How The Key Federal Regulations of Cyber Security Keep You Safe
Part of being safe on the Internet involves both consumers and companies to follow certain standards to ensure data protection. Of course, it’s not enough for people to be expected to do that on their own. This is why key federal regulations of cyber security exist; to implement processes and standards to make sure everyone’s information is protected as much as possible.
Are you familiar with these federal regulations? If you’re using the Internet for work or personal activities, then you should know these.
#1: U.S. Federal Trade Commission Act
The U.S. FTC Act may not get as much attention on the others on this list, but, it very well should. This act was put into play in 1914. Without it, America wouldn’t be the country it is today. Because of this act, consumers are protected as well as business owners.
The act states that there should be no unfair methods of competition. Additionally, it protects consumers from buying into services or products in cases where they are being misled by false advertisements. This act is the basis for all other acts in the last century and the new millennium. Nowadays, the act has been modernized to apply to the digital age, ensuring that businesses and consumers are protected online as much as they are offline.
#2: The Health Insurance Portability and Accountability Act
Also known as “HIPAA,” the Health Insurance Portability and Accountability Act helps protect patients who utilize official healthcare services. Tied into this is also the Health Information Technology for Economic and Clinical Heath Act (HITECH). Both of these acts, which have been around for more than twenty years, help keep you safe when you’re at the doctor. Anything your doctor knows about you is between you and the doctor, only. (Unless you state otherwise.)
#3: The Gramm-Leach-Bliley Act
The GLBA today applies to companies that provide financial services to their clients, such as banks, security companies, insurance companies, etc. To put in plainly, the Gramm-Leach-Bliley Act involves “Any institution engaged in the business of providing financial services to customers who maintain a credit, deposit, trust, or other financial account or relationship with the institution.”
Basically, any company who collects sensitive information of their customers needs to be held accountable if a breach leaks that information. Therefore, this act mandates that these financial industries follow appropriate standards in order to ensure the protection and privacies of their customers.
#4: PSI DDS
Somewhat similar to the GLBA is the Payment Card Industry Data Security Standard. Though it’s not actually a law, any company that collects credit card information of their customers needs to follow certain standards in order to be cyber compliant and protect their consumers. It helps ensure that customers who make payments via a card won’t risk getting their information hacked. Though situations have happened in the past, the standards implemented by PSI DDS ultimately have kept thousands of businesses and their consumers safe.
#5: The Homeland Security Act and the Federal Information Security Management Act
If your organization is a government-backed, then last but not least, FISMA, which is a branch of The Homeland Security Act, applies to you. It requests that government organizations implement mandatory policies and principals to safeguard sensitive information. If government organizations don’t follow FISMA, they can be at a huge risk of being hacked by one of the biggest threat actors, or an independent hacker. It’s a matter of national security, and without this act, our country could essentially be in danger.