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BIGtoken Data Privacy Weekly Round up

Data privacy legislation continues to make headway on the state level with Ohio being the next state to introduce a privacy law. However, on the federal front, bureaucracy and different points of view have stalled important data privacy discussions between the United States and the European Union.

Ohio Lawmakers Consider Data Privacy, Cybersecurity Bills,” Government Technology- July 20th, 2021

This past week, Ohio became one of more than 20 states to introduce legislation to protect consumers’ data privacy security. Unfortunately, the Ohio Personal Privacy Act does not address the issue of cyber-attacks. Still, after two years of heated debates, the introduction of the new law is a huge step in the right direction.

EU-U.S. Data Privacy Talks Enter Second Year With No Timeline for Resolution,” Wall Street Journal- July 21st, 2021

Disappointingly, data privacy discussions between the United State and European Union have now entered a second year of debate with no conclusion in site. Much of the debate centers around data transfers from the U.S. to the E.U.  While the Biden administration is considering drafting an executive order to provide improved protections for E.U. citizens, clearly a collaborative bill would be a far better result of these negotiations.

How companies are going to comply with the growing number of data privacy laws is eliciting many debates in various industries. Quite simply, many companies have buried their heads in the sand and remain paralyzed in implementing necessary protections. Still, improved data privacy solutions are being developed including the advent of Data Privacy Vaults (DPV’s).

Data Compliance Survey: How Seriously Are Businesses Taking Data Privacy Laws?” Business 2 Community- July 22nd, 2021

Businesses, so reliant on consumer data, must now come to grips with the requirements and consequences of violating one of an increasing number of data privacy laws. A recent data compliance survey revealed a number of interesting results. For example, over 60% of those surveyed admit that they are not fully compliant with the new laws while amazingly 25% don’t even know which laws apply to them. With an estimated annual compliance cost of $10,000 per company coupled with reduced options to market to potential customers, businesses must take data privacy more seriously and develop creative ways to communicate with their customers.

Privacy Changes Mean Troubled Days Ahead for Email Marketers” Tech.Co – July 22, 2021

Reality is setting in for email marketers that their businesses must change to meet the new regulations required in the enacted privacy laws. Still, some companies are vehemently fighting these changes though with momentum mounting for data privacy, their resistance seems futile. Historically, more than 70% of mailing lists have been generated through email campaigns though currently only 4% of consumers have opted-in to a company’s use of their data for targeted marketing. Perhaps one of the positive results of this change is the reduction of thousands of emails that continue to pollute our inboxes.

Skyflow Launches Second-Generation Data Privacy Vault for Sensitive Customer Information, with Advanced Governance Engine,” Business Wire- July 21st, 2021

Data Privacy Vaults (DPV’s) are critical to enable customers to control the use and dissemination of their data. These individualized pools of data sit in independent outside facilities for security purposes. Those companies that realize the importance of data protection continue to spend development dollars to improve DPV’s with the latest being identified personally identifiable information (PII). PII DPV’s includes improved governance engines intended to fine-tune access to the DPV’s.