Internet compliance is a big deal for many industries. How do you make sure that your company is contracting with an Internet provider that can properly manage your Internet needs? For industries like healthcare and finance that have lists of industry regulations for which their networks need to account, the right ISP partnership is vital.
The best way to ensure that your ISP will be able to support each of your industry-specific needs is to actually talk with your network partner. Lay out for them your specific network compliance needs and make sure they have the resources to provide adequate support and service level agreements.
The Finance Industry and Internet Compliance
When it comes to information security, few industries face the regulatory burden placed on financial institutions. It’s hard to grasp the myriad of regulations for financial institutions, and these changes can directly impact an organization’s Internet compliance requirements.
In fact, financial organizations represented the most heavily targeted industry to cyber breaches in 2017. Many countries are calling for even further regulation, while in the U.S. we’re seeing reform and deregulation, as evidenced by the repeal of the Dodd-Frank Act. And yet, digital-related compliance issues remain at the forefront of the finance industry’s focus.
Here are just a few of the initiatives that require compliance:
- Dodd-Frank Repeal: While this law removes many of the regulations imposed on banks, it also bears particular relevance to mobile banking and e-signatures.
- The Sarbanes-Oxley Act (SOX): Establishes requirements for the secure storage and management of corporate-facing, electronic financial records.
- Gramm-Leach-Bliley Act (GLBA): Regulates the collection, safekeeping and use of private financial information.
- Payment Card Industry Data Security Standard (PCI DSS): Sets requirements for any organizations “that store, process or transmit cardholder data.”
- PSD2: Banks and third-party providers (TPP) have to comply with the Payment Services Directive 2 (PSD2) requirements on strong customer authentication by September 14, 2019.
- GDPR: To comply, the European Union Agency for Network and Information Security (ENISA) recommends implementing two-factor authentication, as well as mobile application security, to protect access to systems that process personal data.
- NYDFS: The New York State Department of Financial Services published its Cybersecurity Requirements for Financial Services Companies, which includes 22 provisions requiring financial services organizations to better protect data.
- PCI DSS 3.2: The Payment Card Industry Data Security Standard Requirement 8.3, which became mandatory on February 1, 2018, requires organizations to incorporate multi factor authentication for all non console access to the cardholder data environment, as well as remote network access originating from outside the entity’s network.
Best Practices for Industry Compliance
Getting and staying compliant will require companies and ISPs to cooperate on the following best practices to ensure Internet compliance and prevent problems.
Learn Regulatory Requirements
As difficult as this can be for companies within a particular industry, it can border on the impossible for ISPs. Keeping up with the different compliance regulations across various industries can only be achieved by working together in a relationship that prioritizes open communication. Companies that learn of new requirements and deadlines for compliance must work in tandem with their ISP in order to seamlessly achieve the required compliance level.
Educate IT and Company Users on Compliance Policies
In order to achieve and maintain compliance, all company users must understand, accept, and practice existing and new compliance policies. Company IT managers and ISPs can work hand-in-hand to ensure that all company employees are up to speed and currently practicing compliant policies and protocols.
Monitor Ongoing Compliance
Once policies that comply with regulatory requirements are established, IT managers should monitor network and system access to prevent compliance creep. A good ISP provider can suggest tools that can help IT departments stay on top of actions taken in the environment or locate misconfigured network and system elements.
Choose an ISP Who Knows Internet Compliance
Financial institutions and other industries need the added security provided by a partnership with an ISP that will sit down with them to make sure they understand the strict business needs, policies, and regulations to which they must adhere. This allows the organization to build a network that is tailored for their security needs and regulatory practices.
MHO provides high-performance Internet services to help your business thrive. We can help you meet the ever-changing demands and regulatory policies of your particular industry. Our private Metro Ethernet and Dedicated Internet solutions allow for better security, visibility, and performance. Contact us today for more information and availability.