With the constant threat of cybercrime different latest compliance regulations are constantly proposed for data protection and data privacy. Though it is practically difficult to stay compliant, data protection and compliance should be a core part of all business practices to safeguard the data from unauthorized access by internal or external people. This helps in checking any kind of financial loss, consumer confidence disintegration, brand erosion, and reputation damage.
A compliance function requires an organization to determine the values and ethics and train the team members in the organization to acquire these values and ethics so that eventually the team is accountable. So, this means, your company’s policies should be designed in such a way that data protection is achieved in your business in line with the laws governing the area where you operate.
Every company that operates in the market has to deal with valuable data and is aware of the dangers of breaches in data security. If they are unable to protect customer data it can cause serious commercial and reputational damage to the company. Hence, it is very crucial for you as an owner of a company to define the responsibilities of the organization and its staff in regard to data protection.
The importance of data security for different businesses
Be it a client, employee, or contractor who signs a contract with your company brings in a fortune of Personally Identifiable Information (PII) which is highly sensitive data. This sensitive data can include anything like a customer’s debit or credit card details, home addresses, phone number, mail id, etc.
Data security for any business refers to the way how you handle such sensitive data that passes through every day. As the company owner, it becomes your ultimate responsibility to safeguard sensitive data in compliance with local and global regulations. There are various types of data security regulations at regional, national and global levels that you need to comply with.
Maintaining data security within your organization helps you gain the trust of your clients and customers around the world and build a strong relationship. With the increase in the number of online transactions today, the customers need to be given the confidence that their sensitive information is totally protected to the best of their ability. By implementing proper data security compliance management helps you gain the confidence of your customers that you are taking every single step to ensure that their information stays secure.
Five tips for complying with data security regulations
In order to comply with the data security regulations, you need to follow these five tips mentioned below that help you in your journey:
- Have a proper understanding of the kind of data you have – Depending on the type of data you are dealing with which may be the cardholder’s information, health records, Personally Identifiable Information of EU residents or other data you need to follow different compliance regulations. There are several data discoveries and classification tools that can help you locate the regulated data and ensure that it is protected by appropriate security controls.
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Conduct risk assessments on a regular basis
Regular risk assessment is mandatory to abide by the compliance regulations. At a top-level, risk assessment involves identifying the risks, calculating the probability of the occurrence, assessing the potential impact, taking steps to eliminate the serious risks, and then finally assessing the success of those steps.
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Develop a proper plan
Most of the compliance regulations are a combination of physical, administrative, and technical measures involving procedures and policies, employee training and IT controls. Managing everything effectively requires a clear plan. To come up with such a plan you need to use your existing checklist considering you are using a standard framework as an initial point for designing a data protection policy and see where your company stands.
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Go through the compliance regulations carefully
To get a better understanding of the compliance regulations, you should do some comprehensive reading. There are many resources available that will answer the most common questions about GDPR compliance.
In case you have more questions and your company doesn’t have an internal compliance officer, try engaging an expert external advisor. Professional advice helps you adjust your information security program in a smooth manner and faster thus saving money in the long run.
Choose us
For effective data security compliance management, you can trust us. At Cosant, we understand how important it is for your security system to stay aligned with your organization’s objectives and culture. Our mission is to aid your organization to reduce the chances of data security breaches and protect your reputation.
We have served several midsized and start-up organizations across all industries throughout the United States. Our Cyber Security Professionals are certified and they know how to maintain the current standards set by our client.
In order to request a consultation online and receive your compliance readiness audit, login to our website and get started right away.
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