Guide to Data Management in Highly Regulated Sectors
Security and personal privacy remain of great importance to individuals today. Many people still remember the Facebook/Cambridge Analytica controversy in the United States, and other countries are grappling with this difficult topic. Organizations must continue to find new ways to protect consumer information, so it isn’t used in an improper manner.
Certain industries must adhere to strict regulations to ensure they protect this data. However, remaining in compliance can be difficult, particularly when it comes to faxing for regulated industries. The following guide to data management in highly regulated sectors is meant to help those working in these industries.
Know the Regulations
Regulations differ by the industry, so it must be known what regulations an organization must adhere to. For example, HIPAA laws apply to those working in the healthcare industry. For those who work in banking, however, the Gramm-Leach-Bliley Act, the Sarbanes-Oxley Act, and the Payment Card Index are the regulations that must be followed. Each has a role in ensuring sensitive customer information does not fall into the wrong hands.
These regulations apply to companies operating in America. Other countries also have regulations in place. Any international organization must ensure it complies with the regulations for all countries in which it operates. For example, companies doing business in the United Kingdom must adhere to the General Data Protection Regulation.
In addition, these regulations are regularly updated. Every business must ensure they understand what is currently required of them, as a failure to comply could lead to hefty fines and other penalties.
Regulation Oversight
Every organization needs to designate a person or group to be in charge of overseeing these regulations. This ensures nothing falls through the cracks, putting the organization at risk of fines and penalties. In fact, some regulations require a person to be named who will be responsible for enforcing these regulations within an industry.
The General Data Protection Regulation is a good example of this. It requires the naming of a data protection officer in those companies that must comply with this legislation.
Physical Access
To protect sensitive consumer information, companies need to have regulations in place to restrict facility access or access to areas that contain sensitive data. This ensures only those people authorized to see this data are able to do so. There are many physical access solutions today that benefit these companies. Each organization must find those that are most appropriate for their needs.
Electronic Access
Electronic access to sensitive data must also be restricted. Measures must be put into place to ensure only those authorized to see this data can do so. Every business should have polices in place regarding the use of workstations and electronic media. Unique user IDs need to be issued, and computers must be set to log a user off automatically after a period of inactivity. Encryption and decryption need to be standard in regulated industries, as well.
Managing data in highly regulated industries can be challenging. However, it must be done. Any organization that struggles in this area should turn to third-party providers for help. Many providers offer data compliance services to help these companies navigate the regulations across various countries. Any help is beneficial in this area, so every company should consider taking advantage of these services. This allows them to focus on those things they do best, while leaving tasks outside of their realm to others to handle.
