Mastering Data Privacy Compliance: Essential Steps for Businesses in 2023
In the digital age, safeguarding data has become imperative, leading to the establishment of data privacy regulations to combat cyber threats. Numerous organizations must adhere to specific data privacy policies. For instance, those in the U.S. healthcare sector must comply with HIPAA, while entities handling payment card data face PCI-DSS concerns. GDPR, a comprehensive data protection regulation, affects businesses selling to EU citizens.
Beyond industry and international regulations, various state and local jurisdictions enforce their own data privacy laws. Staying informed about these compliance requirements and their updates is crucial. By 2024, approximately 75% of the population will be covered by one or more privacy regulations.
New data privacy regulations are regularly introduced, with four states, namely Colorado, Utah, Connecticut, and Virginia, implementing new rules in 2023. Non-compliance can lead to severe consequences, including hefty penalties for data breaches.
The Health Insurance Portability and Accountability Act (HIPAA) imposes fines ranging from $100 to $50,000 per breached record, depending on the company's negligence level. To assist businesses in staying current with data privacy updates, several tips are provided below.
Steps for Staying On Top of Data Privacy Compliance:
1. Identify applicable regulations:
Ensure your organization is aware of the various data privacy rules relevant to your industry, sales locations, statewide regulations, city or county laws, and federal mandates for government contractors.
2. Stay informed about regulation updates:
Avoid surprises by staying updated on changes in data privacy rules. Subscribe to official websites for compliance authorities, such as HIPAA.gov for healthcare professionals. Distribute updates to key personnel to prevent oversight during vacations.
3. Conduct annual reviews of data security standards.
Regularly review your data security standards, considering any changes in technology or additions to your IT environment. Ensure alignment with data privacy compliance requirements to maintain adherence.
4. Audit security policies and procedures annually.
Audit written policies and procedures annually to guide employees on data privacy and breach handling. Conduct additional audits when regulations are updated to incorporate any changes.
5. Update safeguards as needed:
Proactively update technical, physical, and administrative safeguards in response to impending data privacy updates. Address areas such as systems, policies, training, and building security.
6. Keep employees trained on compliance:
Include employees in ongoing training on data privacy policy changes. Enhance cybersecurity skills through regular training and documenting activities for future reference in case of a breach.
In conclusion, navigating data privacy compliance may be intricate, but seeking assistance is essential. Our knowledgeable team can guide you through compliance needs. Contact us today to schedule a consultation.
Article used with permission from The Technology Press.
