5 Ways Data Protection Compliance Can Impact Your Organization
www.coastal-connection.net Managed Security - Network Compliance Assesment
Compliance with data protection regulations can be a complicated, heavy load to manage, especially for small to mid-sized businesses.
In the last few years, we have seen regulations updated to reflect new technologies. Issues like data privacy are now placed center stage by regulations like the General Data Protection Regulation (GDPR) with legal nuances and exacting requirements. Meeting compliance requirements is a full-time and ongoing job.
Using managed IT services that specialize in helping your company meet data protection compliance is a vital tool in the compliance armory of the SMB.
Money: Fines for non-compliance with data protection regulations can be hefty. Under the GDPR, the largest fine is up to 4% of global revenue or $23 million, whichever is largest. Other data breach and non-compliance fines may not reach these figures, but they are still often tens of thousands of dollars.
Data Handling: Data protection laws require you to look carefully at your cybersecurity, general security, and privacy when utilizing personal data and Protected Health Information (PHI). This can be complicated and involve various legal overtures.
Competition: In a report by an analyst firm, 85 percent of U.S. companies believe that the data protection law, GDPR, will make it harder for them to compete. The Ovum report also pointed out that data privacy regulations are not uniform across the world. The U.S., for example, has “unclear, varying laws” across different industries and states. The California Consumer Privacy Act (CCPA) is one such U.S., state-centric law which came into effect in 2018. How this law impacts organizations outside of California can be a complicating factor in a company’s choice of where to do business.
Skill costs: The changing technology landscape means that data protection compliance is also changing. Keeping up with new regulations and new laws is something that requires a high level of skill in the legal and technical aspects of compliance.
Reputation damage: The 2017/18 Kroll Annual Global Fraud & Risk Report found that three-quarters of companies experienced damaged reputation due to fraud and cybersecurity incidents.
Fixing the Compliance Headache Using Managed IT Services
Data protection compliance is not something to take lightly. It requires expertise and diligence to meet the exacting requirements of modern data protection regulations and laws. Getting compliance right when you are a small to midsize company is a challenge. Outsourcing compliance makes sense when the needs of these regulations are complex and nuanced.
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