Running a business in today’s ever-evolving and fast-paced world should not be too complicated. With the right professionals who can help you get everything right when you’re setting up the first time, having a strong digital presence can be a breeze. This includes being compliant with the IT standards in the industry, and you can find out more about IT on this website.
So, as an organization or a new start-up, why should you follow these rules and regulations anyway? Well, the answer to that is that the entire IT infrastructure of your company is considered a part of your business. You can process various transactions, including payments through software and gateways, and you’re essentially using these platforms to communicate sensitive information to customers, employees, stakeholders, partners, and investors. Below is some information that you need to know about them.
Understanding the Standards
Regulations and best practices that were set by various organizations often aim to maintain the trust of the customers and employees in a company. It often encompasses a lot of aspects like risk management, system integrity, privacy protection, and data security. Below are some of the things that you need to know about, and although it’s not an exhaustive list, you may still be impacted by them.
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General Data Protection Regulation
GDPR came to fruition in 2018, and it was originally designed to protect the people from the EU. All citizens should consent before giving out their data, and it’s an IT compliance that companies should follow.
Under this standard, some of the information that can be impacted may include a consumer’s name, address, biometrics, political opinion, ethnicity, sexual orientation, and health data. Companies should meet their standards before they can conduct any transactions in the EU region.
HIPAA
This was first enacted in 1996, and the Health Insurance Portability and Accountability Act prevents any disclosure of a patient’s medical records without their consent. These include their photos, biometrics, health plans, diagnoses, current treatments that they are undergoing, prescriptions, and results from various medical tests. It often affects various hospitals and healthcare clearinghouses, and this is a must if you’re maintaining health records of customers.
Payment Card Industry Data Security Standards
PCI DSS is a regulation that’s affecting the credit card industry. Those who are processing online payments should maintain and install firewall configurations to protect user data. They should also avoid defaults or passwords provided by a third-party vendor that they are using and must set their parameters for better protection.
Transmission should be encrypted, and no public network should be used. Systems should be protected from malware through the installation of anti-virus programs, and there should be restrictions on who has access to cardholder data in the organization.
NIST
The National Institute of Standards and Technology is voluntary, and its goal is to reduce breaches and risks. It has guidelines and best practices that companies can follow to prevent crises and data-related problems in the future.
Steps to Achieve Compliance
1. Identify Applicable Regulations
Determine which one is going to work for you and learn about the security frameworks and data privacy laws. You can also consult a professional if you want a more specific guideline that you should apply to your organization.
2. Conduct a Gap Analysis
After knowing which one is going to apply to your current IT infrastructure, you may want to know which standards are missing. Fill these gaps, and don’t fall into the non-compliant side of the law while you’re still establishing your company.
3. Develop Policies and Procedures
Align the rules of the company based on the regulatory requirements. It just means that you need to outline how the information is protected, stored, and handled within the business.
4. Implement Security Measures
Safeguard sensitive data from unauthorized access or breaches, which may involve implementing firewalls, encryption protocols, access controls, and regular vulnerability assessments.
5. Train Employees
Educate everyone about their roles and responsibilities in maintaining compliance. Provide training on best practices for handling data securely and raise awareness about potential cyber threats.
Staying Up-to-Date with Changing Regulations
It’s important to establish a system for monitoring regulatory updates, which can mean subscribing to industry newsletters or joining professional networks that provide regular updates on new laws and guidelines.
Attending conferences and industry events can be an excellent way to stay informed about current trends in information technology. These events often feature expert speakers who provide insights into emerging regulations and best practices.
Maintaining open lines of communication with regulatory bodies is also essential. Building relationships with officials responsible for enforcing compliance can help you gain access to early information about upcoming changes.
You can also leverage technology tools can greatly assist in staying up-to-date with changing regulations. There are various software solutions available that automate the process of tracking and analyzing regulatory updates.
Collaborating with colleagues through online forums or discussion groups can also be beneficial. Sharing knowledge and experiences allows you to learn from others’ perspectives on interpreting and implementing new regulations effectively.
