According to an IBM report, the worldwide average cost of a data breach in the previous year was $4.45 million which is a 15% increase in the last three years. Hence, it becomes imperative for organizations to protect these priceless pieces of information by increasing their data security. As a data science professional, you use lots of data during a working day, which makes it all the more important to get a knack for the most crucial data security and regulatory acts. You wanted it, and we have come up with a list of some of the most crucial data security and regulatory acts every data professional should know.
We will also ensure that you get proper insights and guidance to make the most out of these data security and regulatory acts.
List of Crucial Data Security and Regulatory Acts Every Data Professional Should Know
Let us now look at the list of data security and regulatory acts every data professional should know.
General Data Protection Regulation (GDPR)
The GDPR act came into existence on May 25, 2018. It is a landmark data that paved the way for the future of data protection laws. Several organizations have the misconception that the GDPR act is applicable only in the EU. However, this data security and regulatory act is applicable worldwide. If you are an organization using EU citizens’ data, it is imperative to adhere to the norms of the GDPR act.
These norms include:
- Assuring legal, fair-and-square, and transparent extraction of information
- Assisting in defending the rights of data subjects
In case of any non-compliance of the GDPR act, companies are required to pay hefty penalties. We have provided a table for you to get more information on this subject in the forthcoming sections.
Health Insurance Portability and Accountability Act (HIPAA)
HIPAA is one of the most recognized U.S. law that protects the privacy and safety of health data of patients. Thanks to the HIPAA Act, healthcare organizations can ask their providers and cleaning houses to follow stringent security protection.
It includes their physical surroundings, networks, and processes. Non-adherence to this data security and regulatory act results in heavy penalties.
Payment Card Industry Data Security Standard (PCI DSS)
If you are having a business of managing credit card transactions, it is imperative to adhere to the PCI DSS data security and regulatory act. This act enables businesses to follow a set of requirements to safeguard the use of cardholder information.
It includes measures like:
- Using a safe network
- Safeguarding the stored cardholder information
- Executing robust access control measures
If a company is found not adhering to these protocols, it needs to pay a heavy penalty. Also, their reputation as a business gets spoiled.
Children’s Online Privacy Protection Act (COPPA)
As a business that targets children under 13 on the internet, it is important to follow the COPPA Data Security and Regulatory Act.
COPPA provides strict norms that make sure that parental permission is taken for the accumulation of data. Parents have the right to safeguard the personal information of their children.
California Consumer Privacy Act (CCPA)
This act is specifically for California residents to protect their personal information. Under the CCPA act, organizations must:
- Adhere to transparent data accumulation practices
- Honor the rights of California residents to see and remove their personal information
Federal Information Security Modernization Act (FISMA)
This Data Security and Regulatory Act protects the data of the government and their assets from online frauds.
Federal agencies and their contractors who are totally focused on decreasing the security threat to federal systems and data have to adhere to these norms.
ISO/IEC 27001 and Cloud Protection
ISO/IEC 27001This Data Security and Regulatory Act is recognized on a worldwide level to manage information security.
On top of its cloud-specific extensions, ISO/IEC 27017 and ISO/IEC 27018, it provides all-inclusive suggestions to safeguard cloud conditions and proper management of cloud personal data.
Here is a table that provides you with handy information you ever needed as a data professional in your line of business:
| Name of Data Security and Regulatory Act | Concerned Party | Type of Data Safeguarded | Things You Achieve By Complying with Its Norm | Fine Amount for Non-Adherence of the Data Security and Regulatory Act |
|---|---|---|---|---|
| GDPR | Any business that uses the personal information of people residing in the European Union | Personal information | Ethical processing, data subject rights, getting notifications of data breach | A maximum of €20 million or 4% of your annual global turnover, whichever is more |
| HIPAA | Healthcare providers, plans, clearinghouses, and business partners | Health data | Safeguards the privacy and safety of health data | A maximum of $1.5 million per breach category on a yearly basis |
| PCI DSS | Businesses that manage credit cards from major card schemes | Credit card information | Safe cardholder information surroundings preserve a vulnerability management program | Ranges from $5,000 to $100,000 per month |
| COPPA | Online services and websites targeting children under 13 years of age | Personal data of children under 13 years | Takes the consent of parents to accumulate data, privacy notes, and protect the data | A maximum of $43,280 on every breach |
| CCPA | Organizations accumulate the personal information of California residents and adhere to specific norms. | California residents’ data | Send notice, access, and removal rights to consumers and opt-out of personal data transactions. | For every accidental breach, $2,500, and $7500 for every deliberate breach |
| FISMA | Government agencies and contractors | Government agency systems and data | Create, record, and execute an information security project | Decreased sponsorship, bad reputation, and other authoritative decisions |
| ISO/IEC 27001 | Businesses looking to manage the safety of their assets like financial data, copyright, information about staff | Different types of data | Instigate, execute, sustain, and steady enhancement of Information Security Management System | Zero direct fines; however, non-adherence to this Data Security Compliance Regulation Act can have an adverse effect on the functioning of your business and the status of your certification |
Ways to Strengthen Your Data Security
As an organization, if you wish to enhance your data security, it is imperative to execute solutions like data exploration and categorization, encryption, ascertainment, and access management. The next critical step is to install an SSL certificate. This makes sure that you get a safe transmission of online data. Combine this with data masking and tokenization, and you lay a strong foundation to protect your business from unintentional data leaks and illicit entry.
Safeguarding Your Data in the Cloud and Big Data Surroundings
Cloud-based solutions are the future of businesses. This has made organizations aware of the importance of data security in the cloud and big data surroundings. Here are some of the things that you can do to safeguard your data in the cloud and big data surroundings:
- Controlling the entry from personal devices
- Ensuring safe data transfers
- Executing cloud-specific safety protocols
Final Words
We are seeing the business world evolving every second. This is where it becomes crucial to have stringent data security and regulatory compliance. Data professionals need to stay up to date with the changes happening in the data security domain. Once they do that, it will become very easy to protect your invaluable data from getting breached in the online world.
