What Are The Consequences Of Non-Compliance?

By Siva S

Organizations all over the world lose billions of dollars every year for non-compliance with regulatory standards. This will only continue to rise as data laws and regulations get tighter. However, the losses are not just limited to fines and penalties. Non-compliant businesses are also at serious risk of security breaches, loss of productivity, reputational damage and more.

The cost of non-compliance is estimated to be over three times higher than the cost of compliance. In fact, businesses lose about $4 million on average due to a single non-compliance event. Considering the impact of non-adherence, it would be wise to take it seriously and implement the required measures. Here is a summary of the consequences you are likely to face due to non-compliance.