Award Winning Partner Mazzy Technologies
Award Winning Partner Mazzy Technologies
The Mazzy Technologies, business, technology and market experience combined with multidisciplinary teams of advisors brings seasoned capabilities in regulations, risk and controls. Mazzy Technologies teams can help you understand not just regulations but also the implication of regulations for your organization.
Meeting major regulatory requirements for your business and industry can be challenging. The good news is that with the right understanding of current IT compliance standards that apply to your business, you have the basis of knowledge you need to set your team up for success.
But to maintain compliance, you need more than a knowledge of what regulations exist and how they apply to your business: You also need a solution designed to help businesses like yours meet those standards time and time again.
The right solution will help you:
Mazzy Technologies Compliance Advisory Services can offer you and your team all of these features and more. You’ll be able to consistently achieve total IT compliance in less time, with less effort.
IT compliance standards are regulations set up to improve security, maintain your customers’ and employees’ trust, minimize the effect of data breaches, and more.
In short, if your business manages any form of protected data about customers or employees, you need to be aware of the standards that affect your organization. What consequences are associated with neglecting to meet the IT compliance standards required for your business? There are numerous consequences, including:
Understanding IT compliance standards is crucial to managing data in your organization successfully. Let’s cover the critical information related to the most common IT compliance standards, tips for identifying which regulations apply to your business, and discuss some modern challenges related to compliance standards.
With all the regulations and compliance standards in existence, it can feel overwhelming to determine which ones apply to your business. Fortunately, there is an easy, three-step process you can follow to determine whether a regulation applies to your organization:
Once you have determined which regulations apply to your business, you will want to complete a full cybersecurity assessment. This assessment will help you determine how well you are currently meeting all applicable regulatory requirements, enabling you to make changes or improvements where necessary.
Various government entities have established a number of IT compliance standards over the years. We will now examine some of the most common IT compliance standards, including the fundamentals of each standard and the industries it impacts. As a note, this list is not exhaustive, and your business may be impacted by standards not listed here.
GDPR stands for General Data Protection Regulation. This regulation came into effect in 2018 and was designed to protect the privacy of citizens in the European Union. Under this regulation, all EU citizens must consent before their data is processed. There are additional specifications about how data must be transferred and secured under this standard.
Data impacted by GDPR include:
GDPR protects only EU citizens, so your organization must meet these standards only if you employ citizens of the EU or conduct business there.
HIPAA stands for the Health Insurance Portability and Accountability Act. Enacted in 1996, HIPAA seeks to protect sensitive health information and prevent that data from being disclosed without the patient’s consent.
Data impacted by HIPAA include:
Organizations most commonly affected by HIPAA are health plan providers, healthcare clearinghouses, hospitals, and more. However, if your business maintains any health records for employees or customers, you are also subject to HIPAA.
PCI DSS stands for the Payment Card Industry Data Security Standard. This regulation refers to a set of twelve security requirements related to credit card and financial information.
The standards of PCI DSS are as follows, to quote:
If your business manages transactions by credit card, you will need to be aware of and adhere to the requirements set forth by PCI DSS.
SOX stands for the Sarbanes-Oxley Act of 2002. This regulation is also referred to as the Public Company Accounting Reform and Investor Protection Act. This act applies to any publicly traded company in the United States and publicly traded foreign companies that do business in the United States.
The goal of SOX is to protect shareholders from corporate accounting fraud or errors. Many of the regulations in this standard are related to financial reporting and an IT-specific component.
To comply with SOX, your IT department must comply with standards for storing financial records. Under SOX, financial records must be maintained for seven years.
The Gramm- Leach-Bliley Act (GLBA) applies to financial institutions that offer investment or financial advice, insurance or loans to clients. For instance, financial advisory firms, real estate firms and universities must adhere to GLBA. This regulation requires institutions to disclose how they protect their customers' data and what information-sharing policies they have in place.
To abide by this regulation, financial institutions must disclose their policies and request that customers and clients opt into their services. Customers can choose not to have their information shared with certain third parties by opting out of this. Here are the GLBA's rules:
NIST stands for the National Institute of Standards and Technology. NIST differs from the other standards on this list in that it is voluntary. This standard is a framework designed to help manage cybersecurity risks and reduce breaches.
Essentially, NIST provides your organization with best practices and guidelines you can use to reduce the risk of data-related issues and crises in your organization.
Penetration testing, often referred to as pentesting, offers several benefits for organizations. Here are some of the key benefits:
Overall, pentesting is an essential component of a comprehensive security strategy. It provides proactive insights into an organization's security weaknesses, enables risk mitigation, ensures compliance, and helps improve incident response and overall security posture.
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