Are you confident that your business is fully prepared to meet the evolving compliance standards in 2024?
Compliance has never been more crucial with regulations tightening and the digital landscape becoming more complex.
From increasing risks of data breaches to evolving international privacy laws, businesses must adapt quickly or face significant penalties.
2024 isn’t just another year—it’s a time that demands businesses reevaluate their data protection strategies, security protocols, and legal responsibilities. Whether it’s stricter enforcement of cross-border data transfers, new privacy laws on the horizon, or a rise in cyber security threats, companies must stay vigilant to protect their operations and reputations.
This article lists the top 10 compliance standards your business must adhere to in 2024. These regulations are not just legal requirements—they’re an investment in your business’s future success, helping safeguard operations and build trust with customers and employees.
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Introduction to compliance standards (2024 update)
Compliance standards are more than just guidelines—they are critical for business success in 2024. They dictate how companies handle sensitive information, protect data privacy, and prevent security breaches. With growing cyber security threats and evolving legal frameworks like the GDPR and CCPA, meeting these standards is not optional; it’s essential for protecting your business from substantial fines, potential shutdown due to legal trouble, and irreparable reputational damage.
Staying compliant is crucial whether you’re managing data through workforce analytics tools like Time Doctor or simply handling customer information.
Let’s dive into the top 10 compliance standards for 2024 and explore how you can ensure your company stays on the right track.
Here are the top 10 compliance standards that will keep your business on track in 2024.
1. General Data Protection Regulation (GDPR)
The General Data Protection Regulation (GDPR), introduced by the European Union (EU) in 2018, is designed to protect the personal data of EU citizens. It applies to any business worldwide that handles data from EU residents.
The regulation empowers individuals by giving them control over their data, and it requires businesses to be transparent about how they collect, store, and use that data. Failure to comply can lead to hefty fines, and with 2024 bringing stricter enforcement—especially for international data transfers—businesses must stay up-to-date.
Whether using platforms like Slack for internal communication or handling customer data, ensuring that your practices align with GDPR standards is vital to avoid breaches and penalties.
2. California Consumer Privacy Act (CCPA) & CPRA
The California Consumer Privacy Act (CCPA) and its amendment, the California Privacy Rights Act (CPRA), are designed to give consumers control over their personal data. These laws apply to any business that collects and uses data from California residents and covers sensitive information like social security numbers, credit card details, health records, and biometric data.
Under these regulations, transparency is key. Tools like HubSpot , which manages customer data, must be configured to handle data securely and ensure that businesses remain compliant with requests for deletion or updates to personal information.
3. SOC 2 (Service Organization Control)
SOC 2 is a widely recognized industry standard that ensures service providers securely handle data, especially in cloud-based platforms with higher risks of cyber security threats.
When relying on services like Dropbox for file sharing and storage, achieving SOC 2 compliance means that the company implements strict access controls and encrypts sensitive data. This reduces the risk of breaches and builds trust with clients who depend on secure services.
4. ISO/IEC 27001 Information Security Management
ISO/IEC 27001 is the global benchmark for managing information security. It provides businesses with a framework to identify risks and establish safeguards against malware, phishing, and ransomware.
Take Trello , for example. This project management tool benefits from ISO/IEC 27001 compliance by protecting data shared across teams. This standard ensures both internal and customer data remain safe from external threats.
5. Health Insurance Portability and Accountability Act (HIPAA)
HIPAA sets strict regulations around how healthcare businesses handle patient information. Failing to comply can lead to severe legal and financial consequences.
For healthcare organizations using solutions like Zoom for Healthcare to manage telemedicine, it is crucial to ensure that video consultations and patient records are encrypted and handled with HIPAA-compliant protocols. This safeguards sensitive health data and ensures patient trust.
6. Payment Card Industry Data Security Standard (PCI DSS)
The PCI DSS is designed to protect businesses that handle credit card transactions, ensuring that sensitive financial data is shielded from malware, phishing, and other threats.
Imagine running an online store with Shopify. PCI DSS compliance ensures that your customer’s payment information is securely encrypted and stored. This reduces financial risks and gives customers confidence in your platform.
7. Sarbanes-Oxley Act (SOX)
The Sarbanes-Oxley Act (SOX) is crucial for maintaining financial transparency, particularly for publicly traded companies. Its goal is to prevent fraud and ensure accurate financial reporting.
Accounting tools like QuickBooks benefit from SOX compliance by keeping financial data accurate and well-audited. This helps businesses stay accountable to stakeholders and meet legal obligations.
8. Federal Information Security Management Act (FISMA)
The Federal Information Security Management Act (FISMA) enforces strict security measures for federal agencies and contractors to protect sensitive government data from cyber security threats.
For companies managing government contracts, platforms like Microsoft 365 Government ensure compliance with FISMA by providing encrypted communication, multi-factor authentication, and secure cloud storage, all aligned with federal security standards.
9. International Traffic in Arms Regulations (ITAR)
The International Traffic in Arms Regulations (ITAR) govern the export of defence-related technology, ensuring that sensitive information remains secure. Companies working in the defense sector must adhere to ITAR to prevent unauthorized access to defense data.
Security solutions like Atlassian’s Jira can help track and manage defence-related projects, but businesses must implement strict access controls and encryption to remain compliant with ITAR requirements.
10. Industry-specific standards
Different industries have specific compliance requirements that go beyond general regulations. For example, HITRUST is essential for healthcare to comply with HIPAA, while NERC-CIP is critical for securing energy sector infrastructure.
Time Doctor, a workforce analytics platform, can help businesses in these sectors ensure compliance. With features like detailed audit logs, secure data storage, and activity monitoring, Time Doctor enables organizations to manage sensitive employee data and meet the security requirements of industry-specific regulations.
How to stay compliant in 2024
Staying compliant with evolving standards requires a proactive and structured approach. Here are some critical steps to help keep your business aligned with 2024’s compliance requirements:
1. Automate compliance monitoring
Utilizing tools like Time Doctor to track employee activities and generate audit logs can help maintain compliance with industry standards. Additionally, integrating tools like Asana for task management and Microsoft Defender for endpoint security creates a comprehensive compliance framework by addressing different data handling and security aspects.
2. Enhance security measures
Implementing security layers such as multi-factor authentication (MFA) and encryption is crucial. Tools like LastPass or 1Password offer MFA and secure password management, while encryption solutions protect sensitive information from cybersecurity threats.
3. Train employees
Regular security awareness training is essential for preventing human error. Educate your team on recognizing phishing attacks, avoiding social engineering tactics, and protecting confidential data. Continuous training reinforces the importance of compliance and ensures everyone is up-to-date on the latest security practices.
Conclusion
Staying compliant with the latest standards is essential for protecting your business in 2024. As regulations evolve, meeting compliance requirements isn’t just about avoiding fines—it’s about building trust with your customers, safeguarding sensitive data, and ensuring the long-term success of your operations.
Taking a proactive approach is essential to keep your business on track. Regularly reviewing your internal processes, updating security measures, and providing ongoing training to your team are all steps that can help ensure you’re aligned with the most current standards.
Take the opportunity now to review your compliance practices and conduct an internal audit to assess how well your company meets the 2024 standards.
Is your business adequately prepared to strengthen data security, streamline compliance processes, and ensure employees remain informed about the latest regulations? Proactive efforts today will help protect your business tomorrow.
Liam Martin is a serial entrepreneur, co-founder of Time Doctor, Staff.com, and the Running Remote Conference, and author of the Wall Street Journal bestseller, “Running Remote.” He advocates for remote work and helps businesses optimize their remote teams.
