Not following compliance requirements could result in fines of, at minimum, $2,500 but could be as high as $7,500. With more cases of data breach incidents, consumers, in some cases, will request statutory damage compensation.
Even with the risk of expensive fines, hits to a company's reputation, and potential lawsuits, you would think that more companies would ensure that they remain compliant with the latest data regulations. However, at least 62.4% of companies don't comply with data regulations, and this high percentage represents a share of businesses at risk of penalty.
With the rise of data collection and technology, it's become imperative for IT professionals to ensure that they are following the latest data compliance regulations. We've compiled a list of top requirements and compliance action items for you here. But first, let's address what data compliance is.
What is data compliance exactly?
Data compliance is the practice of ensuring companies and organizations adhere to regulations that abide by all data privacy laws and data security standards.
Understanding the various data compliance requirements is vital for businesses and organizations to know which regulations they must follow. It will simplify determining whether a data protection standard applies to your organization. This is why there are different umbrellas for regulation types. Generally speaking, data compliance refers to government entities or corporate institutions, although they can also include other industrial facilities.
The essential data compliance requirements address security - preventing data breaches and theft. These requirements may consist of limits on data storage, data minimization, and confidentiality.
Additional limitations on the processing and storage of obtained data and transparency are also a part of this requirements list. There have been 817 incidents of compromised data in the U.S. in just the beginning of 2022 and as time progressed, more than 53 million cases were opened. The results were data leakage and data breaches, but this is far from excluding other contributing factors concerning data protection.
With 2,200 cyber attacks occurring every day, (which is about one attack every 39 seconds) businesses are strongly encouraged to implement safeguards for their employees and customers.
What are the essential data compliance requirements?
Data compliance requirements outline what organizations must follow when collecting, storing, or processing data, including clients, stakeholders, and employees.
Online shopping was created for its convenience, and it did so only because people didn't have to leave their houses to buy or pick up an item.
This transformation made shopping easier mechanically but not sufficiently. That is because it is more difficult to choose products online when your customers can't hold them in their hands or physically see them in a specified space.
AR maintains convenience without sacrificing the efficiency of buying online.
Shopping online usually forces consumers to choose between the highest-rated products. This practice does not exist in the store; instead, items are purchased based on your shopper's personal connection to it.
Many uses of AR in retail allow your shopper to connect to the product. The chances of a product becoming more suitable for your shopper increases with this connection.
General Data Protection Regulation (GDPR)
Staying in the Green
Since 2003 when California implemented the first laws around data notification, general data safeguards have become more ubiquitous and necessary. It is crucial to stay on top and up to date with data compliance requirements to secure your business, employees, and customers. Sign up for the IT Brew newsletter to stay up to date on the latest industry news, trends, and insights.
5 data compliance standards and how to meet them
Between 1,200 and 1,500 issues of HIPAA compliance or system breaches occur yearly. Citizens remain concerned due to constant data safety problems because identifiable information is often at risk for exposure. The main HIPAA-related violations involve sharing PHI (Protected Health Information) or not disposing of it properly. Unencrypted devices are also a high target for data leaks.
The main issue for providers is that some cases can result in financial penalties and losses. There have been significant instances of data compromise across the country, which has stemmed this worry - from an imaging center in Tennessee violating a multitude of HIPAA regulations to a health system in Texas unintentionally publishing a press release that contained identifiable information.
A best practice is conducting a regular risk analysis to ensure all documentation and access to documentation remain compliant. Perform any needed remediation early on, and you should also install proper safeguards before working with any patients.
Health Insurance Portability and Accountability Act (HIPAA)
HIPAA
HIPAA
GDPR
GDPR
GDPR is a data compliance standard that protects the privacy and security of personal data. To be compliant with this regulation, companies have been spending millions, with at least eight out of 10 businesses in the U.S. taking active steps toward compliance.
There are two great ways to get started with this type of compliance.
1.
2.
Configure ways to process data protection impact assessments.
Appoint a Data Protection Officer as a point person for this type of compliance. It will expedite solutions to any issues that may arise.
The California Consumer Privacy Act (CCPA) covers California businesses. It's a data regulation standard meant to protect residents' privacy and allows for proper data privacy tactics to protect consumers' private information.
It allows California residents to decide if they want to opt into third-party data hosting. The 145 lawsuits in 2021 alone justify the need for this.
If your business resides in California, you must pay close attention to the state's regulatory landscape and cross-reference data requirements. Stay compliant with CCPA by ensuring you are following all of its standards.
You should also monitor personally identifiable information along with the way the information is created and then shared with other personnel and ensure the proper disposal of information.
California Consumer Privacy Act (CCPA)
CCPA
CCPA
The Gramm-Leach-Bliley Act (GLBA) is a data compliance standard that applies to financial institutions. It ensures that these institutions protect their customers' non-public information. Businesses must allow customers to decide what information is shared to remain compliant.
Certain data protections should be implemented for customers. The main rules for this act are the rules regarding privacy and safeguards. If businesses operate with attention to both, it would be simple to remain compliant. Risk assessments are also appropriate and should be an initial step in a compliance effort.
One final and most important thing you should do is apply pretexting provisions. Doing this will prohibit access to NPI (Non-public Personal Information) under false information.
Gramm-Leach Bliley Act (GLBA): What you should know as a business to stay compliant
GBLA
GBLA
The Federal Trade Commission (FTC) is an independent agency whose primary role is to deter any business practices that would be considered unfair.
They review potentially deceptive and intentionally harmful business tactics that impact consumers. All emails and files should be encrypted to comply with FTC regulations.
These safeguards refer to both external and internal data, and if any Saas applications are used, additional encryption would also need to be applied.
Federal Trade Commission (FTC)
FTC
FTC
Since 2003 when California implemented the first laws around data notification, general data safeguards have become more ubiquitous and necessary. It is crucial to stay on top and up to date with data compliance requirements to secure your business, employees, and customers.
Staying in the Green
General Data Protection Regulation (GDPR)
The essential data compliance requirements address security - preventing data breaches and theft. These requirements may consist of limits on data storage, data minimization, and confidentiality.
Additional limitations on the processing and storage of obtained data and transparency are also a part of this requirements list. There have been 817 incidents of compromised data in the U.S. in just the beginning of 2022 and as time progressed, more than 53 million cases were opened. The results were data leakage and data breaches, but this is far from excluding other contributing factors concerning data protection.
With 2,200 cyber attacks occurring every day, (which is about one attack every 39 seconds) businesses are strongly encouraged to implement safeguards for their employees and customers.
What are the essential data compliance requirements?
Data compliance requirements outline what organizations must follow when collecting, storing, or processing data, including clients, stakeholders, and employees.
Data compliance is the practice of ensuring companies and organizations adhere to regulations that abide by all data privacy laws and data security standards.
Understanding the various data compliance requirements is vital for businesses and organizations to know which regulations they must follow. It will simplify determining whether a data protection standard applies to your organization. This is why there are different umbrellas for regulation types. Generally speaking, data compliance refers to government entities or corporate institutions, although they can also include other industrial facilities.
What is data compliance exactly?
Not following compliance requirements could result in fines of, at minimum, $2,500 but could be as high as $7,500. With more cases of data breach incidents, consumers, in some cases, will request statutory damage compensation.
Even with the risk of expensive fines, hits to a company's reputation, and potential lawsuits, you would think that more companies would ensure that they remain compliant with the latest data regulations. However, at least 62.4% of companies don't comply with data regulations, and this high percentage represents a share of businesses at risk of penalty.
With the rise of data collection and technology, it's become imperative for IT professionals to ensure that they are following the latest data compliance regulations. We've compiled a list of top requirements and compliance action items for you here. But first, let's address what data compliance is.