Staying On Top of Shifting Regulations

By: Absolute Editorial Team | 6/16/2014

It’s been a busy decade for data privacy. I recently wrote an article for Finextra that de-mystifies the regulation roadblocks of data privacy.

Worldwide more than 575 million data records were lost or stolen in 2013, so it comes as no surprise that regulations have sprung up to combat data loss, but there’s little understanding out there of what’s in place, what the rules are for non-compliance and what may be coming next. So, what can businesses do to navigate and understand these complex regulations?

This year will finally see the establishment of clear and enhanced worldwide privacy regulation and, as a result, data protection compliance can begin to take a front seat in the decision-making processes of anyone involved in the management of data.

The Data Protection Regulation, approved in draft by European Parliament, is attempting to create a clearer picture of privacy regulation, encompassing the many new ways data can be used, sent and stored. In the article, I give a brief rundown of how this regulation impacts both consumers as well as businesses. Regulations are being updated around the world. New legislation has emerged in Asia, South Africa, many South American countries and the US is a hive of activity in the wake of Snowden.

Fines for non-compliance are growing larger, so it’s clear that compliance should be front of mind for organizations of all sizes. Organizations must understand their data, classify it, and clearly communicate safety policies. Endpoints need to be protected, particularly given the low value most employees place on data (see our recent survey for more on this). Being proactive of data management and security can help ensure you are on top of the ever-shifting compliance regulations.

Financial Services