What is the complaint and safest way for growing your digital presence? The time is ripe to invest in your businesses digital growth. What’s important is managing that growth in a way that meshes well with digital regulations; as US News outlines, the federal authorities are pursuing breaches of regulation by businesses with fines and closures in order to aggressively pursue their regulatory goals. Indeed, as the digital space has rapidly expanded to deal with the heightened presence of businesses formerly operating minimally, the government has scrambled to adjust. As you expand your presence, staying on the right side of the law is important – and that begins with knowing how regulations are changing. Let’s learn the way of growing your digital presence.
The financial laws
The most important regulations to meet are, arguably, those concerned with financial compliance. The regulatory agenda continues to shift, according to Reuters, as the presidential administration stocks up its regulatory agencies. Many new rules require an approach to record-keeping that has more finesse than it did historically. For instance, SEC rules 17a-3 and 17a-4 bring with them the need to create far more extensive records on customer transactions, far beyond previously required levels, yet with only certain data types preserved. Indeed, data compliance is a feature of regulations coming from across the board. Upgrading your business’s presence in a way that meets these data regulations is important.
The US privacy law may come in sooner than observers previously thought. CNBC has found EU GDPR breach fines exceed $1.2 billion since the law was brought into action back in 2016. US firms have continued to struggle to meet the regulatory standards required, particularly when concerning US-EU data transfers. The US is, in some ways, defenseless when it comes to the enforcement of these laws without their own alternatives to push back against EU regulations. Bringing in-laws will help to make regulatory standards clear while also giving some strength to the convictions of US-based businesses.
Influencing your growth
How this will influence your growth may be a little unclear. Can you proceed with current data protection processes? Or is it time to shift your strategy? While the specifics of law may be changing, there is nevertheless a clear way forward. Any regulatory changes will focus on the proper retention and storage of data, and this is a common-sense scenario for developing a business.
Only obtain the necessary customer data – typically personal details, like name, and email address, as consented. Only retain this data for the necessary time frame – and put systems in place to delete it as required. Finally, keep ahead of new rule changes and use outside expertise to sense-check your policies. This will keep you one step ahead in the regulatory game.
Keeping your discipline
A good way to approach data compliance is through the use of integrated systems. Third-party software, and the advice of experts, can help you to ensure that you’re keeping data you need to provide an audit trail while dispensing with personal data that can land you in regulatory hot water. However, over time these systems can become outdated or not apply themselves to the latest data collection principles. Furthermore, while you may be able to bring some accountability to your partners, the principal party liable for any damages will, in the first instance, be you.
Remaining vigilant over data protection principles and keeping your own knowledge up-to-date is the crucial factor in minimizing this risk. It’s good to have partners who can truly add a fine edge to compliance matters, but it’s also important to have your own knowledge base. Keep your head in the game, especially during expansion, as it can help to save you costly fines.
Reputation and marketing
The cost of not protecting your data is not only focused on fines but on reputational costs, too. A recent poll analyzed by the Washington Post revealed that many of the major social networks that Americans use every day are untrusted due to their record on privacy. 73% of respondents said they didn’t trust Facebook; TikTok found similar results, at 63%, and Instagram was poorly received too, at 60%. Consumers clearly care a great deal about their data and the privacy attached to it, and that’s true whether the business is big or small. Establishing the care you have for their data from day one, and maintaining it, will give your brand a significant deal of reputation that you can then use to develop your business further. In that way, the compliance measures you take to protect your data as you expand will be as important to your success as the initial growth itself.
Staying away from fines and compliance costs can seem difficult, but it really is a matter of common sense. Looking at how the big players tend to approach their data compliance, and replicating that, will prepare you for future change. One area in which to deviate is your data protection policies. Some of the biggest names in tech have not shown the greatest reverence for privacy, and that has cost them in reputational terms. While they may survive, owing to their market dominance, a small business can’t afford the same mistakes. Protect your own brand image by protecting your users – the proof will be in the growth of your enterprise. These are the ways of growing your digital presence in a compliant way.