There are many responsibilities bestowed upon a small business owner. Technology has introduced many new ones, especially where customer data is concerned. Depending on the location of your business and what services you offer, there may be regulations applicable to your information systems. A good business owner will likely already be aware of major regulations applicable to them, but it is a good idea to review some of the major ones to see if you have missed them.
PCI DSS: Payment Card Industry Data Security Standard (PCI DSS) is a major regulation that protects cardholder data. It was created by major credit card companies and outlines specific requirements for companies that handle credit card data.
There are a lot of nuances here. As a small business owner, you are likely to use a payment gateway to process transactions with your customers. These gateways can include Square, Stripe, Venmo, Apple Pay, and PayPal. In these cases, the payment gateway is the entity that handles credit card information. If the payment gateway handles every bit of credit card data and your internal systems do not touch it, then there is very little you have to do in terms of PCI DSS. You will likely have to fill out one or more self-assessment questions (SAQ A-EP or even SAQ D**) and ensure that you maintain decent network security.
However, if your internal systems touch any little bit of customer credit card information, then you have some PCI DSS responsibilities on your plate. This includes having custom forms and code to collect card data on your website, storing credit card data in a back-end database, or taking card data over the phone or in person. You take on more PCI DSS compliance burdens in these scenarios, so in these cases, it is best to reach out to the official PCI DSS sources.
HIPAA: If your business needs to be compliant with HIPAA, then you are likely already aware. The Health Insurance Portability and Accountability Act (HIPAA) is a law passed in 1996 that protects customers' health information from unauthorized disclosure. Health information is some of the most sensitive data about a person, thus the penalties for non-compliance with HIPAA can be severe. Some of the security controls and operations mandated by HIPAA are regular risk assessments, access controls, encryption, and regular vulnerability scans. As with PCI DSS, this framework is not a how-to guide on specific regulations, so you should consult official HIPAA sources if your business requires compliance. Some businesses that require compliance with HIPAA are dentist offices, optometrists, physical therapists, and home healthcare providers.
GDPR: The General Data Protection Regulation is a data privacy regulation that applies to organizations operating in the European Union. GDPR affords significant autonomy over personal data and imposes strict penalties for non-compliance. GDPR sets core requirements, including lawful basis for processing, data subject rights, notices, security controls, and breach notifications. If your business operates within the EU in any way, you will need to make sure you comply with GDPR.
CCPA: The California Consumer Privacy Act (CCPA) sets regulations for how the personal data of California residents is used. Like GDPR, it affords data subject rights, sets security control requirements, and outlaws discrimination based on users exercising their data rights. If your business operates in California in any way, you will need to ensure compliance with CCPA.