Insightful Releases The Ultimate Guide to Remote Work Compliance & Security
United States, 9th Aug 202 – Remote work is one of the major job perks of the decade. Although companies have implemented different strategies to make this model work, the compliance and security questions are always in focus.
Security measures need constant work and updating. The moment you get too confident that your security is unbreachable, you become a sitting duck for cybercriminals.
According to the Cost of a Data Breach report by IBM, 2023 saw a 15% increase in data breach reports compared to 2020. Globally, the total cost amounted to $ 4.45 million.
The loss is not limited to finances. It also damages reputation and customer trust. Bouncing back from this sort of blow can take a lot of time.
So, how confident are you in your security system? Are you sure your confidential company and client data are safe? Do you have all the required safety measures in place?
Take a look at our comprehensive checklist that can help you with all compliance and security issues you are facing. You’ll find info about all major compliance requirements, as well as broader security steps, like implementing computer monitoring software.
Remote Work & Data Compliance
Data compliance revolves around the legal requirements focused on protecting personal and company data from unauthorized access and other malicious attacks.
What Is Data Compliance?
Data compliance refers to the proper handling of sensitive personal data. Companies must follow regulatory requirements, industry standards, and internal policies to ensure data security and privacy.
This process involves:
- Maintaining data accuracy
- Being transparent with clients about how their data is handled and stored
- Protecting sensitive information from unauthorized access or breaches
Failing to comply with these regulations can lead to increased cybersecurity risks, hefty fines, and legal penalties.
The Most Prominent Data Compliance Regulations
Compliance regulations your company needs to follow depend on your industry and your company’s country of incorporation and operation. Below, we will outline the top four you should be aware of in order to run a successful business:
The General Data Protection Regulation (GDPR)
The General Data Protection Regulation (GDPR) was established by the European Union and went into force in 2018. The purpose of this regulation is to protect EU citizens’ personal information.
GDPR mandates that companies doing business in the EU be transparent about their practices regarding the collection of personally identifiable information.
Non-compliance with GDPR can result in severe penalties. The most rigorous fines are 4% of a company’s annual global revenue or EUR 20 million—the higher amount will be charged.
Big names have already been penalized, and among them are:
- Google—$56.6 million in 2019
- Meta—$255 million in 2021
- Amazon—$847 million in 2021
The Health Insurance Portability & Accountability Act (HIPAA)
The Health Insurance Portability and Accountability Act (HIPAA) was enacted in the United States in 1996. It sets the standards for protecting patients’ personal health information (PHI) with the aim of preventing identity theft or insurance fraud.
HIPAA mandates that all entities that handle patient information adhere to strict data security and privacy protocols. This doesn’t only include healthcare providers and insurance companies, but all their business associates.
The highest fine for neglecting the requirements outlined in this Act is $ 1.5 million for each violation. This fine is reserved for companies that consciously neglect the requirements and refuse to fix their faulty procedures.
SOC 2
SOC 2 is a security framework created by the American Institute of Certified Public Accountants (AICPA). It aims to push organizations to protect customer data from unauthorized access, security incidents, and vulnerabilities.
SOC 2 revolves around five Trust Services Criteria:
- Security
- Availability
- Processing integrity
- Confidentiality
- Privacy
A SOC 2 report thoroughly evaluates an organization’s security controls and processes and helps foster trust among clients and business partners.
ISO/IEC 27001
ISO/IEC 27001 is a globally recognized standard for information security management systems (ISMS).
It offers comprehensive guidance for organizations of any size and industry on establishing, implementing, maintaining, and improving their ISMS.
Achieving ISO/IEC 27001 compliance signifies that an organization has effectively implemented a system for managing data security risks following international best practices.
Remote Work & Data Security
Data security is not tied to legal requirements or standards, but to a wider range of measures a company can take to protect its data.
Data Security Challenges Businesses Face
Security issues businesses face can be divided into two subcategories:
- External Security Threats: Attacks that hackers conduct aimed at accessing sensitive information.
- Internal Security Threats: Risky behavior by company personnel who knowingly or unknowingly puts company data in danger.
The Most Efficient Methods for Maintaining Data Security
Here are four effective ways to ward off security threats that can endanger your organization:
Implement Computer Monitoring Software
Computer monitoring software does not have to be limited to employee performance tracking. Robust monitoring tools have a security function as well.
Implementing one of these tools can be a great reinforcement of security measures for a remote business.
A remote monitoring solution can analyze typical user access patterns to a company’s systems and flag suspicious activities that might indicate compromised credentials.
This enhanced surveillance helps in identifying and mitigating vulnerabilities and insider threats effectively.
Instruct Employees to Use Multi-Factor Authentication
Multi-factor authentication (MFA) enhances security by requiring users to provide additional verification beyond just a password.
This can include a combination of methods such as passwords with biometric scans or security tokens.
By adding these extra layers of security, MFA reduces the risk of unauthorized access.
Regularly Update Your Programs
Remote work relies on tools like task management, time-tracking, and communication platforms.
Still, even the most reliable software can become vulnerable to viruses or bugs if it’s not regularly updated.
Updates often contain essential security patches that are created to protect you against new vulnerabilities and prevent unauthorized access.
Raise Employee Awareness
To mitigate human errors and unintentional insider threats, companies must provide comprehensive training for employees working remotely.
This training should cover essential topics such as avoiding links from unknown sources, creating strong passwords, and using multi-factor authentication.
In addition, if your organization follows specific compliance regulations, it’s vital to educate employees on best practices for data handling.
Your team is the first line of defense against data breaches and information security threats. This is why empowering employees with knowledge is the most effective security measure.
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