More than ever, companies are now impacted by state and federal enforcement regulations, particularly with regards to information security, sharing and retention.
These standards must be met to avoid a breach of contracts, fines, and much more.
Although it is a serious problem for any organization, regulatory compliance particularly affects large corporations, as the bigger the organization, the more regulations it has to comply with.
Before sharing any files, here are three things you should consider;
- How much and how often you would like a file shared. Specialized solutions would be needed for ongoing periodic sharing, whereas one-off sharing can usually be done with something simpler.
- If you need proof of customer receipt. This could be linked to legal requirements for your team or simply peace of mind.
- If the files are confidential or sensitive. In certain instances, you might need a more reliable means of sharing files.
According to the Gramm-Leach-Bliley Act (GLBA), consumer data must be secured from any threat that could, under any circumstances, lead to unauthorized disclosure, misuse, alteration, or deletion.
This federal regulation refers to financial institutions, such as commercial banks, insurance companies, and security firms.
GLBA specifications include access control, data backup, audit trail, monitoring of all file changes, and automatic notifications in relation to document management.
PCI DSS (Payment Card Industry Data Security Standard) was created to protect companies and their customers from theft and fraud of payment cards. It refers to all businesses that accept, store, and distribute payment card information.
ISO 9001 applies to all organizations supplying consumers with products or services and its key document management criteria are pre-distribution examination and approval, identification and monitoring of changes, confidentiality security, and support of multiple formats.
The Sarbanes-Oxley Act (SOX) aims to provide transparency and accountability within the financial statements of an entity. It affects businesses that are publicly listed, public accounting firms, auditors, traders, and analysts of stocks.
The retention periods for different financial records are also given.
SEC regulations cover financial services, such as brokers, dealers, and exchange members, as well as other public bodies. The specifications of the SEC are data encryption, automatic preservation of information, versioning of information, user consent levels, undeletable and unalterable audit trails, and data backup.
HIPAA was created and directs almost all information circulated in the healthcare industry to protect the privacy of individuals accessing healthcare.
The key record management requirements of HIPAA are access control, protection against unauthorized record modification/deletion, and audit trail monitoring.
Implemented in 2018, EU’s GDPR builds on the protection offered by the Data Protection Act ( DPA), a legislative act of 1998 intended to protect personal data, but focuses more on transparency and governance. Under the existing laws, these elements are inferred, but they are expressly referred to under the GDPR.
The goal is to improve the security of personal data of an individual and to minimize the effect of data breaches. GDPR standards cover all EU members and any business outside Europe that deals with an EU based business.
All business needs to understand the rules of GDPR and have appropriate and transparent governance in place. If a company is audited and found in non-compliance with GDPR, there can be hefty fines.
As you see from above there are numerous regulations for data management and companies are forced to comply at all times with these regulations.
The task of keeping the information both updated and secure at all times requires a considerable amount of resources that companies try to optimize as much as possible but sometimes failing because of human error or simply lacking adequate tools or methods for collecting information.
How to confront the resource problem
Companies managing personal information requests on a daily basis must comply at all times with data protection regulation, as of today, companies are collecting information using traditional methods such as plain text email and unknowingly failing to comply with these regulations.
By using a secure transfer and management tool like Fortknoxster Transfer, companies are protected against any possible violation of data protection regulation.
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