4 Biggest Risks of Non-Compliance With Data Privacy Regulations
Not complying with data privacy laws can jeopardize an organization’s cybersecurity, finances, reputation, and more. Data Compliance is non-negotiable. Here are the risks of non-compliance On Dec. 9, 2022, an important data privacy compliance deadline will pass for organizations that process U.S. consumers’ financial data. Under the Gramm-Leach-Bliley Act (GLBA)’s updated Safeguards Rule, organizations have until that day to comply with a series of data security practices that the landmark U.S. financial data privacy law has mandated, which include: Releasing periodic reports to boards of directors and governing bodies Instituting secure software development practices Identifying and managing data based on risk Implementing and reviewing data access controls Encrypting data both in transit and at rest Establishing secure procedures for disposing data The GLBA is just one of many regulations across the globe with substantial privacy protections— a group that includes the Europea...