Recent Hiscox study reveals 9 out of 10 SME owners do not know the new rights GDPR is giving consumers, are these small businesses taking appropriate actions to be compliant?
Data Protection
Certain types of personal data are very valuable to criminals, and can be very damaging to an individual or business if it falls into the wrong hands. As the world becomes more digital and more connected, more of this sort of data is generated and passed between various sources on a regular basis.
Government regulations and supervisory authorities aren’t just about keeping irresponsible parties in line. They also provide vital security guidance to every type of organization that handles sensitive personal, business or government information.
Data protection regulations also ensure that the end user has a transparent view of and a say in the processing of personal data. These safeguards play a significant role in everything from the preservation of civil rights to ensuring that democratic institutions function properly.
Some types of personal data are clear candidates for regulation: medical records, banking information, national ID numbers and so on. But some of these regulations also cover items that might seem relatively innocuous at first glance: home addresses, email addresses, website profile information and so on. For example, the European Union General Data Protection Regulation (GDPR) has stipulations about anything that is unique to an individual to include phone numbers and social media accounts. People have varying levels of privacy preference with these items, but they are often protected by regulation because they can be used for targeted scams and attempts at identity theft.
Given that regulations often take the size and customer count of businesses into consideration in terms of penalties and the scope of protection of personal data, compliance is particularly important for enterprise-scale organizations. You do not necessarily have to have an active business presence in a country or region; simply storing data on or moving it through servers there may subject you to their data protection rules.
New York is the next state following California to develop its own New York Privacy Act which even though largely similar to CCPA, will still include notable exceptions that companies should be cautious of.
All U.S. government agencies are expected to create annual action plans in 2019-2020 to support the new Federal Data Strategy. What are the possible privacy and security implications?
Recent DataGrail report shows one-third of enterprises spent more than $1 million on GDPR cost, not taking into account the opportunity cost of lost employees’ hours spent in meeting compliance.
One year on, the technology to support true data privacy and fully comply with GDPR is still lacking, and regulators have come face to face with the reality that we are still years away from being there.
Privacy regulators have said they will take seriously anything that puts the twin principles of openness and honesty into jeopardy, and with the GDPR honeymoon period set to end, trust and reputation will be central going forward.
GDPR is altering software development practices by forcing software development companies to take steps towards better application design and greater security.
The California Consumer Privacy Act (CCPA) becomes effective on January 1, 2020, making California the first state in U.S. to roll out GDPR-like regulation, how should the business prepare and how will it impact consumers?
Tech lobbyists working to introduce new amendments and changes to the upcoming CCPA privacy law which could significantly limit the effectiveness of the regulation.
Connected devices will soon be subject to new IoT security laws, with California taking the lead and requiring devices to have “reasonable security features” and U.K. draft law requires devices to have cyber security features labeled on package.










