Compliance Challenges For Businesses

Compliance is a constant challenge for businesses across all sectors. It is vital that organizations
adhere to the rules, laws, and regulations relevant to their business, which can vary greatly
depending on the industry. Additionally, compliance requirements are constantly evolving as the
world changes.

Businesses will want to adhere to the rules and laws in place from an ethical standpoint, but also because any company found non-compliant can face severe penalties. So, what are some of the biggest compliance challenges that businesses face in 2024? You will need to focus on a few key areas – keep reading to find out what these are.

Data Protection

Data plays a key role in every industry in 2024, but businesses must be careful with how they
collect, use, and manage data. There are numerous data protection and privacy regulations that
are in place to enforce the way that companies handle all forms of data, but these laws and
regulations are constantly changing. Therefore, it is critical that businesses keep pace with the
latest rules and regulations to ensure compliance at all times.

Cybersecurity

Similarly, businesses must ensure they protect sensitive information from cybercrime. Cybercrime
has been on the rise in the last few years, with criminals using advanced tactics and technologies,
which can make it challenging for businesses to protect themselves. Complying with the latest
cybersecurity standards is important from a compliance standpoint but also so that you can
develop strong protection against the latest cybersecurity threats.

Software

Businesses often utilize various software systems as part of their operation, and these systems
utilize a lot of data. Therefore, one of the key challenges that businesses face is ensuring that
sensitive data is handled safely and in a compliant manner.

API management platforms like Kong can help with this by enforcing secure communication between different software systems, which can help with compliance with data protection regulations, such as GDPR. Kong can help control access to APIs and provide logging and auditing features to demonstrate adherence to various regulations.

Environmental Regulations

Of course, environmental impact is a major talking point right now and companies in all industries
must ensure that they are minimizing their impact. This is from an environmental, ethical, and
reputation standpoint, but also in terms of compliance. There are regulations in place for emissions
standards, waste disposal, and sustainability that all brands need to adhere to.

Health & Safety

Health and safety is essential in all industries, but it can be challenging to keep up when laws and
regulations keep changing. Of course, the pandemic has played a key part in this, and
organizations must ensure that they provide a healthy and safe work environment for their team to
avoid legal issues.

These are a few of the main challenges businesses across the board face regarding compliance.
Compliance is an ongoing process, particularly when you consider that many laws, regulations,
and rules are changing as the world changes. When you are aware of the key areas you need to
focus on, it can become a lot easier to keep on top of these areas and stay abreast of the latest
changes.