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 For Small and Medium-Sized Enterprises (SMEs), knowing the basics of data privacy is essential. Often, SMEs lack the resources to fully deal with compliance challenges. In this article, we will take a look at the some of the most common regulations companies must comply with, and the consequences of noncompliance. The California Consumer Privacy Act (CCPA) The California Consumer Privacy Act was passed in 2018 with the intention of giving consumers more power over the information that businesses collect about them. Among the new rights granted to California residents include: -The right to know about the personal information a business collects about them, and how it is used and shared. -The right to delete personal information collected from them. -The right to opt-out of the sale or sharing of their information. -The right to non-discrimination for exercising these rights. In January of 2023, an amendment to the CCPA, also known as the CPRA, meant additional protections for consumers in California. These include the right to correct inaccuracies in the personal information a business has about them, and the right to limit the use and disclosure of sensitive personal information. Compliance with the CCPA means responding to requests from your clients to exercise these rights, and giving them notices explaining your privacy practices. Other State Specific Laws California is not the only state with its own privacy law. As of 2023, there are over thirteen states who have enacted or will enact their own data privacy regulations. Some of these states include Virginia, Tennessee, Florida, Texas, Indiana, Iowa, Colorado, Utah, Montana, and Oregon. These regulations are meant to empower consumers, and allows them to have more control over their own data. Addition- ally, these state regulations require businesses to implement certain controls to protect client data. As an organization, it is imperative to stay up to date on legislation that is specific to the state in which you operate as well as the states in which your clients may live. General Data Protection Regulation (GDPR) The General Data Protection Regulation was designed to protect the information of European Union and United Kingdom residents. When an organization collects or processes data from the UK or the EU, they must comply with the GDPR. Even if your organization is based in the USA, you will need to have a GDPR policy in place. This includes having written data protection policy, defined compliance measures, and implementation of that plan. It is important to have proper cybersecurity measures implemented to avoid violating the GDPR. Industry Specific Regulations There are also industry specific regulations that must be considered when designing a compliance plan. For healthcare organizations in particular, the most recognizable legislation is the Health Insurance Portability and Accountability Act, or HIPAA. HIPAA provides numerous protections to patients of medical establishments and their sensitive information. It is especially important for healthcare providers to note that HIPAA lays out provisions for cybersecurity that must be followed in order to comply. These include the execution of response and mitigation procedures and contingency procedures, as well as reporting all cyberthreat indicators. Another important regulation is the Gramm-Leach-Bliley Act, which applies to financial institutions and any organization that collects or processes client financial information. The FTC has also implemented the Safeguards Rule to further extend consumer data protections as it pertains to financial institutions. The Safe- guards Rule, much like HIPAA does for medical institutions, requires covered organizations to develop and maintain and information security plan designed to protect customer information. Penalties for Non-Compliance Data protection regulation is not to be taken lightly. Failure to comply with regulations can lead to serious penalties like fines. For example, organizations who do not comply with the Gramm-Leach-Bliley Act can face fines of $100,000 for each violation, and individuals can face up to 5 years in prison. Companies found noncompliant with the General Data Protection Regulation can be fined upwards of 20 million Euros, or 4% of the business’s total annual worldwide turnover. These kinds of fines can be detrimental to SMEs, which is why it is incredibly important to stay up to date on new regulations and have compliance measures in place to prevent severe losses. How Inceptus Can Help Compliance challenges can be difficult for SMEs to deal with, and establishing compliance programs for data privacy can be overwhelming. Thankfully, Inceptus provides cybersecurity solutions that help take enterprises off the ground and on the road to compliance. As your trusted cyber advisors, Inceptus provides vCISO and Security Consulting, Security Risk Assessments, Policy and Procedures, and more to better assist you in reach- ing compliance measures while also ensuring that you are able to maintain best-in-breed cyber practices. Contact Us    |