We are now in a data privacy era, which has posed many new challenges to businesses worldwide. However, new and ever-changing data privacy rules and regulations are in place for a reason, and as long as they are all followed appropriately through complying with the law and conducting appropriate compliance training courses, businesses won’t come across any issues.
That said, being compliant is easier said than done and it will differ from industry to industry. Let’s take a look at the industries that have the strictest compliance regulations.
- Financial Industry
It comes as no surprise that the financial industry is subject to numerous compliance laws, such as:
- Anti-money laundering regulations
- Data security legislation
- Data management and protection
- Laws governing provisions of services in the industry
That means businesses that operate in this sector would have some of the heftiest compliance costs and should thus set a budget accordingly. While compliance costs continue to increase in the industry, it is far worth implementing good practices compared to the dire consequences non-compliance can bring.
- Retail Industry
There aren’t as many regulations governing the retail industry compared to the others on this list. But even then, businesses must not ignore compliance regulations. There are various regulations retain businesses must adhere to, such as the Payment Card Industry’s Data Security Standard for card payments.
Not all retail organizations have the resources to remain compliant, but there must be policies and practices set in place to avoid monthly fines of up to $100,000 for non-compliance.
This specific regulation will depend on secure networks and systems to remain compliant, such as firewalls, data encryption, IT security policies, vulnerability management programs, and secure storage.
- Healthcare Industry
There are many different compliance laws the healthcare industry needs to comply with. This is another obvious fact, as businesses of this nature handle extremely sensitive data related to patient health and other information.
One of the most known compliance regulations healthcare businesses must follow is the Health Insurance Portability and Accountability Act (HIPAA). This act states how patient medical information must be held securely, maintaining privacy all throughout.
This means having to focus on improving IT strategies in terms of backing up data, data storage, and transmission, access restrictions, as well as disaster recovery processes.
- Data-Based Businesses
There are many significant data breaches big companies have faced and paid the price for. Because of that, the public and many businesses have changed the way their customer data is handled.
This goes especially for social media, with these platforms collecting user information. Besides that, many data agencies are also subject to strict compliance rules and regulations. This is why it’s crucial to conduct cybersecurity learning and set up policies for employees to follow in order to remain compliant and keep all data private and secure.
Wrapping It Up
No matter what industry you are in, make sure that you stay updated with the set of guidelines related to your business and remain compliant.