Compliance and Regulations for Sensitive Data Transfers
Highly sensitive data is frequently exchanged between organizations. For instance, a business will routinely transmit financial information to their bank including payroll direct deposits and ACH payments. These transactions most likely contain sensitive elements like bank account numbers, routing numbers, social security numbers and payment information.
Industry-specific transactions may also contain highly sensitive data. For example, in the health care business, patient records are regularly exchanged between hospitals, doctors and payment providers. In the insurance business, policy information is often transmitted between carriers. This information may contain names, addresses, birth dates, social security numbers and other private information.
Loss of sensitive data can result in great financial expense, lawsuits and public embarrassment for the affected organization. Therefore it is no surprise that industries are setting new regulations and standards to address the security of their data. For instance:
- PCI DSS requires that credit card numbers are encrypted while “at rest” and “in motion”. Failure to do so can result in severe fines and potential loss of your merchant account.
- HIPAA requires that healthcare records are secured to protect the privacy of patients.
- State privacy laws require that customers are notified if their personal information may have been lost or stolen. Some states will also assess large fines against organizations if this data is not protected properly.
Organizations should consider compliance requirements and regulations when looking for a Managed File Transfer solution. An effective solution should have a number of encryption methods available to protect sensitive data including SSL, SSH, AES and Open PGP encryption. Audit trails should also be in place to track file transfer activity so you can easily determine what files are being sent, what time they are sent, who the sender and receiver is, and so on. If you are looking for a comprehensive solution be sure to check out our GoAnywhere Managed File Transfer Suite.
Related Blog: PCI DSS v2.0