Breaking Down Information Security Regulations: What You Need to Know
As our world continues to become more digital, the importance of maintaining secure information becomes paramount. Companies, governments and individuals alike are all at risk of data breaches, which can lead to substantial financial losses and damage to reputations. But how do regulations fit into information security? This blog post seeks to define what information security regulations are and highlight why it is crucial that a company stays abreast of them.
What are Information Security Regulations?
Information security regulations are policies, rules and laws that guide companies in their effort to develop safe and secure operational procedures for the storage, processing, or transmission of sensitive and personal information. These regulations protect individuals and companies from being liable to risks and threats posed by cyber criminals, thieves, or fraudulent persons. The aim of these regulations is to ensure that organisations maintain the confidentiality, integrity, and availability of information.
Why are Information Security Regulations Important?
The importance of secure information cannot be overstated. Cyberattacks can put individual’s personal information at risk, and in corporate environments, information security breaches can lead to exposed confidential business data. The reputation of a company, its finances and even the safety of its employees can be exposed when a data breach happens. That’s why organisations must implement measures to protect information. But even when companies have already put various measures in place, management still needs to remain abreast of the latest regulations and laws that relate to information security. Failing to comply with regulations can lead to various legal consequences.
Examples of Information Security Regulations
There are many types of information security regulations in place worldwide. Here are a few examples:
General Data Protection Regulation (GDPR)
GDPR is a regulation enforced in Europe that strengthens and adds to the protection of personal data protection rights for EU citizens. It sets out how companies should collect personal data, how to store it and when they can share it with others.
Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002 was put in place in the US in the aftermath of industry high-profile accounting fraud scandals. This act requires companies to have certain minimum standards regarding financial accounting and disclosure.
Health Insurance Portability and Accountability Act (HIPAA)
HIPAA was established to create an industry-wide standard in healthcare regarding the privacy, security and transfer of electronic medical information.
Conclusion
Information security regulations provide a benchmark for companies to develop and follow procedures to protect sensitive information. There is a multitude of regulations in place, so it is important to be aware of those regulations that apply to the sector your organisation operates in. Individuals should also bear in mind that they should protect their personal information while online. Staying up-to-date with the latest regulations can help companies and individuals become more secure and make meaningful contributions towards creating a safer online world.
