IT Compliance Standards: Are You Meeting Them?

In the modern day of digital communication and storage, there are a myriad of ways a business can find themselves in hot water regarding how data is handled. Whether inadvertently allowing access points for cyber attackers to exploit or simply misusing stored data, failing to adhere to IT compliance standards can have disastrous consequences. Learn everything you need to know to keep your business compliant.

What is IT Compliance?

For those newer businesses or those just breaking into the IT space, the phrase “IT compliance” refers to specific guidelines or procedures that an organization must follow. These guidelines aim to ensure their digital processes are all secure, whether data management, communicating digitally, or the organization’s infrastructure.

These standards can vary depending on the industry your organization is in, but the below five IT standards are some of the most commonly seen:

• General Data Protection Regulation (GDPR): This set of standards regulates the protection of digital information for European citizens, so if your business collects information related to these customers, you will need to adhere.
• Sarbanes-Oxley Act (SOX): Perhaps the most well-known, SOX is a financial compliance standard that requires the complete disclosure of financials for any publicly traded company or company about to IPO – including financials stored digitally.
• Health Insurance Portability and Accountability (HIPAA): Designed to protect patient health records, HIPAA requires healthcare organizations that handle medical records to be adequately protected from cyber-attacks.
• Payment Card Industry Data Security Standard (PCI DSS): These standards govern the security of financial card data, including debit and credit card numbers, ensuring the storage, transmission, and management of this information is secure.
• Gramm-Leach-Bliley Act (GLBA): The GLBA mandates that any financial institution providing investment or financial services must reveal its strategies for safeguarding customer data and its policies for sharing information, including digital channels.

5 Ways to Remain Compliant with IT Standards

Given the many different IT compliance standards your organization may be responsible for adhering to, understanding the nuances of each can be a challenge. Simply having an up-to-date ERP system and adequate cyber security isn’t enough. Use the following five methods to ensure you stay compliant:

1. Hire a compliance officer: The role of a CCO is pivotal for any larger organization in that they navigate the ever-evolving regulatory landscape and ensure that your business adheres to all ethical and legal requirements.
2. Utilize a comprehensive training system: The employees within a business are the first line of defense in terms of regulation, which is why training impacted employees is important. Topics such as data sharing, proper digital communication, and more should all be covered for any IT compliance that is required of your business.
3. Establish and maintain your procedures and policies: It is important to establish guidelines in your business that specifically relate to the IT standards you need to follow. Whether it’s requiring multi-factor authentication, implementing firewalls, or other forms of IT security, dictate the different procedures and policies at your business.
4. Implement a quality management system: Constant reviews are important in ensuring your IT standards are up to date for the modern day. Whether it be weekly, monthly, or quarterly reviews, have a quality management system in place that regulates your business.
5. Be prepared for audits: Finally, your business will be subject to audits of your IT system at one point or another. Be prepared for these by having all documents ready to report and ensuring data is easily accessible.

Keep Your Business in Compliance at All Times

No business wants to find itself in legal trouble resulting from a failure to adhere to IT compliance standards specific to your industry. Such instances can lead to tarnished business reputations and even monetary consequences. If your business is located in the Columbus, Akron, or Cleveland areas and needs assistance understanding the IT compliance standards in your industry, reach out to Warwick right away for all your needs.