A better approach to dataprivacy is to view it as an overall framework and adopt a holisticresponse to compliance with the built-in flexibility to constantlyadapt to an ever-changing legal landscape. (Photo: ALMArchives)
The landscape of data privacy lawhas changed significantly over the last five years. With theGeneral Data Protection Regulation (GDPR) goinginto effect in the EU on May 25, 2018, data privacy complianceobligations forever changed for companies around the globe. For thefirst time, companies had to recognize new rights for consumersregarding their personal and sensitive data or face seriouspenalties.
The new legislation to impactdata privacy obligations, the California Consumer Privacy Act (CCPA), tookeffect on January 1, 2020. Yet again, bankers, insurers and otherbusiness representatives are rushing to review and adapttheir compliance measures. And with no fewer than 16 additionalprivacy laws currently under consideration in states across thenation, companies need to be positioning themselves for ongoingcompliance as the new way of doing business.
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