There is no doubt that the companies are required to spend money on privacy compliance. Privacy laws like Sarbanes-Oxely, FACTA, HIPAA and HITECH require careful control and destruction of personal information. Ponemon Research puts the cost of compliance at $3.5 million for the 46 businesses they studied.
The obvious alternative is do simply ignore the laws and hope you avoid detection. But that might not be the best bet. A recent study says that non-compliance would have cost the same 46 businesses $9.4 million. The costs come from productivity losses, business disruption, fines, and penalties.
Many people live but the motto “It’s easier to ask forgiveness than it is to get permission.” When it comes to privacy compliance this study would say the opposite.
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