Whether it’s getting employees behind new rules, new tools or just having them follow the current rule, compliance is an ongoing issue for most companies.
“Compliance fatigue,” happens more often than you think, in any industry.
You’ve probably noticed in the last couple of years that your newest credit and debit cards now have a “chip” that you insert into the payment machine, rather than swiping your card. But even today, how often do you still try to swipe your card?
The credit card industry suffered from its own compliance fatigue in this case. The industry had set a self-imposed deadline for Oct. 1, 2015, but by that time, only 40 percent of businesses were ready for the switch.
The whole point of the chip was to improve data security and catch up with Europe’s security standards, which has been using the chip for years. Instead, since there was little done to educate cardholders, businesses and consumers who hadn’t made the switch were held liable for any instances of fraud.