection officer) to monitor its
  activity.
• Assigning a data protection officer is mandatory
  in certain organizations that hold a large amount
  of data.
• The data protection official is responsible for
  monitoring and implementing data compliance
  strategies to ensure the GDPR protocol's
  fulfillment.
• Health Insurance Portability and Accountability
  (HIPAA)
• The HIPAA act protects the safety and
  confidentiality of the healthcare and medical
  records of individuals. Any organization handling
  such sensitive information needs to abide by the
  HIPAA guidelines.
• Failing to protect such data can attract huge
  penalties. Electronic health records need to be
  restricted only to those valid reasons to access
  them under HIPAA provisions. Therefore string
  access control and data encryption are a must.
• .

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• HIPAA standards don't only apply to the records
  within the databases, but while sharing as well.
  All the file transfers should be protected,
  controlled, and fully monitored.
• HIPAA requires a complete audit trail for each
  data interaction. For ensuring compliance with
  HIPAA regulations, event log management software
  is a significant tool.
• This ensures full records getting automatically
  updated.
• PCI DSS- Payment Card Industry Data Security
  Standard
• PCI DSS defines regulations on how companies
  protect and handle cardholder data, such as
  credit card data.
• Although this is an industry-mandated data
  compliance standard, non-compliance can result in
  heavy fines and termination of the partnership
  with payment processors and banks.
• PCI DSS sets out a series of dataops steps
  describing what companies should do to meet these
  standards. Regularly testing systems and
  processes, having an adequate firewall in place,
  etc., are some specific regulations for meeting
  PCI DSS standards.

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• Also Read Why Integrate Data Compliance In
  Software Applications?
• Sarbanes-Oxley Act (SOX)
• The aim of this act was protection against
  accounting scams. Under SOX Act, IT firms need to
  ensure all transactional and accounting records
  are appropriately retained.
• For remaining compliant real-time reporting of
  the firm's financials, document management
  systems, and backups of key information is
  necessary.
• Spreadsheets recorded phone calls, financial
  transactions, and emails require to be preserved
  for at least 5 years if any financial auditors
  need to access them. Tools for monitoring data
  flow, automating workflows, storing and
  retrieving information, etc., play critical roles
  in this.

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