K
Kathleen Martin
Guest
Data is a vital economic driver that delivers more advancement and value to a company. It has the potential to take them to new heights if handled and studied accurately. However, that same data can also expose businesses to risks if left unexplored and unsecured.
With so many data protection laws coming into effect or already implemented, companies need to know how these privacy laws affect their business and what they can do to comply with them. Here’s a brief breakdown of five data privacy laws that could affect your business.
European Union’s (EU) General Data Protection Regulation (GDPR)
The EU’s General Data Protection Regulation originated in May 2018 and has had a massive ripple effect on businesses. Often considered one of the world’s most stringent data privacy laws, the GDPR’s guidelines impact any organization operating inside or outside the EU that offers goods or services or monitors the behavior of consumers within EU territories. The laws enforced by the GDPR refer to rights and freedoms granted to the data subject or individual user by the “data controller” and “data processor.”
The EU data protection law encompasses EU citizens’ data globally. Companies that fail to comply could receive fines of up to €20 million or 4% of their annual global turnover per violation.
California Consumer Privacy Act of 2020 (CCPA)
Since the US still has no established data privacy laws, most states have put forward their own laws to tackle the issue. The California Consumer Privacy Act empowers Californian end users by granting them more authority over the personal information businesses gather. The CCPA regulations offer stipulated guidelines on how to implement the law correctly.
The law doesn’t require companies to have a physical office in California and applies to all profit-generating businesses offering their goods and services to California residents. A California resident refers to a natural person who’s a resident of California, even if the person is temporarily outside the state.
The CCPA law aims to fortify the privacy rights of California consumers. For example, it gives clients the right to know about:
With so many data protection laws coming into effect or already implemented, companies need to know how these privacy laws affect their business and what they can do to comply with them. Here’s a brief breakdown of five data privacy laws that could affect your business.
European Union’s (EU) General Data Protection Regulation (GDPR)
The EU’s General Data Protection Regulation originated in May 2018 and has had a massive ripple effect on businesses. Often considered one of the world’s most stringent data privacy laws, the GDPR’s guidelines impact any organization operating inside or outside the EU that offers goods or services or monitors the behavior of consumers within EU territories. The laws enforced by the GDPR refer to rights and freedoms granted to the data subject or individual user by the “data controller” and “data processor.”
The EU data protection law encompasses EU citizens’ data globally. Companies that fail to comply could receive fines of up to €20 million or 4% of their annual global turnover per violation.
California Consumer Privacy Act of 2020 (CCPA)
Since the US still has no established data privacy laws, most states have put forward their own laws to tackle the issue. The California Consumer Privacy Act empowers Californian end users by granting them more authority over the personal information businesses gather. The CCPA regulations offer stipulated guidelines on how to implement the law correctly.
The law doesn’t require companies to have a physical office in California and applies to all profit-generating businesses offering their goods and services to California residents. A California resident refers to a natural person who’s a resident of California, even if the person is temporarily outside the state.
The CCPA law aims to fortify the privacy rights of California consumers. For example, it gives clients the right to know about:
- All the private information businesses store on them.
- How this information is used and distributed.
- The option to delete any confidential information gathered.
- A possibility to opt out of the sale of their classified information.
- The right to non-discrimination for exercising their CCPA rights.
