Privacy Practices Every Company Should Implement: Latest Trends, Policies, and Developments

Cybersecurity threats have become an integral part of running a business, with thousands of data breaches and hacks occurring annually and affecting companies large and small. Systems can be disabled, hackers can hold data and systems for ransom, and customers’ data can be leaked, which are just a few of the ways in which a breach can affect your business. Financial loss and reputational risk are potential outcomes. Given the impact that a breach can have on a business, having a sound data privacy policy and practice is of utmost importance to mitigate these risks. Having clear privacy practices, including a privacy policy, help employees and third-party vendors understand the tools needed to prevent breaches and mitigate loss. Additionally, having clear privacy notices help customers understand how their information will be gathered, used, and managed. A fully developed privacy program will go a long way towards determining what may happen should your company face a data breach. What are the components of a good set of privacy practices, what should your privacy notice contain, and what are the foreseeable risks? What do I need to include in my incident response plan, and how can I mitigate the effects of a breach? What rights do consumer have, and what lessons can be learned from recent litigation and industry trends that will help you strengthen your policies?