Research shows that the global identity and access management market will reach $24.7 billion by 2026. This high demand is due to the increased adoption of technology across many industries.
As a business owner or manager, you know that controlling access to sensitive information is tricky. Without proper measures, your company may face many security threats. Besides, complying with different regulations can be time-consuming.
Learning about all compliance requirements in your industry is the best way to ensure you abide by the law. Adopting innovative solutions to control access to different systems will also help you avoid costly fines and penalties.
Here, we discuss several common compliance needs that apply to various industries. We'll also explain how you can use IAM tools to stay compliant and protect your data.
Compliance Requirements for Sarbanes-Oxley Act (SOX)
SOX is a compliance act that aims at reducing high-profile corporate fraud. It mainly targets financial institutions like insurance companies and banks. If you are in such fields, it is vital to abide by all the regulations needed by SOX.
For example, you must create adequate internal controls to protect digital and physical assets. This measure will increase integrity and transparency in your financial reports.
One essential requirement of the SOX act is identity management and data security. This aspect revolves around protecting sensitive information by restricting access and identifying individual users.
Other critical parts of SOX are:
Enforcing SOD policies
Centralizing identity access and management
Regular auditing to confirm rights and permissions
Another requirement of SOX is automatic logging and reporting. This section helps your financial institution track the usage of accounts and detect suspicious activities. It also protects all the personal identifying details found in financial records and reports.
Complying with SOX requirements without the right technology is tricky. But, with an effective IAM solution, you can restrict access and automate different processes. Such tools also make it easier to produce on-demand reports during a financial audit.
Compliance Requirements for Personal Identifying Information (PII)
PII refers to the details your company uses to identify specific clients or account users. Since such data is sensitive, you should develop ways to safeguard it.
The most common components of PII are:
Social security numbers
Credit card numbers
Complying with all rules regarding PII is an ideal way to protect your company against data breaches. Taking such measures can also prevent ransom attacks and fraud.
To abide by PII, you must address different security threats in your company. First, understand all industry-specific regulations that revolve around identifying information. Besides, determine the liability your company has in safeguarding the details of your customers.
The next step in PII compliance is creating measures to boost security. For example, assign specific admins to each data system to track usage. Further, protect sensitive documents by looking out for suspicious activities.
It is also advisable to use IAM solutions to control data access. With such a tool, it's possible to track the activities of employees with privileged access. Besides, you can audit your systems and identify various security issues. Such include exposure of sensitive data and compromised user accounts.
Protected Health Information (PHI) Compliance Needs
PHI is a part of HIPAA that revolves around protecting all details collected by healthcare experts. In most cases, these include medical histories, insurance information, and lab test results.
While gathering such information helps your facility identify patients, it makes you a target of cybercrimes. Meeting all the compliance needs of PHI allows you to protect your brand. It also safeguards your clients' identities from people with malicious intentions.
The compliance needs of PHI are in three main sections. The first one is technical safeguards which include several data security aspects. These are:
Integrity of data
The main goal of the technical safeguards is to protect PHI by controlling access to all-digital medical records.
Another section of PHI compliance is physical safeguards. This one involves protecting removable media and workstations against authorized access. It also includes controlling who can access specific facilities and IT infrastructure.
The last section of PHI compliance revolves around administrative safeguards. This part is all about creating policies to guarantee all processes in your facility prioritize data security.
Since most security breaches related to PHI happen through third-party programs, it is crucial to be careful when getting such programs. Make sure that all your vendors prioritize cybersecurity.
Moreover, confirm that their programs have reliable online safety features. It is also advisable to get an IAM tool to track the usage of accounts with sensitive records.
Stay Compliant Using IAM Solutions
When handling sensitive information, industries like retail, healthcare, and finance are prime targets for cybercrime. Using IAM solutions allows you to control and manage information access. It also makes it easier to track compliance and create effective security measures.
The best way to protect sensitive financial information is by having reliable security measures. Besides, get an IAM tool to abide by all PCI-DSS rules. This measure will also make it easier to identify the signs of a security breach and fix it.
Contact SecurIT for an Effective IAM Solution
Adopting an IAM solution is the best way to stay compliant in your industry. At SecurIT, we have a tool to help you boost security and abide by all laws governing data access.
With this solution, you can control accounts access and manage your digital systems. Reach out to us today to get the best IAM platform.