Data privacy is the right to protect personal information, whether it’s a name, address, credit card number, medical records or browsing habits. When companies gather data, they must be transparent about their intentions and use it only for the purposes they’ve specified. A commitment to transparency and compliance with data privacy laws can help you build trust with customers and foster brand loyalty.
The repercussions of cybercriminals gaining access to sensitive business information can linger far beyond financial losses. They can jeopardize intellectual property, diminish competitive edge and tarnish reputations. In the age of digital transformation, championing data protection is a business imperative.
Regardless of size or industry, every organization must be prepared for the inevitable and growing influx of new laws and regulations related to data privacy. This includes the GDPR, CCPA and the upcoming MCDPA. A comprehensive approach to compliance requires thorough data mapping, robust security measures, clear privacy policies and extensive employee training.
The United States doesn’t have a single principal piece of data protection legislation, but state laws dot the landscape. Following California’s groundbreaking 2018 law, Colorado, Connecticut, Delaware, Florida, Indiana, Iowa, Montana, Oregon, Tennessee and Texas all enacted state-level consumer data privacy laws in 2022. Major cities like New York, Chicago and Los Angeles have also enacted local laws. In addition to these laws, federal agencies regulate data privacy through sectoral laws. For example, the FTC’s broad authority over federal privacy and cybersecurity issues helps set the tone for privacy enforcement.