Regulatory compliance isn’t something you can get away with ignoring. For example, willful neglect of violation resolution for HIPAA costs $10,000 per violation, with an annual maximum of $250,000 for repeat violations. Of course, that’s only if you fix the issue in time. The fee will quintuple if you don’t. The consequences of failing to maintain compliance aren’t always monetary – they can result in damaged reputations and loss of trust from clients and employees.
Other compliance laws result in similar outcomes. Without ensuring proper compliance, your organization could suffer catastrophic costs that can easily cripple you or shut you down completely.
Regulatory policies for IT compliance are far from universal. However, the guiding principles of these policies are applicable across all verticals and industries even when not legally binding. In other words, your organization should still formulate a plan to ensure proper IT compliance structure now, before you suffer later.