Data Privacy 2020: The Regulatory Landscape and 8 Tips for Your Business
Robyn Anderson | Jan. 27, 2020
When we think about Data Privacy our minds might wander to that scene in the movie Minority Report where John Anderson walks into a Gap store and after a retinal scan, a computer greets him by name and asks about his last purchase.
That scenario is not so far-fetched today. Personal data has become the raw material of the digital economy. Collection and use of personal data are central to the business model of most technology firms and are increasingly so in retail, finance, healthcare, and yes, insurance. A recent headline in the Economist proclaims that the world’s most valuable resource is no longer oil, but data. Artificial intelligence, big data and data analytics are all too common descriptors in the new digital economy where rules about how data is used, stored and treated are still being written.
Related privacy issues are currently being deliberated at the United Nations and regulated by governments around the world. In the United States, there’s a patchwork of cumbersome federal and state regulations, and more laws are emerging as states across the nation continue the process of developing and adopting state policies related to the collection of personally identifiable data and information.
For Texas businesses that might be subject to these laws and regulations, the landscape is complex and there’s much to learn. If you’re new to this subject or interested in taking a deeper dive, you could start with the data privacy tips
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