Compliance, Consequences, and Your Company
As the need for data storage increases, and digital payments and record keeping eclipse their traditional counterparts, regulatory compliance becomes critically important. Some organizations already understand this, but not all take compliance seriously. For some, it’s just something they overlook or don’t prioritize. Others actively believe that as long as “nothing goes wrong,” compliance is irrelevant. Whatever the reason your company has for failing to maintain compliance, the consequences can be dire.
Here’s why your business should review compliance with a professional to make sure you’re upholding the privacy and security of your clients and customers.
Avoid Financial Losses
There are several regulatory bodies that govern different types of data, and there are different best practices for compliance across industries. But one risk that any business in any industry faces when they fail to comply is financial loss. Penalties and fines can be severe, but they’re only the beginning when it comes to more serious compliance issues. Lawsuits and civil cases can drain a company’s coffers quickly. Even if a company “wins,” it’s a shallow victory when their resources are tied up in legal settlements. Court costs don’t just come in the form of civil disputes either. Some compliance failures can actually result in prison time for the responsible parties, and the preceding court cases won’t be resolved without some serious lawyer fees.
Avoid Losing Important Partners
Even if your business doesn’t make compliance a priority, there are many that do. Losing their partnership can be disastrous. For example, if it’s revealed that your company isn’t complying with the Payment Card Industry Data Security Standard (PCI-DSS), credit card companies may revoke your ability to accept credit card payments. This is a serious enough issue that it could sink a company overnight. Likewise, a Health Insurance Portability and Accountability Act (HIPPA) violation can have consequences beyond serious fines and legal actions. If other facilities become aware of your failure to comply with HIPPA, they may stop referring their patients to your organization.
Protect Your Reputation
Of course, it’s not just your reputation with other organizations that matters—it’s your reputation with your customers and clients. In today’s data-heavy world, clients and customers are putting an enormous amount of trust in the companies they choose to do business with. Make sure your company lives up to expectations.
Responsible Compliance for Your Company and Customers
Maintaining compliance in the face of shifting and evolving regulations—which are already complex—isn’t easy. Even if you intend to comply with regulations, mistakes happen. Instead of waiting for regulatory disaster to strike, take responsibility for your own compliance. Have professionals review your compliance practices regularly, to ensure you stay up to date.
Brightline IT specializes in staying current on all IT compliance policies and practices. We care about compliance and want to work with companies who make it a priority. A consultation will help clarify compliance issues and offer expert solutions to keep your business running smoothly.