Online Business Compliance and Data Security Trends A Major Focus In 2022
Published on January 12, 2022
A study conducted by LNRS has determined that the average compliance cost for businesses across all industries globally is $214 billion. Compliance is an important part of every business’s longevity strategy and can become very expensive when left unchecked. Online business compliance rules are similar to traditional brick and mortar regulations, but with some additional considerations to account for.
Because most online businesses can operate from a remote digital standpoint, compliance regulations must be molded to the unique security advantages and disadvantages pertaining to the digital world. Here is what online businesses can expect in 2022 in regards to compliance, data security, and future prospects.
The importance of web archiving services
Even though there is no way to tell how much of the web is actually archived, estimates suggest the quantity sits between a broad 35% and 90%. Web archiving is the process of accumulating data that has been recorded on the internet and storing it. This ensures that important information is preserved in a safe environment for future use – much like heritage seed archiving, only with data. There are many compelling reasons for online businesses to implement web archiving services. Because it abides by modern laws surrounding online business compliance, archiving data provides proof of transactions, activities, practices, and general conduct of business.
Online businesses that fail to perform proper web archiving processes will be subject to the imposition of regulators who set penalties for organizations that do not meet compliance standards. Companies that dispose of or fail to archive relevant data may be hiding information that holds them liable for paying penalties they may be trying to evade. In addition to web archiving being an online business compliance requirement, it can also offer businesses further benefits. It creates a reliable back up system for unexpected security breaches, and safeguards businesses from false claims.
Data security and online business compliance
Despite a record-breaking number of data security breaches in 2021, only 50% of organizations claim they feel prepared for a cyberattack. The reason why data security is so important for online business compliance laws is not for the protection of the company’s data. Instead, it’s for the protection of their customer’s privacy. Online businesses have to prioritize the safety of customer data.
For this reason, it is imperative that all online businesses invest in high quality data security software, programs, and specialists to prevent a data leak that puts their customers at risk. Data breaches can lead to theft of intellectual property, identity fraud, and financial theft. Online business compliance laws require that companies protect the interests of their customers bysetting up appropriate cybersecurity systems and taking responsibility for their safekeeping. To leave their data unprotected is to violate their right to privacy when entering into business with your organization.
Fortunately, the options for data breach prevention are many. Security software programs are seeing improvements every day. Plus, the shift towards cloud-based data archives makes protection simple and affordable for small online businesses. Going forward, the options are expected to continue growing.