7 compliance mistakes to avoid
Compliance is a fact of life for just about every company — especially in highly regulated industries such as healthcare, financial services, and government. And while compliance is often under the mantel of legal, compliance, risk management, or other departments, IT is certain to be involved in any organization’s compliance efforts.
CIOs and other top tech executives must be aware of all regulations that involve data, privacy, security, and other technology elements. They can play a key role in ensuring their organizations don’t get hit with hefty fines for non-compliance.
IT executives at healthcare and related sectors for years have had to deal with the impact of the Health Insurance Portability and Accountability Act (HIPAA), for example, which mandates the security and privacy of electronic healthcare information. But the regulatory environment has become increasingly complex, especially with the emergence of so many new rules covering data privacy, including the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
Dozens of countries and US states are following suit with similar regulations to safeguard the data of individuals. Research firm Gartner has predicted that by the end of 2023, modern privacy laws will cover the personal information of 75% of the world’s population.
Regulatory compliance related to IT systems, networks, devices, and data is a fact of life for businesses today, making it a significant area of concern for CIOs. The key is to help compliance efforts without causing difficulties. Here are some mistakes to avoid, according to experts.