An Entrepreneur’s Guide to Compliance With today’s increasing cybersecurity threats, entrepreneurs are being forced to implement specific security measures by regulatory authorities. The result? An increase in business compliance costs over the last few years. Organizations in different industries have to contend with various national and industry-specific regulations to avoid litigations. Examples of such regulations include HIPPA and PCI DSS compliance. Cybercriminals are targeting all industries, and are using technology to hold businesses at ransom. For example, the 2017 election debacle between Donald Trump and Hillary Clinton brought to the forefront the damages that can result from unauthorized access to confidential data, such as email. When it comes to businesses, compliance should be approached in a nonpartisan manner. A recent survey of small business owners revealed that 20 percent of them found government regulations too challenging to implement. Moreover, 47 percent of the respondents indicated that they struggle to keep up with changing government and industry regulations. Data privacy and related security regulations are here to stay. Therefore, entrepreneurs need to find ways to adapt and make their businesses compliant. This requires adopting a “practical compliance” approach, i.e., striking a balance between mitigating business risk and allocating resources for compliance purposes.
Topics
