How's your business handling data privacy these days? If you're like most enterprises, keeping your data secure is a top priority. And for those companies that manage customer data, it's even more mission-critical.
As you know, harnessing an effective and up-to-date strategy for data protection requires complex layers of processes, safety nets, and analytics. Ever-changing legislation and industry challenges continue to present new hurdles for compliance and data preservation as well. But in an arena where laws once lagged one step behind the increasing privacy risks, dynamics are now changing quickly. Today's data privacy laws are improving in a way that supports businesses and protects consumers. Essentially, it comes down to efficiency in reporting, which is a demand met head-on with Power BI Reporting solutions.
Data reporting laws and protection measures are stepping into a new era. And Power BI Reporting is answering the call for businesses like yours looking to make improvements.
Let's start with definitions. Within your company's data management departments and processes, there will undoubtedly be some amount of personal or identifying data that will need to be protected from public or general disclosure. You might collect sensitive information, for example, from your clients and customers, including birth dates, social security numbers, or health conditions.
Of course, you want to keep those details private, if for no other reason than the moral obligation to your customers and to keep in alignment with your corporate mission. But you'll also want to leverage the most robust strategies, solutions, and personnel to maintain data privacy in order to remain in compliance with laws, regulations, and industry requirements.
If your company fails to adequately safeguard data privacy, you'll risk losing valuable customers and potentially face steep fines and regulatory penalties.
Today's privacy laws are finally catching up to and seeking to surge ahead of potential privacy threats and breaches. The FTC, for example, uses law enforcement, consumer education, business compliance training, and policy to address privacy concerns and provide clarity regarding regulatory best practices.
In addition to federal guidelines and initiatives from the FTC, businesses will also need to comply with other location-based requirements. Data privacy laws are also associated with locations and geographic areas, which can be a hard corner to see around for small and medium-sized businesses. And depending on where you're incorporated and where you do business, privacy laws can vary in terms of enforcement and jurisdictional scope.
If you're looking for more insights regarding state-by-state privacy laws and regulations, you can visit the US State Privacy Legislation Tracker, presented by IAPP Westin Research Center. This tool actively tracks any proposed or enacted data privacy bills at the state level, providing members with the very latest updates in local regulations. The tool itself offers a detailed chart and map identifying provisions related to "comprehensive approaches" to the governance of personal information.
Companies can also stay informed with state-provided news and support resources related to data privacy measures. Based on media provided by cybersecurity and data privacy law firms, you can also discover other insights relating to state legislation.
Here are some new US state privacy laws that may affect your business:
Enacted May 2022: California, Connecticut, Virginia, Colorado, and Utah enacted comprehensive data privacy laws impacting the collection and use of consumers' personal data. Under the new laws, companies are required to conduct privacy impact assessments and prepare documents that address potential risks to data privacy. Businesses will be held accountable for reporting consent for the collection and use of private consumer details, including:
This type of dynamic reporting, by the way, can be more organized and simplified with Power BI Reporting. And legal variances by state may be just the justification you need to start leveraging the reporting and analytics capabilities of Power BI Reporting.
The next question is, how can businesses with national or global economies keep up with all the various data privacy laws and location-based regulations? How tall of an order is it going to be to collect, track, and manage privacy protection metrics and efforts when the goalposts change every time you cross a state line?
Here's an appalling statistic: A report from the Ponemon Institute found that 42% of US companies have NOT taken steps to protect themselves and their data from an international data breach. With the surge in eCommerce and digital communications, even the smallest of enterprises will be doing business of some kind on the global market. So how can you prepare your business for improvements in data privacy that are necessary for remaining in compliance with the law? Consider the following three steps.
Gather your management and staff to collaborate in developing a strategy that meets compliance requirements. Together, you can establish a series of protocols for overseeing data privacy, checking routinely for new laws and regulatory guidelines specific to where you do business. Consult your legal team and look for ways to remain up-to-date on compliance changes and emerging data privacy risks.
Start delegating teams at various stages of your company's data collection process to monitor for breaks or missteps. For example, consider tapping a subject matter expert to oversee all HIPPA-related compliance initiatives. These SMEs can also be responsible for creating reports and presenting key findings to leaders and stakeholders.
With your strategic teams, processes, and oversight in place, your company can now begin planning for compliance and preparing data privacy documentation. This means reports. If you have ever needed a reason to explore the many benefits of Power BI Reporting, now you have one.
Because Power BI Reporting software can take random and unrelated data to then compile it into immersive, interactive, and coherent reports and dashboards, it's the perfect partner for any data privacy strategy. With PBRS (Power BI Reports Scheduler) working in tandem with Power BI, automating and scheduling regular reports is a breeze.
We have entered a new era for data privacy laws and regulatory protections for consumer data. It may be time for your business to adopt new strategies that will help you tap into those protections for your business and customers. Connect with our team today to learn how Power BI Reporting can level up your data privacy and compliance efforts!
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