Companies Should Gear Up To Handle Data Privacy Laws

360

Freshmenu, a cloud kitchen platform is garnering criticism for not informing customers of a breach two years ago that exposed personal information of 110,000 users. It is incidents like these that are propelling countries to institute strict data protection laws.

Niles Rowland, Director of Product Development at The Media Trust:

“Few companies will escape the growing number of consumer data privacy laws sweeping across geographies. In India, the government is considering a bill that requires companies to, among others, appoint a data privacy officer, have annual third-party audits of data collection processes, and notify regulators and individuals of a breach. Penalties for infringing the proposed bill can amount to as much as 2% of the previous year’s turnover. Companies should therefore start gearing up for new laws that will impact how they operate and how their performance is evaluated. A breach in today’s post-GDPR world could lead to a perfect storm of issues, not the least of which are shareholder shareholder lawsuits.”

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