Compliance and Regulatory Requirements Explained
1. General Data Protection Regulation (GDPR)
GDPR is a regulation in EU law on data protection and privacy for individuals within the European Union. It also addresses the transfer of personal data outside the EU.
Example: A company operating in Europe must ensure that any data collected from EU citizens is handled according to GDPR guidelines, including obtaining explicit consent and allowing data subjects to request access to their data.
2. Health Insurance Portability and Accountability Act (HIPAA)
HIPAA is a US federal law that requires the creation of national standards to protect sensitive patient health information from being disclosed without the patient's consent or knowledge.
Example: A healthcare provider must implement safeguards to ensure that patient records are encrypted and access is restricted to authorized personnel only.
3. Payment Card Industry Data Security Standard (PCI DSS)
PCI DSS is a set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment.
Example: An online retailer must comply with PCI DSS by regularly scanning their network for vulnerabilities and ensuring that all credit card data is encrypted during transmission.
4. Sarbanes-Oxley Act (SOX)
SOX is a US federal law that sets requirements for all U.S. public company boards, management, and public accounting firms. It aims to protect investors by improving the accuracy and reliability of corporate disclosures.
Example: A publicly traded company must implement internal controls to ensure the accuracy of financial reporting and maintain documentation to support these controls.
5. Federal Information Security Management Act (FISMA)
FISMA is a US federal law that requires each federal agency to develop, document, and implement an agency-wide program to provide information security for the information and systems that support the operations and assets of the agency.
Example: A federal agency must conduct annual security assessments and implement risk management practices to protect sensitive government data.
6. Children's Online Privacy Protection Act (COPPA)
COPPA is a US federal law that requires the Federal Trade Commission to establish rules for protecting children's privacy online. It applies to operators of websites and online services directed to children under 13.
Example: A website aimed at children must obtain verifiable parental consent before collecting any personal information from children under 13.
7. Gramm-Leach-Bliley Act (GLBA)
GLBA is a US federal law that requires financial institutions to explain how they share and protect their customers' private information. It also requires them to give customers the option to opt-out of information sharing.
Example: A bank must provide clear privacy notices to customers and implement safeguards to protect their financial information from unauthorized access.
8. California Consumer Privacy Act (CCPA)
CCPA is a state statute intended to enhance privacy rights and consumer protection for residents of California. It gives consumers the right to know what personal information is being collected and the right to delete it.
Example: A company operating in California must provide a clear privacy policy and allow consumers to request deletion of their personal data.
9. National Institute of Standards and Technology (NIST) Cybersecurity Framework
The NIST Cybersecurity Framework provides a policy framework of computer security guidance for how private sector organizations in the United States can assess and improve their ability to prevent, detect, and respond to cyberattacks.
Example: A private company can use the NIST framework to develop a comprehensive cybersecurity program that includes risk management, incident response, and continuous monitoring.
10. International Organization for Standardization (ISO) 27001
ISO 27001 is an international standard on how to manage information security. It provides a systematic approach to managing sensitive company information so that it remains secure.
Example: A multinational corporation can implement ISO 27001 to ensure consistent information security practices across all its global operations, including risk assessment and management, security controls, and continuous improvement.