Getting Ready for New Data Privacy Laws: A Guide from Regions Bank

1. Businesses should review their data collection practices to ensure compliance with potential upcoming privacy laws.
2. Currently, there is no federal law that regulates data collection, but many states have introduced consumer privacy-related bills.
3. Elizabeth Taylor, EVP, Head of Government Affairs and Economic Development at Regions Bank, stated that the current patchwork of privacy laws across states creates compliance challenges for businesses.
4. In the EU, businesses had to scramble to comply with the General Data Protection Regulation (GDPR) in 2018, with only about 33% having a compliance plan in place.
5. To prepare for potential new data privacy laws, businesses should start by reviewing their data collection practices. – The business collects customer databases and newsletter lists as part of its data collection strategy.
– The data collection is essential for the success of the business in order to maintain customer relationships and communicate information about products and services.
– The business may be collecting more data than is necessary for its specific purposes.
– The business may be storing data for longer than necessary according to the storage limitation principle outlined in the GDPR.
– A data map has been created to identify the personal information collected, where it is stored, how long it is kept, with whom it is shared, and for what purposes it is used.
– The business has also assessed how third parties handle consumer data.
– A process for managing consumer requests regarding their data has been created to ensure compliance with state-specific requirements and potential future regulation. – Businesses should have a process for deleting consumer data upon request under the CCPA.
– Consumers have the right to request that their information not be sold to third parties and be deleted from a business’s database.
– Businesses should prepare to comply with new consumer data protection regulations by building in processes to address consumer requests.
– It’s important to carefully consider which state laws may apply to your business.
– Keep an eye on changing legislation at the federal and state levels regarding data privacy.
– Taking a proactive approach can help businesses alleviate stress related to new data privacy legislation.

https://www.regions.com/insights/commercial/risk-management/prepare-for-new-data-privacy-laws