COMPLIANCE is the process of making sure your company and employees follows the laws, regulations and standard practices that apply to an organisation.
In the world of compliance, the laws and regulatory demands are constantly changing the way data is shared and how it must be protected. Staying up to date with compliance and making sure data is secured and encrypted is key to gaining trust from the market and your customers. When markets and systems mature, expectations from customers also rise, increasing demands, even when changes aren’t made from regulators. All this creates more pressure to identify potential threats before they impact a business.
What can happen when a business is not compliant?
In 2017, Equifax experienced a data breach which impacted the personal data of nearly 147 million people, turning into an ongoing, class action settlement. Equifax failed to patch a bug in one of its systems, a flaw that Equifax had ample time to update. This is a perfect example of business complexity resulting in compliance gone wrong.
There are many factors that can push a business below market expectations. Often it is the complexity of small and independent mitigations of risk implemented in different subsystems or procedures that causes the risk of non-compliance. Below is an example of how a business can cause a privacy breach by sharing personal information without following regulatory compliance, even when controls and procedures are in place.
Take a decision!
As stated above, there are many reasons to stay ahead of compliance regulations, but it is necessary to examine the business’s fundamental principles and decide whether to stay above or struggle below regulatory demands. The risk increases when having various providers handle sensitive data such as email, banking and passport information and data storage.
How will NewBanking’s services benefit me?
Most businesses don’t need to store personal data; however, they need to access personal data. Having the option to access personal data securely is crucial for the transparency of any business. NewBanking provides a platform to access personal data (provided and managed by the individual) which makes the platform go above and beyond current market expectations. NewBanking gives secure and compliant access to data and in turn helps remove unnecessary costs and risks.
For more information visit our website: www.newbanking.com