Today’s businesses, no matter the industry, must adhere to compliance and privacy regulations to avoid serious repercussions. Potential consequences could include financial damage, legal trouble or even business closure. However, ensuring your organization is compliant can be difficult on your own, especially considering the ever-evolving nature of regulatory compliance requirements.
In this blog, we’ll break down what you need to know for compliance and the digital privacy of your internal teams and clients alike. Staying up to date on these topics and adopting the right strategies can make the difference between a business that thrives and one that faces challenges.
Navigating the World of Compliance
Regulatory compliance refers to the set of laws and guidelines set out by regulatory bodies in the industry a business operates in. Every industry will have different standards, from healthcare to education to banking and finance. By adhering to these regulations, businesses not only protect themselves, but also build trust and goodwill among their clients and partners.
There are several steps you can take to ensure your organization maintains compliance. They include:
Keep track of regulations: Staying informed of any new regulation is imperative to ensuring your business doesn’t fall behind. To do so, you can regularly read government sites, subscribe to industry newsletters or attend conferences, seminars or networking events with others in your field to get updated on any changes.
Perform compliance audits: A compliance audit involves a comprehensive review of your organization’s adherence to regulations. An audit can help you pinpoint any potential inefficiencies to improve upon and showcase where your business is doing well.
Leverage technology solutions: Fortunately, there are plenty of technology and software solutions available to help automate the compliance process. For instance, you can use document management software to help store, organize and update customer or partner data.
Protecting Digital Identities
Speaking of sensitive data, it’s become more important than ever before to develop strategies to protect digital privacy – especially when considering data loss. Whether data loss is caused by human error, a cybersecurity attack or software corruption, restoring information can be costly and time-consuming. Moreover, there’s the risk of damaging your business’ reputation.
To avoid such consequences, there are several best practices you (and your employees) can keep in mind:
- Follow cybersecurity best practices, such as using multi-factor authentication (MFA) and creating strong passwords.
- Have your employees undergo security training to learn about the most common cyberattacks and how to avoid them.
- Have regular third-party security risk assessments performed to identify vulnerabilities and threats. Prioritize the areas of risk most impactful to your business and develop a strategy to address them.
Lessen Your Risk with an Assessment
Noncompliance and privacy invasions can lead to big headaches for your organization. However, taking on these issues alone can be an even bigger challenge. Luckily, with New Era Technology, your business doesn’t have to. Contact us for a risk assessment and see where your business stands with compliance and privacy.