WHY REGULATION AND INNOVATION ARE NOT MUTUALLY EXCLUSIVE
Aruba, September 26, 2019 – The constraints that government imposes on business often conjure images of bureaucratic red tape that stifles technology development. However, as companies — especially those in financial services — continue to wrestle with new data security challenges and user privacy requirements like the General Data Protection Regulation (GDPR), the increase in regulation is driving innovation.
There is an opportunity born of necessity, as noncompliance comes with extensive penalties, including high legal costs, bad press and tarnished reputations. For example, some companies are facing fines of more than $1.5 billion in the European Union and up to $5 billion in the United States for privacy transgression.
The trouble is, not only do many companies lack the resources to pay fines but they also can’t deal with ever-expanding compliance obligations such as vendor management, updated noticing requirements and consent management. On top of that, few of these compliance activities generate revenue or contribute to a company’s bottom line.
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