I’m in discussion with Glenn Buggy, continuing our conversation about the General Data Protection Regulations (GDPR) impact on talent (human capital) in the workplace.
This is the third part in our six part conversation. I have been greatly appreciating Glenn’s unique viewpoint on this complicated issue. I find it helpful to hear his perspective, with his extensive knowledge of the legal and financial fields.
Today I’m asking,
“Should companies wait for further regulation or should they act now to ensure privacy and data security compliance?”
Customers Have a Right to Know How Their Data Is Used
While data technology advances are great for businesses, customers want to know how their data is being used, where it’s being stored, who has access to it and how are they using it. Whether you’re acquiring consumer data through activity on your website, social media pages, customer service, or third-party sources, there’s a lot of information gathering taking place and security needs to be locked down in your organization.
As it stands today, there hasn’t been the post-breach consumer uprising you would expect to motivate a company to change how they handle data. What’s more likely is that federal regulation will impose a punishment for companies using data unethically or irresponsibly.
Intuitively, G.D.P.R.-like requirements are being drafted at the state level in multiple jurisdictions, with possible enactment this year. The lead in the United States is being taken by California and its privacy bill, which appears to be modeled after Europe’s G.D.P.R., goes into effect early next year.
The California law gives consumers more control over and insights into the spread of their personal information online. It provides consumers with the right to know what information companies are collecting about them, why they are collecting that data and with whom they are sharing it, according to an article in The Wall Street Journal.
Consumers can demand that companies delete their information as well as not sell or share their data.
While we have yet to see a bill for national data privacy, lawmakers have agreed that they want a federal law to protect people’s data, according to a recent article in the New York Times. Clearly, it is good for your business to understand where the future is going with respect to consumers’ concerns over breaches and privacy.
We’re not far off from stricter security regulation requirements followed by statutory penalties and class action lawsuits if privacy and security laws aren’t followed. Companies need to ensure they’re initiating privacy and data security compliance right now in order to mitigate risk down the road.
That’s why you need to hire a data talent team, now.
Tags: Glenn Buggy, Glenn M Buggy, Caldwell Partners, Talent Transforms, Financial Services Practice, Legal, Risk and Regulatory Oversight Practice, Caldwell’s Asset & Wealth Management Practice, #GlennBuggy, #CaldwellPartners, Executive Search, Kristin Sheridan