Data Privacy is No Joke, But What’s the Punchline?

With the EUs release of the General Data Protection Regulation (GDPR), data privacy measures – at a global scale- are stronger than ever. TDLR: The GDPR mandates that any company that would have access to the personal data of a European citizen or conduct business in the EU has to comply.

What does that mean for companies in the US? The potential for fines as high as 4% of their global turnover. American Airlines and Marriott International are two companies receiving notably hefty fines. Google has also been found guilty and found by France’s watchdog group.

“Regardless of your industry, an end-to-end approach is critical.”

Forbes

As data privacy regulation continues to increase, becoming compliant will only become more important more difficult. It’s not all bad news though – research shows that although data privacy is receiving a crackdown it is not greatly impacting the data industry.

However, as the United States government continues to leave regulation of data privacy at the state level, the regulatory environment of the US will continue to become a complicated maze to manage and navigate for companies hoping to operate across the country. If it was said that the CCPA was a harsh data law, New York’s new regulation currently making its way through the office will put it to shame. So where does that leave an individual interested in maintaining their data privacy?

Block chain continues to be an option for de-centralizing data stores and leaving the power of protection in the hands of the individual rather than a business or multitude of businesses. Encrypted files stored on a singular device would allow users to protect themselves and control the flow of their personal data to third parties. As data centers and large-scale storage of bio-metric data, personal identification data, and passwords continue to stockpile data, they become the targets of hackers and thieves.

One such breach of privacy protection has left a European security company in hot water, with many others scrambling to plug their holes and protect themselves.

It’s easy to change a password, encrypt a file, and store personal data centrally, especially in comparison to the other option: get a new face, and a new fingerprint every time your data is stolen. Wait, can you do that?

Data protection regulations are not going to lessen any time soon, in fact it is sure to continuously increase as the rise of faster computation, AI, and the growing connectivity of other devices plugged into the sphere create new threats around every corner.

Sources:

Companies are still not compliant with GDPR, but they should be soon before it becomes more difficult to become compliant. https://www.entrepreneur.com/article/336109

Google is working to protect themselves from potential data privacy issues after their fines from France, most recently. https://www.androidcentral.com/google-stops-sharing-info-wireless-carriers-over-data-privacy-concerns

Major breach in bio-metrics and personal identification data for a European country that runs security for companies worldwide. https://www.theguardian.com/technology/2019/aug/14/major-breach-found-in-biometrics-system-used-by-banks-uk-police-and-defence-firms

Decentralizing data and using blockchain to encrypt singularly held data could lead to less data theft and fraud. https://bitcoinist.com/why-blockchain-technology-is-important-for-data-privacy/

American Airlines and Marriott International are two of the first companies fined under GDPR. https://www.jdsupra.com/legalnews/gaining-data-privacy-compliance-when-67316/

New York’s Data Privacy Law and the Legal Environment of the US https://www.brinknews.com/the-us-is-leaving-data-privacy-to-the-states-and-thats-a-problem/

Data privacy laws have not killed marketing and technology companies, yet. https://www.forbes.com/sites/forbestechcouncil/2019/08/14/why-stricter-data-privacy-laws-would-benefit-the-data-industry/#3b1e3a1465e2

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