compliance part (1)
As an international company with customers, suppliers and business partners spread throughout the world, we are subject to a variety of legal regulations, data security in varying local and global environments. Compliance with these varying requirements not only helps to avoid legal issues but also protect our business reputation as company.
If our readers have got to know the meaning of compliance, then continue to different kinds of compliances based on own organizations. Let’s start about different compliances such as HIPAA, SOC 2, GDPR, PCIDSS, FISMA and ISO /IEC 27000 Family compliances in general overview.
➡ HIPAA (Health Insurance Portal & Accountability Act)
HIPAA compliance was signed into the law in the year 1996, by President Bill Clinton. The law establishes national standards to protect identifiable health information of each individual patient. This rule is followed by health care providers (hospitals and health insurance industries) to protect disclosure of individual patient’s medical records without patient authorization.
➡ SOC Type 2 (System and Organization Controls)
The purpose of SOC 2 is to evaluate an organization’s information systems relevant to security, availability, processing integrity and confidentiality or privacy. If a service provider hosts or processes information for their clients, then they may be asked for a SOC 2 report. In this instance, the service provider’s clients are likely concerned whether they are handling their data in a secure way, and if it is available to them in the way it is contracted to be. A SOC 2 report affirms the security of a service provider’s services.
➡ GDPR (General Data Protection Regulation)
GDPR rule is agreed upon by European Parliament and Council in April 2016. The rule establishes primary law to protect EU citizens’ personal data. The law must be followed by all EU member states and any company that markets goods or services to EU residents.
➡ PCIDSS (Payment Card Industry Data Security Standard)
PCIDSS compliance is provided as uniform data protection rule by payment card providers such as Visa, MasterCard, American Express, JCB and Discover. The purpose of PCI is to protect cardholder data breaches. The PCI compliance is also mandatory for all card service provider companies.
➡ FISMA (Federal Information Security Management)
The FISMA is a United States federal law enacted in 2002. The act can be assumed as e-Government law for US agencies. The act requires each US federal agency to develop, document and implement an agency-wide program to provide security standards for their information systems.
➡ ISO/ IEC 2700 Family
ISO standards can help companies to securely manage company’s important data, financial transactions and employees’ privacy data. By following these ISO/IEC standards, it is absolutely sure that ISO/IEC standardized organizations would be recognized by third-party organizations.
➡ SOX (Sarbanes-Oxley Act)
The SOX is to protect shareholders and the general public from accounting errors and fraudulent practices in enterprise. The SOX is applicable to all publicly held American Companies, any international company that has registered equity or debt securities with the U.S Securities and Exchange Comissions (SEC) and any third-party company that provides financial services to either of the previous.
Right now, I hope our readers will understand compliance’s meaning and different kinds of compliances in general overview. In Compliance Part 2, I will discuss about Challenges, Benefits and Penalties in implementing Compliance.
As our NEX4 SI, we are providing a better solution in implementing PCIDSS Compliances with our skillful professionals.Moreover, NEX4 also provides User and Admin Awareness Trainings to get easier understanding in implementing this edge technology.
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