Keeping organizations secure in an increasingly digital world has never been more challenging.User expectations of an “always on” experience make it even harder to prevent and stop threats and data breaches while meeting regulatory compliance requirements.
Organizations that rely on manual administration of security and compliance find it impossible to scale, which in turn limits their ability to keep up with business opportunities and challenges in the growing digital economy.Manual administration also results in human error, which can prove dangerous.Delays in responding to security threats and compliance issues can lead to breaches, failed audits, financial loss, and damage to a company’s reputation and other serious business consequences.
The General Data Protection Regulation (GDPR) gives individuals new powers over their data, with enhanced rights to access, rectify, and erase it, and the ability to freely request the transfer of their information to other platforms. One of the biggest changes for organizations is the accountability principle (Article 5(2)). It requires companies to implement appropriate technical and organizational measures to protect personal data and maintain relevant documentation of all processing activities.
“With PSD2 and the advent of ‘open banking,’ APIs are increasing in importance as they enable banks and their partners to create real-time, direct connections, enabling communication, collaboration, and extension of the value proposition via digital ecosystems.”
— Forrester Research
The Payment Card Industry requires all organizations that store or process credit card data and transactions to implement technical security requirements on all systems involved in data storage and transmission.These control requirements range from encryption methods, to access rights management, to vulnerability testing.
The Health Information Portability and Accountability Act requires organizations to safeguard patients’ protected health information (PHI), restricting and monitoring access to any systems that house it.HIPAA includes a privacy rule that concerns appropriateness and disclosures of collected, stored, or distributed information, and the ability of patients to opt-out of certain information usages.
Public companies subject to Sarbanes-Oxley (SOX) legislation must document internal controls for financial reporting (ICFRs) related to key financial reporting systems.These controls generally include regular backup of data within key systems, and validation of backup processes.While every company defines the exact structure of its own ICFRs, certain expectations are common across any companies.