No matter what kind of business you have, complying with laws and regulations is essential. Failure to do so can see you face legal or financial penalties, which can hurt your bottom line and damage the image and reputation of your brand.
In the past, compliance was time-consuming and costly, requiring significant resources and manpower. With the power of modern technology, compliance is easier than ever, there are now a range of different tools available that businesses can utilise to ensure they are operating within the confines of the law. Let’s take a closer look at how tech can help your business with compliance.
Accounting
The way in which businesses handle their finances comes under much scrutiny, and this is often an area where regulations are breached and businesses left faced with punitive action. All revenues, profits, expenses, and costs must be recorded in detail and accurately. They must be verifiable and accessible and can never be vague or misrepresentative.
Today, there are tech solutions available that can automate much of the accounting process. What’s more, these sophisticated tools offer a great deal of accuracy and reduce the risk of human error. Take a look at an accounting software comparison list to find out more.
GDPR
The General Data Protection Regulation, or GDPR for short, is a set of regulations established in the EU in 2018. It applies to all businesses within the EU and those dealing with EU customers.
GDPR is designed to offer consumers more protection and to ensure businesses are safeguarding the private information of their customers. Adhering to GDPR rules can be tough, as the laws are highly complex, but doing so is crucial, as penalties for rule breaches can be extremely costly. Take Meta, for example, which was recently fined $1.3 billion for breaching GDPR.
Tech solutions for GDPR compliance include database management tools and encryption services. GDPR stipulates what consumer data businesses can hold and for how long, so tech tools can be used to automate database scanning and information removal.
Cybersecurity
Cybercrime is a serious problem for digital businesses today, and it’s an issue that is continuing to get worse. So much so, in fact, that the value of the cybersecurity market is expected to reach $13.82 trillion by the year 2028.
Cybercriminals will often target digital businesses in an attempt to steal sensitive customer data. If you were to suffer such an attack, known as a data breach, this would seriously harm the reputation in the eyes of your customers and could mean you are in violation of customer protection regulations.
Ensuring your cybersecurity is of a high standard is vital. There are a number of tech options available that can protect your platform against the latest cyber threats. Some of the more modern tools are powered by artificial intelligence and machine learning, which means they can learn and adapt to emerging threats and offer you an unparalleled level of protection.
Conclusion
Tech can help your business with a range of different compliance measures, including accounting, GDPR, and cybersecurity. With the proper tools in place, you can ensure your business is never in breach of regulations.
