Cyber Security Regulations You Should Know

1. Sarbanes-Oxley Act (SOX)

This regulation primarily aims to protect investors from corporate fraud. It also incorporates provisions on the integrity and security of financial reporting. As per the guidelines, the IT department of an organisation needs to implement robust control to ensure data security and integrity for the financial databases.

The implementation of secure storage for financial records and strict access control is one of the key requirements of this regulation.

Also, business organisations need to arrange regular audits to ensure the integrity of the financial databases and implement internal controls and procedures associated with financial reporting.

2. NIST Cybersecurity Framework

NIST (The National Institute of Standards and Technology) is a cyber security Framework that offers voluntary guidelines to help business organisations while reducing cyber security risk. It has been adopted across the business industries, especially for the United States of America for developing a robust cyber security practice.

The key component of this regulation includes the identification of the cyber security risk to the assets, databases and systems.

Business organisations are committed to implementing safety strategies to ensure the safe delivery of critical services.

Also, it is required to develop effective mechanisms to identify the cyber security events and analyse the entry points.

The implementation of an effective incident response plan and development of the strategies to restore the operation is another key component of this regulation.

3. Payment Card Industry Data Security Standard (PCI DSS)

PCI DSS is a global data security standard that has been developed to protect the credit card databases of users and secure their online transactions. This regulation applies to organisations which incorporate the databases of cardholders including the payment processors and retailers.

As per the regulation, business organisations need to increase the database of the cardholders and protect them from Data Breaches.

It is important to implement access control measures by limiting unauthorised access to the pieces of information.

Also, business organisations need to conduct regular audits of their security system and develop mitigation strategies against the vulnerabilities.

Lastly, this regulation influences business organisations to maintain a secure network setup. By implementing anti-virus software, encryption processes and firewalls.

In case of non-compliance with this regulation can lead to reputational damage and financial penalties effectively.

4. California Consumer Privacy Act (CCPA)

California Consumer Privacy Act has been developed in the year 2020. It has become a Landmark data privacy law all over the United States of America. It aims to offer control over the personal information of the residents of California.

The key requirements of this regulation have influenced businesses to disclose the purpose of collecting the personal databases of consumers. It also allows consumers to opt out of their data set. By offering great control over their personal information.

Also, the businesses cannot perform any discriminatory activity against the users and interrupt their privacy rights.

In case of non-compliance with the regulation can lead to a financial penalty of up to $7500 for the organisations.

5. Health Insurance Portability and Accountability Act (HIPAA)

The Health Insurance Profitability and Accountability Act was developed by the Government of the United States of America. It ensures protection for health information and applies to healthcare organisations, insurers and other organisations. It need to deal with protected health information.

The key requirement of this regulation includes the implementation of physical and technical administration to protect the database of patients.

It also focuses on data encryption and restricts unauthorised access.

As per the regulation health service providers need to conduct frequent risk assessments and make effective decisions to mitigate the identified factors.

Also, healthcare organisations need to report the breaching incidents that have affected 500 or more people within 60 days.

6. General Data Protection Regulation (GDPR)

It is one of the most comprehensive and strong data protection regulations. It has been followed by Global organisations. GDPR influences business organisations to ensure the informed consent of individuals before collecting and using their personal information. This regulation has affected the businesses that integrate with the personal databases of European residents. It has been implemented since the May of 2018.

The key requirement of the general data protection regulation includes the write of individuals to access, correct and delete their personal databases.

Also influenced business organisations to report data breaches within 72 hours of the incident.

In case of non-compliance with this regulation can lead to a financial penalty of up to 4% of global revenue and up to 20 million euros.

It has impacted the data protection regulations worldwide to ensure the data safety of people.

These regulations will help you to stay informed about the cyber security regulations which currently have become essential in our daily living standards. Essential Infosec has a strong focus on following these regulatory standards to avoid legal obligations and maintain a strong brand reputation. Along with this, we value our audiences, so we have demonstrated the key cyber security regulations for increasing awareness among people. Whether you operate in a finance, retail or any other industry. These regulations will support you to avoid unwanted penalties and maintain consumer trust. Remember cyber security is not just about safeguarding sensitive information it’s all about developing a secure environment for the future of a healthy business in this current digital world.