We have seen a significant evolution in data privacy compliance and enforcement. With the advances in technology, the public has become concerned about the collection, analysis and application of personal data. For years, such concerns have been focused in the health care and financial sectors. As the Internet and cell phone use has advanced, consumers have become alarmed as social media companies, cell phone carriers...
Most compliance officers will admit that they have more than enough responsibilities in their purview. They are usually not looking for more. I have some bad or good news on this front depending on your perspective. As companies struggle with cybersecurity and data privacy issues, companies should naturally turn to compliance to play a larger role in overall risk mitigation strategies. Up to now, it...
Data privacy has become a hot topic lately. Companies have built massive fortunes by selling users’ personal information to the highest bidder. Meanwhile, they often fail to secure that same data while hackers run amok, putting the users at risk. What’s a person to do? Enter ImagineBC. In the ImagineBC community, you’re in control of your personal information – and free to monetize it. Built on...
The General Data Protection Regulation 2016/679 (“GDPR”) was a watershed moment in data and privacy compliance. The new law applies to all companies and persons within the European Union and the European Economic Area. Since its effective date, May 25, 2018, enforcement of the new law has begun. In the first year, compliance and enforcement practitioners have identified important issues and trends for companies and...
We are living in a rapidly changing world (trite, I know) where companies have to focus on data privacy and security for a variety of reasons. Consumers and constituents are concerned about the safety and privacy of personal and financial information. In this era of “sharing” and posting of private information, consumers and constituents have broad and reasonable expectations concerning their personal and financial information....
Companies face increasing challenges from management and protection of data from hackers and breaches of sensitive commercial and personal data. Recent headlines have underscored the threats to companies from such breaches. The risk of reputational harm to companies is serious. Complaince departments are starting to play an increased role in mitigating these serious risks. In this episode, Michael Volkov and Lauren Connell, Managing Associate from...
Chief compliance officers for financial institutions are going to have a rough May 2018. First, on May 11, 2018, the new CDD Rule for beneficial ownership becomes effective. Two weeks later, on May 25, 2018, the EU’s General Data Protection Regulation becomes effective. FinCEN CDD Rule FinCEN’s new Customer Due Diligence rules will have a significant impact on the collection of beneficial ownership information and...
Compliance officers have to be mindful of new and emerging threats. In the past few years, cyber security and data privacy have been quickly rising as new and significant threats that corporations face in the global marketplace. The European Union has adopted a far-reaching new regulatory regime applicable to companies that conduct business in the European Union and collect any sensitive data relating to EU...
Lauren Connell, Managing Associate at The Volkov Law Group, rejoins us for a post on data privacy and compliance. Lauren can be reached at [email protected]. You don’t have to be a tech-savvy computer genius to address the basics of data privacy. Like many areas which compliance departments oversee, asking the right question and getting the right internal controls in place are the most important first...
