Data Privacy Day and regulations

Today is Data Privacy Day. You must be aware that your data is collected, shared and used (or misused) on the internet.

While everyone knows that they need to keep their data private, according to a May 2022 Ipsos survey, 84% of Americans say that they are somewhat concerned about the privacy and safety of the data that they provide on the internet. However, many still underestimate the power of their personal data.

Data privacy deals with aspects of the control process, notice and regulatory obligations around sharing sensitive data with third parties while being transparent about how and where that data is stored.

Since data is the goldmine, companies must be mindful of storing and using data. In the last 10 years, there have been numerous data breaches in many organizations. Worse than the financial damage, these breaches cripple their reputation as customers become the victims.

But privacy regulations have been rising to hold organizations accountable in their collection, handling, and protection of customer data. The two most notable examples are the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA) in California.

Others include the Health Insurance Portability and Accountability Act (HIPAA), the Gramm-Leach-Bliley Act (GLBA), and the Federal Information Security Management Act (FISMA).

In July 2022, the American Data Privacy and Protection Act (ADPPA) was on its way through the House of Representatives. ADPPA is a proposed federal online privacy bill that could regulate how companies use artificial intelligence (“AI”) in their businesses.