More and more personal data is being collected, managed, stored, and used. But with that comes inevitable data breaches and misuse of data. As cybersecurity threat management becomes more sophisticated, so do threat actors. According to techjury, 76% of organizations worldwide experienced a phishing attack in the past year. Now, more than ever, consumers are becoming more intentional about how and with whom they share their data. In 2023, regulation enforcements are focusing on deeper, more complex issues, such as Privacy by Default, Privacy by Design, and data retention practices.
Although data can help businesses improve customer engagement, immediately meeting customers’ unique needs and solving their pain points, protecting the information they use is both a responsibility and a concern. Protecting that data lies on the shoulders of the business collecting it.
Data Compliance Standards in Europe
The stakes around personal data collection management are high, and consumer awareness of personal data vulnerabilities is growing every day. With this, companies are learning that including data privacy and protection best practices in their data strategy implementation can give them a serious leg up in the playing field. So how does one ensure that their company protects their customer’s data?
If you are a US-based company doing business or interacting with customers in the EU, then GDPR will come into play. GDPR is considered one of the world’s strongest set of data protection rules and regulations. It provides a legal framework for keeping data safe by requiring companies to have robust processes in place for handling and storing personal information. And while the GDPR isn’t legally binding in all nations, it has been extending its reach to enforce data best practices.
When doing business in the EU, there are a few considerations that can help your company determine if GDPR regulations are being met.
- What data protection practices are in place to protect data and comply with applicable laws?
This question will ensure that regulations are taken seriously and that they have implemented processes and systems demonstrating services are GDPR compliant.
- Is there a privacy policy, and how is data privacy ensured?
Have they implemented policies and procedures reflecting the commitments required under the GDPR? This question involves complex components and you’ll need an expert data privacy team in place to appropriately address all facets.
- Are there privacy and security controls implemented “by design?”
Controls such as encryption, aggregation, de-identification, identity and access management, and authentication private deployment, IP address whitelisting, etc., can make an incredible difference in privacy and cyber security enablement.
- How is GDPR governance kept up to date?
Do they have a data governance operating model to help monitor regulatory changes that impact the GDPR and other privacy laws?
- Has a GDPR Readiness Audit been completed?
This will validate that all generally available services and features that involve the processing of EU data adhere to the data protection standards required of data processors by the GDPR.
Meeting Data Compliance Standards in the US
In the United States, all 50 states now have data breach laws. The California Consumer Privacy Act (CCPA) went into effect in the state in January 2020, giving residents the right to know what data is collected about them and to prevent the sale of their data. Now CPRA is in force, creating new enforcement agencies. And New York established the New York Stop Hacks and Improve Electronic Data Security Act (NY SHIELD), which imposes more data security requirements on companies that collect information on New York residents. Illinois’ Biometric Information Privacy Act (BIPA) is becoming a hot topic as well.
But with all of this developing regulation, the path to becoming data compliant is a bit messy. With several players involved, including both state and federal laws, data privacy in the U.S. is a patchwork of complex regulations. More states will begin enforcing their own privacy laws in the near future, and companies will need expert data teams to support the complexities of data compliance.
How Hakkoda Can Help
Determining the appropriate cyber security threat protections is difficult, and it differs between states, countries and nations. Personal data collection, privacy, and cybersecurity is serious business and has become a top concern for both companies and consumers.
The demand for personal data protection is at an all-time high, and mitigating significant data breaches, lost or stolen data, and misuse of personal data is paramount for companies looking to use consumer data and privacy as a point of differentiation and competitive business advantage. Partnering with a trusted vendor who is adept in cyber security and privacy regulations can ensure that you are meeting your security and privacy needs while giving you and your customers peace of mind.
If you want to ensure your customers’ data is safe, Hakkoda can help. Reach out to us today to learn about our tools and services that will protect your customers and put you ahead of the competition.
