Your business must not only collect and utilize data effectively, but it must do so in compliance with numerous government and consumer-protection regulations. Data breaches and non-compliance not only jeopardize sensitive information, but also can carry hefty fines and damage your organization’s reputation. Is your business data management compliant with these rules and regulations?
After all, compliance mandates aren’t meant to be a burden to business. They’re meant to keep yours (and, more importantly, your clients’ data) out of the wrong hands. So how can you ensure that your business data management is compliant?
What You Need to Know About Digital Data Compliance & Protection
Data compliance involves adhering to laws, regulations and standards governing the collection, storage and management of data. For instance, industries like health and finance have specific regulations, such as HIPAA and Sarbanes-Oxley, respectively. In 2018, the European Union introduced GDPR, the strongest protector of consumer information and privacy in the world, which imposes substantial fines for violations.
And those are only a few.
Key Considerations for Data Compliance
- Regulatory Alignment: Identify the specific regulations relevant to your industry. Whether it’s healthcare, finance or any other sector, understanding and aligning with industry-specific laws are crucial.
- Responsibility Assignment: Clearly define roles for data compliance. In some cases, a Data Protection Officer may be necessary, ensuring accountability and avoiding conflicts of interest.
- Continuous Adaptation: Regularly review and update your policies and practices. Given the dynamic nature of data threats and the evolving regulatory landscape, a proactive approach to compliance is essential.
The Challenges of Data Compliance
Of course, challenges emerge as technology advances and the volume of data exchanging hands and otherwise floating around in cyberspace increases exponentially each day. The Internet of Things (IoT), bring-your-own-device (BYOD) policies, and remote work have added layers of complexity when it comes to business cybersecurity.
Ensuring compliance in this landscape requires strategy and a true understanding of business data rules and regulations.
Mitigating Challenges & Ensuring Compliance
- Master Data Management (MDM): Implement MDM software for all mobile devices to ensure secure data handling, especially in BYOD environments.
- Comprehensive Audits: Regularly conduct thorough data security audits to identify and rectify vulnerabilities.
- Strict Access Policies: Enforce stringent data access policies, coupled with regular training sessions to keep your team informed about compliance standards.
- Automated Vetting: Utilize caching systems for automatic vetting of third-party components and software to minimize risks.
Data Management Compliance: Ensure Your Business Stays Ahead of the Game
OK, so it’s far from a game. Data management compliance is a very serious matter. Failure to get it right – unfortunately caused either by ignorance or unwillingness to invest in the proper cybersecurity measures – can spell disaster for your organization.
And that’s no exaggeration. Fines and legal fees could bankrupt your business, terminating employment for small and large offices alike. If your organization survives financially, the rebuilding trust could take years after playing fast-and-loose with consumer data.
For perspective, tech giant Google was fined $56.6 million for a GDPR violation in 2019 – and that was the NINTH-HIGHEST fine that year. (Amazon was in SECOND PLACE with a fine of $877 million.) They’re big enough to recover. But is your organization?
Acme Business: Your Partner in Business Data Management & Compliance
Business data management and compliance is not a one-time task but an ongoing commitment. To ensure your organization stays ahead in the complex and ever-evolving digital realm, choose a managed cybersecurity services partner like Acme Business.
At Acme Business, we specialize in comprehensive data management solutions tailored to your industry’s unique compliance requirements. From regulatory alignment to proactive risk mitigation, we’ve got you covered. We’re proud to have the highest-level cybersecurity certification by the Criminal Justice Information Services.
Don’t wait until compliance issues arise. Let Acme Business be your proactive partner in safeguarding your business data. Call us at (716) 372-1325 for a personal consultation and connect with us on LinkedIn.
Stay ahead. Stay compliant. Partner with Acme Business.