There are many important industry standards that your customers are mandated to follow. The following list is commonly used to justify procurement of funding for products and services:
- Health Insurance Portability and Accountability Act (HIPAA): It requires that proper controls are put in place to ensure health care transactions and administrative information systems protect individually identifiable electronic health information. There is a low risk of fines associated with HIPAA non-compliance; however, significant collateral risks, such as civil liability and brand damage could result from not meeting HIPPA requirements.
- Federal Information Processing Standards (FIPS): They are U.S. computer security standards developed to protect information transmitted by government agencies and contractors.
- Federal Information Security Management Act (FISMA) / National Institute of Standards and Technology (NIST): The FISMA and NIST special publications 800-153 and 800-137 provide a comprehensive framework for ensuring the effectiveness of information security controls over resources that support federal operations and assets.
- North American Electric Reliability Corporation (NERC): It has developed mandatory Critical Infrastructure Protection (CIP), cyber security standards to protect the Critical Cyber Assets that control or affect the reliability of North American bulk electric systems. Approved by the Federal Energy Regulatory Commission (FERC), compliance with these standards is mandatory for all organizations involved with the country's bulk electrical network.
- Payment Card Industry Data Security Standard (PCI DSS) and Payment Application Data Security Standard (PA-DSS): These are the standards for organizations that handle cardholder information for the major debit, credit, prepaid, e-purse, ATM, and POS cards.
- Sarbanes-Oxley Act (SOX): It mandates strict reforms to improve financial disclosures from corporations and prevent accounting fraud.
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