Stay One Step Ahead in Data Compliance, Privacy and Security
Epiq's experts provide the knowledge to master these essential aspects of modern business.
As the corporate landscape becomes increasingly digital and data-driven, there is a greater need than ever before to protect data, meeting and exceeding regulations around the world. A data breach or simple incidence of noncompliance has never been more costly, in terms of both monetary losses and reputation damage.
Methods of data capture and storage are becoming more advanced at a frantic pace, which can leave organizations struggling to ensure all their resources are protected. Regulators are pushing forward in their own way, putting new laws on the books for businesses to comply with. Mastering both sides of this equation, the technical and the legal, can be a challenge.
When you work with Epiq's subject matter experts on your data compliance, privacy and security strategies, you receive peace of mind from having access to their industry-leading skills and knowledge. Close relationships with regulatory organizations and data breach insurance providers ensure our team is well-equipped to provide information governance improvements, data breach response plans and everything in between.
The end result of this fruitful collaboration will be a data protection plan that encompasses your company's unique data storage and regulatory compliance needs, putting you at the forefront of this fast-moving field.
What Does It Mean to Be Data Compliant?
The aftermath of a data breach is always a challenging time for any business, especially if regulators learn that the victim organization was not meeting its information protection obligations under the law. A comprehensive data security plan, one that takes all relevant legal needs and risk factors into account, is an absolute must for any modern company to prevent this scenario from occurring.
The question of whether a business's data storage is in compliance has never been more complicated to answer. The highly online nature of today's business operations means your firm has to focus on laws from multiple jurisdictions. This need to oblige many regulatory bodies will be clear to any organization dealing with European data storage regulations or California customer protection laws.
Add industry-specific rules around storing, accessing, sharing and deleting privileged personally identifiable information such as health care records, and it's clear why expert guidance is important in the data security realm.
When even a single business data breach has the potential to be financially devastating, your wisest move is to spare no effort on data security and information governance measures. This means being careful and intentional about data storage and access.
Where Does Your Data Reside and Who Can Access It?
Finding an effective storage and access method for company data is the crux of data security. Choosing whether to keep applications and files in in-house data centers, work with a third party or invest in cloud-based data storage resources is one of the most pressing issues IT leaders and governance personnel are facing right now.
Data volumes are ballooning, between the digitization of physical documents and the simple collection of born-digital content in a wider variety of formats than ever before. Determining what level of security is needed for each piece of information, as well as the possible regulatory complications of storing it in an off-site data center or in the cloud, has become a high-priority part of any data management workflow.
Dealing effectively with these questions means implementing a number of best practices, including data classification and access control. Even if information is stored in an acceptable location from a legal perspective, the job of data protection isn't done. Your company must also prove that it has taken sufficient steps to keep unauthorized users from accessing digital resources.
What Are the Most Prominent Information Security Compliance Regulations?
While every combination of location and industry will come with its own mix or regulations to comply with, a few are so commonly cited and widely applicable that they have become household names in the business world.
These are the laws your organization is most likely to encounter, and Epiq's experts are prepared to provide in-depth solutions that will get your resources in compliance and keep them there.
General Data Protection Regulation (GDPR)
This EU law has become an area of focus for organizations around the world, whether they are based in Europe or elsewhere. Its stringent set of rules for collecting and using personal information from EU citizens applies to companies anywhere, and the fines for noncompliance — potentially millions of Euros or up to 4% of revenue — are notably severe.
GDPR compliance means combining up-to-date and comprehensive technology deployments with airtight security practices among staff. You must also ensure your practices are well-documented and clear to regulators. With a combination of industry-leading advice and proprietary tech solutions, Epiq's experts can ensure your GDPR-focused data storage practices don't have any gaps in them.
Payment Card Industry Data Security Standard (PCI DSS)
Businesses that process credit transactions must make sure they have adequate technologies and practices to keep customers' payment data from becoming compromised. The requirements of the PCI DSS include secure networks, adequate access control measures, frequent tests of systems and well-documented information security policies.
Ensuring your PCI DSS compliance plan is on track requires your team to verify there are no gaps in your protection. A failure to oblige any of the requirements, from monitoring networks to maintaining firewalls and antivirus software, can lead to penalties. Having knowledgeable experts on hand to teach your people, shape your policies and recommend technology is a way to maintain peace of mind around PCI DSS.
Health Information Portability and Accountability Act (HIPAA)
In the U.S. health care space, all organizations must be aware of HIPAA and its companion regulation regarding digital data, the Health Information Technology for Economic and Clinical Health (HITECH) Act. Protecting private patient information even as records systems undergo rapid conversion to digital formats is a consuming priority for health IT departments. Fines for violations can reach $1.5 million.
The future of medicine involves data that is easier for physicians to share and access, enhancing the speed and accuracy of patient care, all leading to better outcomes. Balancing this transformation effort with the right combination of practices, policies and security technologies is a complex process. Having Epiq's team on your side helps take pressure off your internal stakeholders while ensuring the results are up to high standards.
California Consumer Privacy Act (CCPA)
California regulations are often the most stringent in the U.S., meaning these laws are the standard your company must plan around. When dealing with data storage and access, the relevant law is the CCPA. Companies that are found not to have adequately protected customer data under the CCPA can be liable for statutory damages even if the consumers in question cannot prove they've suffered harm from having their data illegally accessed.
Creating a compliance strategy for the CCPA means planning for ongoing changes. Privacy regulations in California have been amended and updated several times in recent years. This should serve as a useful reminder that compliance is never a one-and-done process, and companies must always be on guard to ensure their ongoing commitment to data security. Expert consultation and advising can help your team craft such a plan.
What Services Can Help You Improve Your Data Compliance, Privacy and Security Stance?
Every Epiq engagement is tailored to solve the exact challenges the client is dealing with, and to reflect an organization's unique circumstances. When it comes to data compliance, privacy and security matters, relevant topics may include:
- Data classification and information protection
- Data loss prevention
- Insider risk management
- Data privacy management
- Workshops to instruct users in data risk management
- ... and more
Compliance with data security and privacy regulations means getting ahead of potential problems. By the time a company suffers a data breach, it’s too late to go back and consider what should have occurred in ideal circumstances. Not only must your strategies be in place in advance, they need to encompass people, processes and technology — a failure in any of those three areas could undermine your efforts.
Data is your organization's lifeblood, allowing you to provide fast and high-quality service, tailored to each customer. It's essential that you don't allow this highly valuable and rapidly growing content to become a legal liability.
Reach out to Epiq's experts to get started transforming your data compliance, privacy and security preparedness now.