4 Most Popular Data Compliance Standards to Know

1. 4 Most Popular Data Compliance Standards to Know

2. Organisations nowadays receive a massive amount of data from customers and other stakeholders from various sources. With cutting edge technologies and data-driven tools, organisations use this data to make customer-centric policies and business policies. • However, with such a massive pool of data, there also comes responsibilities related to how this data is stored, secured, shared and used. Data compliance is all about meeting the rules and regulations set by the local authorities. • Organisations nowadays have their own data compliance departments which closely monitor how data is stored, protected, shared and used, without breaking any data protection rules and policies.  • Recent incidents of Facebook and Cambridge Analytica clearly show what can happen when data is misused. Organisations need to take all data security measures to ensure that the data they receive is protected and used only after the permissions from the customers. • In recent years, the authorities have come up with a wide range of data security policies and regulations as they want to control the massive amount of data stored in web servers and the cloud. • If you don't comply with data policies and regulations, you might have to pay hefty penalties. In addition to that, your invaluable reputation might suffer too, which is a more significant loss.

3. By definition, data compliance is any set of regulations that a business must follow to prevent theft, loss and misuse of sensitive and confidential personally identifiable information and financial details of the customers. • Remember, data compliance and data security are two different things and you should not mix them. Complying with data regulations does not make your data secure. You have to add additional security measures to ensure data security.  GDPR 

4. General Data Protection Regulation came into force on May 25th 2018 is the initiative of European Union and it consisted of a set of rules which depicts the people's right to know what data organisations collect and where they use such data. • If you are working with an individual or a company subject to the EU's jurisdiction, you too need to follow GDPR. Ensuring data compliance helps you to keep your business reputation intact and also to save your business from penalties and fines.  HIPAA  The Health Insurance Portability and Accountability Act of 1996 has a set of rules and regulations for US businesses to protect and use people's healthcare and medical data. Under HIPAA, only people with valid reasons can view the sensitive medical data of the people and that too with encryption and strong access controls. File transfers and emails are also monitored and recorded to ensure data compliance.

5. PCI DSS  • If you are in the business where you collect your customers' financial information, the Payment Card Industry Data Security Standard is a crucial part of any data compliance standards. It instructs organisations on how to handle and protect cardholder data such as debit or credit cards. • Although it is not a government-mandated set of rules, businesses found to be non-compliant with its rules may face heavy fines. Sometimes, banks and other financial institutions terminate their relationships with the organisation.

6. CCPA  • The California Consumer Privacy Act of 2018 came into force into 2020 and is considered as one of the toughest and most lethal consumer protection acts that businesses will encounter. It is also called California's GDPR, but in some terms, it is even tougher than the latter. • According to CCPA, any data that helps to form the customer's profile such as preferences, characteristics, predispositions, intelligence, abilities, aptitudes, interests, psychological trends and behaviour can be defined as personal data and must be protected. 

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