Data Privacy Advocates have testified on Capital Hill that they would like data privacy laws that would form the foundation that states could build their data privacy laws upon, while tech giants would like to see a federal data privacy law limiting states’ rights.
Chris Olson, CEO at The Media Trust:
“Consumers want their privacy and are demanding the passage of laws to protect it. Whether federal law lays out a ceiling or a floor for state privacy laws, data will be regulated no matter what. Businesses that want to build strong relationships with customers should take a proactive approach to the shifting regulatory landscape by viewing it as an opportunity to get ahead of competitors. One area they should revisit are their websites and mobile apps, which are not only touch points with customers but tools for gathering customer data. In particular, they should find and map out what information they gather through these digital assets, how they process it, and whom they share it with. In doing so, they need to know who all their direct and indirect third parties are, whether what they do contributes to revenue and are in line with digital policies, and whether their security measures are strong. Too often, these digital assets and the third parties that support them lack the right governance and can potentially expose companies to breaches and unwanted media attention. Overlooking these risks will undermine any revenue-growth strategy.”