Compliance - Detailed Look at Specific Laws

12 Questions

What is the primary goal of the Sarbanes-Oxley Act?

To protect shareholders and the general public from accounting errors and fraudulent practices

Which regulation requires companies to implement end-to-end encryption technology to protect cardholder data?

Payment Card Industry Data Security Standard

What is a key focus area of the Family Educational Rights and Privacy Act?

Student's right to access their education records

Which of the following is an example of maintaining audit records as required by the Sarbanes-Oxley Act?

Regularly reviewing and certifying the effectiveness of internal controls

What is the primary purpose of the Payment Card Industry Data Security Standard?

To ensure the security of credit card information

Which regulation is primarily concerned with protecting student education records?

Family Educational Rights and Privacy Act

Which act requires federal agencies to develop, document, and implement an information security and protection program?

Federal Information Security Management Act (FISMA)

What is the primary focus of the Security Rule under HIPAA?

Setting standards for the security of electronic protected health information

Which act governs the collection and disclosure of customers' personal financial information?

Financial Privacy Rule under GLBA

What is the purpose of continuous monitoring under FISMA?

To identify and respond to security risks and vulnerabilities

What is the primary focus of the Gramm-Leach-Bliley Act (GLBA)?

Requiring financial institutions to explain their information-sharing practices

What is the purpose of implementing role-based access control under FISMA?

To ensure that sensitive information is only accessible to authorized personnel

Study Notes

FISMA (Federal Information Security Management Act)

Requires federal agencies to develop, document, and implement an information security and protection program
Key focus areas include risk assessments, security controls and policies, and continuous monitoring
Example: Implementing role-based access control to ensure sensitive information is only accessible to authorized personnel

HIPAA (Health Insurance Portability and Accountability Act)

Protects sensitive patient health information from being disclosed without patient consent or knowledge
Key focus areas include Privacy Rule and Security Rule
Privacy Rule: Protects the privacy of individually identifiable health information
Security Rule: Sets standards for the security of electronic protected health information
Example: Encrypting patient data transmitted electronically to comply with HIPAA's Security Rule

GLBA (Gramm-Leach-Bliley Act)

Requires financial institutions to explain their information-sharing practices to customers and to safeguard sensitive data
Key focus areas include Financial Privacy Rule and Safeguards Rule
Financial Privacy Rule: Governs the collection and disclosure of customers' personal financial information
Safeguards Rule: Requires institutions to implement security programs to protect such information
Example: Issuing a clear and concise privacy notice to customers, explaining how their personal information is used and protected

SOX (Sarbanes-Oxley Act)

Protects shareholders and the general public from accounting errors and fraudulent practices in enterprises, and improves accuracy of corporate disclosures
Key focus areas include maintenance of audit records and certification of internal controls
Example: Publicly traded companies must regularly review and certify the effectiveness of their internal controls over financial reporting

FERPA (Family Educational Rights and Privacy Act)

Protects the privacy of student education records
Key focus areas include student's right to access their education records, right to request record amendment, and control over disclosure of personal information
Example: Allowing students to view their educational records online while protecting those records from unauthorized access

PCI DSS (Payment Card Industry Data Security Standard)

Security standards designed to ensure companies that accept, process, store, or transmit credit card information maintain a secure environment
Key focus areas include protecting stored cardholder data, encrypting transmission of cardholder data, and regularly monitoring and testing networks
Example: Implementing end-to-end encryption technology to protect cardholder data during transactions