Compliance requirements and regulations are legal and regulatory standards that organizations must adhere to in order to ensure the security, privacy, integrity, and availability of sensitive information and data, as well as to protect the interests of stakeholders and the public. Here's an overview of some major compliance requirements and regulations:
1. General Data Protection Regulation (GDPR):
- GDPR is a European Union (EU) regulation that governs the protection of personal data and privacy of EU residents. It applies to organizations that process personal data of EU residents, regardless of where the organization is located. GDPR mandates requirements such as consent for data processing, data subject rights (e.g., right to access, right to erasure), data breach notification, and appointment of data protection officers (DPOs).
2. Health Insurance Portability and Accountability Act (HIPAA):
- HIPAA is a U.S. federal law that regulates the protection and security of protected health information (PHI) and electronic protected health information (ePHI). HIPAA applies to healthcare providers, health plans, healthcare clearinghouses, and their business associates. HIPAA mandates requirements such as patient privacy (Privacy Rule), security of electronic PHI (Security Rule), breach notification, and enforcement by the Office for Civil Rights (OCR).
3. Sarbanes-Oxley Act (SOX):
- SOX is a U.S. federal law that regulates financial reporting and corporate governance practices of publicly traded companies. SOX aims to protect investors and the public from accounting fraud and financial misconduct. SOX mandates requirements such as internal controls over financial reporting (Section 404), certification of financial statements by company executives (Section 302), and independence of external auditors (Section 201).
4. Payment Card Industry Data Security Standard (PCI DSS):
- PCI DSS is a set of security standards established by the Payment Card Industry Security Standards Council (PCI SSC) to protect payment card data from theft and fraud. PCI DSS applies to organizations that handle credit card transactions and process cardholder data. PCI DSS mandates requirements such as secure network and systems, encryption of cardholder data, access controls, regular security testing, and compliance validation through audits and assessments.
5. Federal Information Security Management Act (FISMA):
- FISMA is a U.S. federal law that establishes cybersecurity requirements for federal agencies and their contractors to protect federal information and systems. FISMA mandates requirements such as risk assessments, security controls, security awareness training, continuous monitoring, and reporting to the Office of Management and Budget (OMB) and Congress.
6. California Consumer Privacy Act (CCPA):
- CCPA is a state law in California that regulates the collection, use, and disclosure of personal information of California residents by businesses. CCPA grants consumers rights such as the right to know about data collection practices, the right to access and delete personal information, and the right to opt-out of the sale of personal information.
7. EU-U.S. Privacy Shield Framework:
- The EU-U.S. Privacy Shield Framework is a mechanism for companies to transfer personal data from the EU to the United States in compliance with EU data protection requirements. The Privacy Shield Framework mandates requirements such as self-certification, adherence to Privacy Shield Principles (e.g., notice, choice, accountability), annual recertification, and dispute resolution mechanisms.
8. Financial Industry Regulatory Authority (FINRA) Rules:
- FINRA is a self-regulatory organization that regulates the securities industry in the United States. FINRA establishes rules and regulations to protect investors and maintain market integrity. FINRA rules cover areas such as cybersecurity, data protection, recordkeeping, supervision, and business continuity planning for broker-dealers and their associated persons.
These compliance requirements and regulations are just a few examples of the legal and regulatory standards that organizations must comply with to protect sensitive information, ensure regulatory compliance, and maintain public trust. Depending on the industry, geographic location, and nature of operations, organizations may be subject to multiple compliance requirements and regulations, which require diligent efforts to implement appropriate controls, policies, and procedures to achieve compliance and mitigate risks.