Taking risks is often talked about in business as a positive way to expand or achieve the next big thing in your field. But there’s one area that’s not worth the risk — non-compliance. Trying to skirt around compliance requirements not only puts your business, employees, and customers at risk, it can also come with a hefty cost.
In 2018, the Ponemon Institute and GlobalScape, a security company, released a report that revealed the annual cost of non-compliance for a business can run an average of $14.8 million, a 45% increase since 2011. This cost can be the result of disruption to your business’s productivity as well as fines, penalties, legal costs, and more, not to mention reputation damage if it becomes a public matter. Would you want to take that multi-million dollar gamble? Probably not. It’s just one of the reasons data compliance is more important than ever.
What is data compliance?
Many industries that deal with sensitive and high-value information, such as healthcare and financial services, have compliance requirements to ensure you’re protecting your customers' and employees’ data and privacy as well as abiding by legal, regulatory, and accreditation requirements. Compliance also helps minimize the risk of stolen data. This impacts small businesses just as much as larger organizations. If you’re not yet aware of the requirements for your business, it’s time to find out.
How can I ensure my business is compliant?
It starts by working with your industry regulations and reviewing your business practices around data and document storage and sharing so you can take the appropriate steps to ensure you fall within compliance standards. This includes document destruction as well. That’s where companies like Sun City Records Management can help. We can come alongside you throughout the process, from advising your business on best practices and compliance requirements to improving your document management systems.
How can I improve data security?
Contact us! We’re your local, family-run document storage and shredding company here in El Paso, and our team is ready to help you minimize the risk to your business and customers. As a certified shredding company, we offer highly secured document storage and shredding options that meet privacy standards and regulations. Give us a call today and we can help find a solution to meet your company’s needs and compliance requirements.