It’s no secret that businesses everywhere are navigating a complex web of regulations to safeguard the privacy and integrity of sensitive data. Facing severe legal, reputational, and financial consequences if they fail to comply, many companies are looking for a solution to ensure peace of mind and assured compliance at any time.
Below, we’re exploring common data protection regulations in more detail and explaining how MFT solutions can secure compliance for every transfer, and every requirement.
Understanding data protection regulations
There are a wide range of data protection regulations that businesses need to be aware of, and it’s not uncommon to need to meet the requirements of multiple at once.
Failing to comply with data regulations can come with severe consequences. Breaching GDPR can incur a fine of up to €20 million or 4% of your total annual worldwide turnover. Just this year, Meta Platforms Ireland Ltd received a GDPR fine for a staggering €1.2bn.
Familiarise yourself with some of these common data protection regulations:
The EU’s General Data Protection Regulation (GDPR) is one of the most comprehensive and robust data protection regulations globally. It’s important to remember that GDPR applies to any organisation that processes the personal data of EU citizens, regardless of location. The UK Data Protection Act is the UK’s version of the GDPR after its departure from the EU.
The California Consumer Privacy Act (CCPA) gives California residents more control over their personal data and requires businesses to meet additional criteria to comply with specific data protection requirements.
The Health Insurance Portability and Accountability Act (HIPAA) applies to healthcare organisations and aims to ensure the confidentiality and integrity of any health information at all times.
Singapore’s Personal Data Protection Act (PDPA) regulates the collection, use, and disclosure of personal data in Singapore, providing individuals with greater control over their personal information.
How does MFT software assure compliance?
Enabling quick, secure, and recorded file transfers, MFT tools are designed to always assure compliance with any applicable data protection regulations worldwide. From HIPAA to GDPR, these tools give users the tools needed to keep sensitive data safe and avoid the consequences of breaching compliance.
To do this, MFT software has several unique features, including:
Automated compliance policies
Perhaps the greatest advantage of using MFT software is that they allow organisations to define and enforce compliance policies automatically. Once defined, these automated processes can easily be used again and again to ensure consistent compliance, company wide.
MFT solutions often use strong encryption algorithms to protect data during transfer. This means that even if the data is intercepted, it remains unreadable without the proper decryption keys.
Reporting features and audit trails
Visibility and documentation are vital when it comes to demonstrating your compliance – giving you a distinctive record of the complete file transfer process.
That’s why most MFT tools include comprehensive audit trails and logging capabilities. These logs capture details about file transfers, including who initiated the transfer, when it occurred, and what files were involved.
If an incident does occur, MFT tools often provide reporting capabilities that help organisations demonstrate the actions that they took. They can detail security policies, successful and unsuccessful transfers, and any other information that might be relevant.
Confirming data integrity
Many data protection regulations demand that the integrity of data is always maintained during the transfer process. That’s why MFT solutions often include advanced features for verifying the integrity of transferred files, allowing users to check if their data has been tampered with in any way.
MFT in action: assuring regulatory HIPAA compliance for a medical billing company
As a leader in the US medical billing market, one of our customers was responsible for handling the highly sensitive information of millions of patients in 2019 alone. Naturally, maintaining security, privacy, and compliance with HIPAA standards is their core priority.
The company needed a tool that would enable it to not only manage the storage of this data, but remain compliant throughout international data sharing.
We were able to help them achieve just this with our cloud-based MFT tool, Quatrix. Equipped with assured compliance and complete visibility, we helped our customer gain that critical peace of mind to continue serving people with privacy and care.
Want to learn more? Read the HIPPA case study here.
Enabling safe, streamlined, and secure file transfers
MFT tools harness a wide range of tools to make secure communication online accessible and simple, with features designed to assure consistent compliance with data regulations.
If you’d like to learn more about how our cloud-based MFT tool can secure your compliance, get in touch today for a free discovery call. Don’t miss out!