The penalties and fines are enormous - and eye-popping.
Companies that haven’t met privacy and security compliance regulations have paid hundreds of millions of dollars to governments worldwide.
Tech giants like Google, Meta and Amazon have paid sums that could bankrupt a developing country.
Amazon: $888 million levied for a GDPR privacy breach in 2021.
Instagram: $403 million for a GDPR privacy breach in 2022.
T-Mobile: $350 million for a data breach in 2021.
Meta: $277 million for sharing personal information in 2018-2019.
The list doesn't end there. And the aggregate fines are in the billions.
If the big tech giants aren't immune, neither are other companies. Financial firms, hospitals and insurance companies operate under some of the world's strictest data, privacy and cybersecurity regulations. And when it comes to their day-to-day operations, these firms rely on advanced technical solutions to keep them compliant.
Call Recording Keeps the Audit Trail Clean
When the former boxing champion Mike Tyson said, "Everybody has plans until they get hit for the first time,” he could have described companies before the pandemic. No one saw it coming. And it was a knock-out punch that we're still dealing with.
When companies develop annual plans, they’re doing everything to prepare for unexpected events. Unknowns are difficult to identify - like the pandemic for instance.
So, it's worth considering how companies plan for data breaches and the associated fines and penalties. That's where call recording technologies can help.
"Data security breaches have increased significantly, and every organization is at an enormous risk," Gennadiy Bezko, CEO of MiaRec. "There's a huge risk of lawsuits, fines, and attendant reputational damage."
With compliance and regulatory bodies demanding more data protection, companies must rigorously plan to protect personal information.
Local governments continue to pass legislation to ensure companies adhere to increased data and security threats.