A Comprehensive Guide To Data Compliance

 

Data Compliance

In the current digital era, businesses belonging to almost every industry hold tons of data. With such incredible amounts of data, a huge raft of responsibilities ensues. When you process data, you are responsible for how you store, share, use, and protect sensitive information as a business. And that’s where data compliance solutions come into play. 

The right to privacy is considered an essential human right. Therefore, for safeguarding this fundamental right, most countries, governments, and industries integrate Privacy into regulations such as HIPAA, PCI-DSS, GDPR, CCPA, etc. 

However, as an organisation dealing with a vast range of data sets, you might find dealing and complying with the increasingly stringent regulations more and more challenging. The diversity in communication channels and increasing collaboration with 3rd party agencies make the process of data compliance even more diabolical. 

If the data used in the testing, production, and quality analysis during the software release management cycle gets misused or stolen, your organisation can suffer huge financial and reputational damage. 

So, what is exactly data compliance?

Defining Data Compliance

Data compliance can be defined as any set of regulations that you as a business should comply with to ensure the sensitive digital data sets or information you possess - generally personally identifiable details and financial information - are protected against loss, theft, and/or misuse. 

The most prevalent data compliance standards include: 
  • General Data Protection Regulation (GDPR) 
  • Health Insurance Portability and Accountability Act (HIPAA) 
  • Payment Card Industry Data Security Standard (PCI DSS) 
  • The Sarbanes-Oxley Act of 2002 (SOX) 
  • California Consumer Privacy Act (CCPA)

Important Data Compliance Standards

General Data Protection Regulation (GDPR) 

GDPR data compliance standards apply to every business operating inside the EU that deals with citizen data and organisations outside the EU providing products or services to clients or businesses inside the EU. 

While various protocols and standards are included within the GDPR regulation, the fundamental standards are based on three basic principles- receiving consent, reducing the amount of unnecessary data you retain, and ensuring the rights of data subjects.

Health Insurance Portability and Accountability Act (HIPAA)

Businesses and individuals venturing into the healthcare industry (doctors, insurance agencies, medical device manufacturers, healthcare IT service providers, etc.) need to comply with HIPAA standards. HIPAA security standards were primarily introduced to protect medical records and other health-related details, providing patients more control over how their sensitive health data is utilised and disclosed.

Payment Card Industry Data Security Standard (PCI DSS)

PCI DSS data compliance solutions were specifically introduced to manage payment card security standards and improve account security throughout the transaction procedure. It standardises security protocols for businesses that process, transmit or store credit card information.

California Consumer Privacy Act (CCPA) 

CCPA primarily deals with the privacy rights of California consumers/customers. CCPA protocols consist of the right of consumers to know how businesses are utilising their personal details. The CCPA standards also offer the option for consumers to opt out of the sale of their personal information.

Any business serving California residents and generating an annual revenue of at least $25 million must comply with CCPA. Additionally, organisations of any capacity dealing with personal data on at least 50,000 people or generating more than half of their revenues through the sale of personal data should also adhere to the CCPA protocols.

How Professional Data Compliance Solutions Can Help? 

Data compliance regulations and legal protocols are generally based upon user consent, data usage purpose, data breach interventions. Moat professionals leverage a four-point checklist to ensure that your business is complying with the relevant regulations: 

The checklist includes: 
  • Who can access the sensitive data within your organisation? 
  • How does your organisation protect sensitive data privacy when shared externally? 
  • What are the protocols or solutions in place to revoke the data in the unfortunate case of a data breach? 
  • Does your organisation have the capability to track the flow of consumer data, and how? 
Data compliance is now a necessity not just to prevent financial damages but also to safeguard your brand reputation and customers. Choose the correct data compliance partner to ensure you’re complying with the relevant guidelines.

Location: Level 2/389 George St, Sydney NSW 2000, Australia

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