In recent years, a wave of tech regulations and laws have flooded the market to regulate AI, protect personal and sensitive data, ensure fairness in digital markets, and more. Although necessary, these regulations present opportunities and significant challenges for SMEs. The regulations burden SMEs, potentially stifling innovation by limiting their flexibility. Furthermore, the financial burden of compliance, including costly fines, erosion of customer trust and market value, disproportionately affects SMEs competing with larger enterprises. It is, therefore, imperative for SMEs to navigate this complex landscape of regulations and requirements. While SMEs may not have dedicated compliance departments they must still understand and implement regulatory requirements with limited resources. IT leaders and managers must stay updated on ways to ensure compliance with tech regulations to avoid non-compliance risks by effectively navigating the evolving regulatory landscape.
Overview of Tech Regulations
The myriad of tech regulations …