A better approach to data privacy is to view it as an overall framework and adopt a holistic response to compliance with the built-in flexibility to constantly adapt to an ever-changing legal landscape. (Photo: ALM Archives)
The landscape of data privacy law has changed significantly over the last five years. With the General Data Protection Regulation (GDPR) going into effect in the EU on May 25, 2018, data privacy compliance obligations forever changed for companies around the globe. For the first time, companies had to recognize new rights for consumers regarding their personal and sensitive data or face serious penalties.
The new legislation to impact data privacy obligations, the California Consumer Privacy Act (CCPA), took effect on January 1, 2020. Yet again, bankers, insurers and other business representatives are rushing to review and adapt their compliance measures. And with no fewer than 16 additional privacy laws currently under consideration in states across the nation, companies need to be positioning themselves for ongoing compliance as the new way of doing business.
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