Data protection has become a pivotal point for many consumers and businesses. According to a Salesforce study, 84% of customers stay with a company with robust data protection controls.
Data protection in 2020 is a primary focus for many companies due to the increased cyberattacks exposing private data on the internet. Companies serving European consumers are aware of the GDPA and its compliance requirements. Besides, the United Nations says 107 countries have developed laws that secure data and privacy beyond Europe.
You know that consumer data protection is essential to your business, and it's even more critical now than ever. If learning more about data protection in 2021 concerns your business, continue reading to learn more below.
Europe rocked the tech world when it passed the EU General Data Protection Regulation that came into effect on May 25th, 2018. It requires all companies with clients in Europe to comply. The US has yet to pass a similar requirement at the federal level, but California is the first state to pass a consumer privacy act, with many others ready to do the same.
A lot has happened since COVID-19 took the attention of everyone. Still, many US lawmakers know that federal legislation is necessary, and currently, two proposed bills are waiting for approval that may be the answer.
In February 2020, Sen. Kirsten Gillibrand (D-NY) proposed the Data Protection Act of 2020. Under this bill, a federal data protection agency will be created to adjudicate consumer data protection complaints. Besides, it will also decide whether invasive privacy practices are unfair or deceptive.
The Center for Democracy and Technology has warned that understanding the impacts of the bill may take years.
In March 2020, Senator Jerry Moran (R-KS) offered up the Consumer Data Privacy and Security Act of 2020 (CDPSA), which is comprised of other proposed bills and includes much of the consumer rights found in the California Consumer Privacy Act (CCPA) and the GDPR.
Companies know that collecting customer data is essential to provide richer customer experiences to those engaging with their brand. After all, some sources say that customer data is like gold. Moreover, it needs to be treated equally, with adequate protection to keep it secure.
Data breaches are happening more frequently, and not merely large companies are targets of cyber incidents. What are the best practices? Here are a few:
Getting your ducks all in a row is no easy task, so it's critical to stay on top of it all the way through.
While the US currently only has state laws for data protection, many believe a federal law is coming. Experts say being compliant with GDPR and CCPA is a good stepping stone for being ready when it comes. Lenet has been helping companies get on track since 2005. If you have questions or need help putting it all in place, we can help. Get in touch today.