Perhaps the greatest challenge for every enterprise in this internet connected world is data protection. We’ve seen the devastating direct financial loss data breach brings to every business entity who happens to deal with it; the Bank of Bangladesh, Yahoo! Mail, and the not-so-recent JP Morgan Chase data breach are just a few of the multi-million dollar cyber blunders we can cite as examples over the last few years.
Consequently, many countries are optimizing their data security laws affecting every entity, even those who outsource their business processes to accounting firms, legal firms, and PEOs.
In fact, the European Union was one of the first to implement greater data security measures for its citizens, and it’s known as the GDPR- General Data Protection Regulation.