By Neetu Shaw
Data privacy is well beyond its fifteen minutes of fame, and there is no sign of scandal, consumer concern or regulation slowing down. Just last month U.K. lawmakers claimed Facebook "intentionally and knowingly" violated data privacy laws to share data with third parties, the latest in an ongoing saga for the social media giant.
While your organization may not be in the business of social media, the reality is the GDPR, California Consumer Privacy Act (CaCPA) and future regulations will affect your organization, and noncompliance can cost millions of dollars and consumer trust. Beyond those regulations, data security and privacy are overarching concerns for the entire financial services industry, with data breaches like HSBC's 2018 breach creating urgency to shore up data.
To prepare and ensure your brand is not in the spotlight for violating consumer rights, there are three things you should know about data privacy regulations.
A comprehensive data strategy that provides compliance today, as well as the flexibility to incorporate new regulations as they are passed, is vital to success. But, perhaps just as important, is a data strategy that also understands the usefulness of consumer data, and keeps customer experience, customer analytics and more in mind.
With less than a year until CaCPA takes place, data privacy and security are – and should be – top of mind for financial services' organizations. A comprehensive review of your current state, and a data strategy that both complies with laws and enables responsible use of customer data, will benefit your business and our industry.
Neetu Shaw is an executive partner at Clarity Insights, www.clarityinsights.com, servicing the financial services, insurance, higher education and automotive industry verticals. She is focused on enterprise information and digital transformation solutions, enterprise data, big data, master data management, discovery, advanced analytics and artificial intelligence (AI) thought-leadership. Clarity Insights is the largest consulting company in the United States that focuses exclusively on advanced data, cloud and AI solutions. Contact her at firstname.lastname@example.org.
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