Just this year, countries that constitute 50% of the world’s GDP are considering or enforcing stricter data regulations. California, China, and Brazil, for instance, are forcing companies to safeguard and give their customers more control over their data. From fines of 2-4% of a company’s global revenue to criminal sanctions in China — to ignore these regulations will be at your peril.
To place you one step ahead of the curve, Immuta just published a new white paper, which you can download here, outlining seven legal principles that provide a framework to interpret and prioritize existing and new data regulations, such as GDPR, which will help you protect your customers’ data.
- Regulate more of your data as personal data
- Localize more data
- Justify and limit processing of your users’ data to disclosed purposes
- Respond quickly to your customers’ requests to control their data
- Record data processing
- Ensure the data you have remains useful
- Secure your data and notify the right parties during a breach
I will elaborate on each of these next week in a webinar that I’m co-hosting with Compliance Week and lawyers from WilmerHale:
- Reed Freeman, Partner & Co-Chair of Cybersecurity, Privacy, and Communications Practice Group
- Nicole Ewart, Counsel, Cybersecurity & Privacy Practice
- Lydia Lichlyter, Associate, Cybersecurity & Privacy Practice
Put simply, it’s no longer optional to protect your customers’ trust. As Andrew Burt, Chief Privacy Officer at Immuta, writes in Harvard Business Review, customers’ ability to trust you with their data is a key competitive differentiator. According to a recent RSA survey, for instance, 69% of respondents said they would boycott a company with poor data protection.
Dan Wu is a Privacy Counsel & Legal Engineer at Immuta. He holds a J.D. from Harvard University, and is a PhD candidate for Social Policy and Sociology at The Harvard Kennedy School.