(ThyBlackMan.com) Tech firms and companies have been growing rapidly in terms of scope and profit in recent years, to the point that several tech firms are gaining hundreds of billions or, in some cases, even a trillion dollars of annual revenue.
As Reciprocity Labs notes, “technology firms today face an enormously volatile environment. Large corporations’ demand for technology services is high, and the range of services they want is diverse: data storage, payroll processing, document management, audit management, and so forth.”
But as tech firms and businesses have continued to grow, so the factors impacting compliance has evolved and the number of compliance regulations has grown significantly.
We saw these trends begin in 2017 and they have definitely carried over into 2018 as well, and all signs point to the likelihood that they 
will continue in the upcoming years.
To help your tech firm stay ahead of compliance regulations, here are the top compliance factors that directly affect your firm for 2018:
There Are Massive New Regulations
In 2018 some of the biggest new regulations on data security have gone into effect, specifically in the form of the European Union’s General Data Protection Regulation (GDPR).
The GDPR is designed to help protect the data and privacy of consumers who reside within the European Union, so long as you are conducting business with EU citizens, you will have to remain in compliance.
It will be your responsibility to research the details of the GDPR and find out what steps your firm will have to take to be compliant and avoid hefty fines.
Cyberattacks Are A Bigger Threat
Cyberattacks have always been a major threat to tech firms, but they’ve become even more so in 2018. This is because the number of cyberattacks have reached an all-time high for 2018.
The larger your tech firm, the higher on the hit list of hackers you’ll be.
To prevent cyberattacks from being successful, you will need to invest in security technologies that can protect your user data. The defenses you have set up against cyberattacks will be thoroughly evaluated in an SOC 2 audit.
The Era of Blockchain Technology Has Arrived
2017 was the year where blockchain became known worldwide, and 2018 is the year where it is being mass adopted into the mainstream.
Basically, blockchain is a digital ledger that publicly records transaction data in chronological order. It is designed to increase transparency with financial transactions. We can expect more regulations concerning blockchain technology to come into effect in the upcoming months and years, which you will need to remain in compliance with as well.
Staying On Top of Regulatory Compliance
In summary, 2018 has seen the growth of new technologies such as blockchain along with new significant regulations that directly impact technology firms and businesses of all kinds. Being aware of these factors will be important to help your firm or company stay on top of regulatory compliance.
Staff Writer; Greg Ford
