Six common compliance standards required for protection of data

Every business that you do and every product that you create or use in the IT industry has something to do with data. To regulate the use and protection of data, several Compliance Standards have been defined to prevent misuse of this data. Here we list six of the most commonly required Standards. There are many more used in the industry around the world, but these are the ones that are commonly used and asked for.

1. HIPAA (Healthcare Insurance Portability and Accountability Act): protects health insurance coverage for workers and their families who change or lose jobs. It limits new heaIth plans' ability to deny coverage due to a pre-existing condition. It prevents healthcare fraud and abuse. It is an administrative simplification that requires establishing national standards for electronic healthcare transactions and national identifiers for providers, employers, and health insurance plans.
2. PCI DSS (Payment Card Industry Data Security Standards): was developed to encourage and enhance payment card account data security and facilitate the broad adoption of consistent data security measures globally. PCI DSS provides a baseline of technical and operational requirements designed to protect payment account data. This affects all entities that store, process, or transmit cardholder data (CHD) and/or sensitive authentication data (SAD) or could impact the security of the cardholder data environment (CDE). In effect, this includes all entities involved in payment card processing – including merchants, processors, acquirers, issuers, and service providers.
3. GDPR (General Data Protection Regulation): is the toughest privacy and security law in the world. The regulation was put into effect to protect the privacy and security of citizens in the EU. GDPR applies to any organization that processes the personal data of or supplies goods and services to EU citizens or residents.
4. CCPA (California Consumer Privacy Act) gives California patrons control over the information that businesses generate from them. The CCPA rules apply to every for-profit business that operates in California based on certain conditions. Some of its requirements include informing consumers of the intention to collect their data, providing users with direct and easy access to the privacy policy, giving consumers their information within 45 days of the request and deleting the personal data of consumers based on their request.
5. SOC 2 (System and Organizational Controls): is a voluntary compliance standard for service organizations, which specifies how organizations should manage customer data. The standard is based on the following Trust Services Criteria: security, availability, processing integrity, confidentiality, privacy. A SOC 2 report provides organizations and their regulators, business partners, and suppliers, with important information about how the organization manages its data.
6. ISO/IEC 27001 (International Organization for Standardization/International Electrotechnical Commission): is the world's best-known standard for information security management systems (ISMS). It provides companies of any size and from all sectors of activity with guidance for establishing, implementing, maintaining and continually improving an information security management system. Conformity with ISO/IEC 27001 means that an organization or business has put in place a system to manage risks related to the security of data owned or handled by the company, and that this system respects all the best practices and principles enshrined in this International Standard.