3 ways compliance is costing your business

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In July 2013, the Department of Business Innovation and Skills in the UK launched the Security Breaches Survey which revealed that 87% of SMEs had a data breach in the last year. These results are a clear message that smaller businesses need to be more careful about the data they hold. If you fail to comply, you run the risk of the breaking the law.

Keeping data compliant is not an easy thing for a business to do. We know how much time, money and effort is spent by businesses trying to stay up-to-date with data law. Here’s three of the most common ways compliance eats into a business’s time and money.

  • Safe storage: data that your business holds must be protected both physically and digitally and, in some regions, must not leave the country of origin.
  • Retrieval: Retrieval of data for any relevant party must be quick and easy.
  • Data naming: data that may be needed in legal discovery must be named in order for it to be dealt with.

There are alternatives however, if you want to ensure compliance. Managed services can provide an excellent way of naming, storing and retrieving data in a way that is both legal and efficient. This is just one of the advantages of moving to a cloud-based solution for your data. By building your data storage in a pre-compliant way you can rest assured knowing your legal needs have been met.

To learn more about data compliance, take a look at our eBook to see how your business could become better organised when it comes to storing data.

 

[1] https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/191671/bis-13-p184es-2013-information-security-breaches-survey-executive-summary.pdf

[2] http://www.smallbusiness.co.uk/news/outlook/2382693/smes-burdened-by-increase-in-compliance-costs-over-past-two-years.html

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