70% of companies do not believe they comply with all the necessary legal regulations to operate in their industry.

Today, most people agree that laws and regulations are necessary to ensure that companies don't cut corners, but complying with these regulations in any form continues to prove more difficult than it sounds.

It has now reached the point where it seems as if you have to comply with thousands of laws in order to operate as a business.

There is the Occupational Safety and Health Administration Act (OSHA), which has been in place since 1971, the Payment Card Industry Data Security Standard (PCI DSS) for online payments, the Health Insurance Portability Act (HIPAA) to protect patient data, and of course the newer regulations to protect consumer privacy – the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

These are just some of the most important regulations and I have only scratched the surface here.

Taking all these aspects into account, is it even possible to run an organization in the modern world without breaking the law?

Indeed, yes, and this is where compliance training comes in. Without it, you are guaranteed to be violating something, whether you know it or not.

LEFT:
_____________________________________________

https://etactics.com/blog/why-is-compliance-training-important
_____________________________________________

The first reason is, of course, the most obvious. By conducting compliance training, you reduce the risk of a breach.
This is not a new concept and many companies already conduct regular training and continuing education courses. 63% of companies that do this believe their program helps them reduce the time to resolution of regulatory issues.
They are convinced that this is the case because their employees know how to avoid violations and what to do if one does occur.
Your employees are your biggest risk.

They are the ones who work with the sensitive data you use every day.

In other words, if your employees are not adequately trained in handling your data and working safely in your workplace, sooner or later you will be faced with numerous violations.

Believe it or not, some compliance and cybersecurity professionals believe that breaching regulations is inevitable. That's a pretty scary thought, right?

If a breach occurs in your company at some point, what is the point of compliance training? Why not just limit your losses and factor the impending breaches into your annual balance sheet?
It is worth mentioning that government agencies increase their fines for repeated violations.

Therefore, limiting your losses is simply NOT an option.

But by training your team on compliance, you lower the overall cost of the penalties you face. That's our second reason why it's so important. In particular, by training your employees on what to keep in mind when doing business with your company, you can reduce the overall cost of a fine by $9 per compromised record.

Most laws contain a clause explaining the minimum requirements.

If the victim of the attack has security measures and processes in place to keep it compliant, the government agency responsible for enforcing the regulations may impose a smaller fine on the victim than on an organization that does not have any such security measures and processes in place.

You've probably heard that training your employees increases your office's overall productivity. This statement also holds true for compliance training, which is our third reason why it's important.

Companies that offer training programs to their employees generate 218% higher income per team member. This statistic means that your company will be more successful if you have adequately trained your employees on the regulations of your industry.
Like other training courses, compliance training offers your team the opportunity to develop from day one in your company.

So not only will they be excited to start their career with you, but they will also know that you are creating an environment for growth from day one.

Unfortunately, depending on the incident and its magnitude, compliance violations can attract national attention and headlines. In this case, the old adage “any PR is good PR” does not apply.

Contact Etactics at https://www.etactics.com

Subscribe to: https://rb.gy/pso1fq to learn more healthcare, healthcare IT and cybersecurity tips and tricks.

Find us on LinkedIn: https://www.linkedin.com/company/etactics-inc

Find us on Facebook: https://www.facebook.com/etacticsinc/

Please take the opportunity to connect with your friends and family and share this video with them if you find it useful.