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 Saturday October 23, 2021

Privacy/Corporate Compliance

Opportunity exists for companies to differentiate themselves competitively in a global economy by improving privacy practices. Privacy protection is a significant business issue in today’s information economy. It is also a strategic necessity for today’s businesses to find acceptable solutions to address the privacy requirements of their customers. Although companies doing business internationally must pay particular attention to the privacy requirements in the places they do business many U.S. multinational corporations have made little progress in adopting and implementing minimum worldwide standards for ensuring the privacy of individuals’ personal data.

Organizations without adequate privacy or data protection practices face a number of challenges. Some contributing factors are:

Gramm Leach Bliley (GLBA) Financial Services Modernization Act –allows affiliation of banking, insurance, and security firms

Politics - Politicians are consumer privacy advocates = Votes

Misuses of consumer information - selling names & addressee lists by banks, dot coms, etc.

Emergence of internet and global connection of consumers

Technologies enabling collection and aggregation of information to establish consumer purchasing, demographic, and financial profiles

U.S. sectoral approach to privacy laws (federal, industry, state, internet) versus European omnibus approach

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