In today’s business environment, there is an ever-increasing need for regulatory compliance; businesses must comply with numerous regulations, including PCI DSS, ACA, Sarbanes-Oxley, HIPAA and many others. These data compliance regulations offer specific guidance on handling personal information and cloud compliance for sensitive data, and companies are required to ensure their information security policies and IT systems comply with the guidelines.
Examples of industry regulations and compliance requirements that cloud computing can help with include:
Payment Card Industry Data Security Standard (PCI DSS)
PCI DSS contains technical and operational requirements set by the PCI Security Standards Council (PCI SSC) to protect cardholder data. The council is responsible for managing the security standards, while the payment card brands enforce compliance in the cloud. The standards apply to all organizations that store, process or transmit cardholder data—with guidance for software developers and manufacturers of applications and devices used in those transactions.
Affordable Care Act (ACA)
The ACA regulations and requirements for compliance are complicated and continuing to evolve. While HR teams are struggling to manage day-to-day issues and don’t have the time or expertise to handle ACA reporting requirements, CFOs and compliance departments may not know how much ACA compliance exposure the organization is facing.
ACA compliance is complex and relies on gathering and properly integrating the right data from different systems (payroll, benefits, time and labor management).
The SOX law clearly states a company is responsible for any accounting or financial wrongdoings, even if these are the fault of a third-party, such as a cloud service provider. If a company falls under the purview of SOX, its service providers must have all the necessary processes and controls in place to ensure compliance. To simplify compliance, a set of auditing standards, called the SSAE 16, has evolved.
Health Insurance Portability and Accountability Act (HIPAA)
HIPAA requires health care organizations to maintain the confidentiality of electronic health information that can be linked to an individual patient (electronic protected health information, or ePHI). The HIPAA Security Rules require health care organizations to adopt the appropriate safeguards to protect the confidentiality, integrity and availability of patients’ protected health information.
Cloud computing can help you remain compliant, current and secure with the latest technology updates. With no on-premises lag-time, your teams can begin using the latest and greatest capabilities to help you control labor costs, increase productivity and reduce compliance risk. Whether you need to comply with PCI DSS, ACA, SOX, HIPAA or any other regulatory or corporate standard, cloud ERP can help maintain the integrity and security of your information.