The impact of privacy regulations on businesses

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With the continuing rise in both internal and external cyber theft and ransomware, and with corporate misuse of personally identifiable information, federal and state governments have begun to enact privacy/security laws to force companies to better manage and protect the PII of individual citizens.

The EU’s GDPR and California’s CCPA/CPRA were the first of a new breed of privacy laws that focused on giving individuals greater control of their personal data, its accuracy, and how it is used and sold as well as requiring minimum higher levels of data security.

But as more states and individual countries create their own differing privacy laws, what will be the impact on companies trying to comply with the current, new, and changing legislation?

Companies will be forced to implement new processes and procedures, audit employees’ adherence to the new policies, purchase new technologies, and constantly train their employees on the changing policies and technologies.

The driving factor for this new privacy and security environment is that all industries are experiencing a dramatic increase in cyberattacks, ransomware attacks, and ever-evolving variants of extortionware targeting employee and client PII. The average cost of a ransomware breach in 2021 was $4.62 million, with 44 percent of ransomware attacks specifically targeting client PII. With privacy regulation fines reaching $20,000 per incident, the total cost to an organization can reach tens or hundreds of millions of dollars per attack. And with the move to hybrid and remote work, overall corporate data security has been reduced.

By attending this webinar, you will learn:

1. The current federal and state privacy laws, how they differ, and what this means for company’s compliance strategies.
2. Reasons for the surge in governmental privacy law activity—the dramatic rise in cyber and ransomware activity.
3. Data security and management best practices to ensure corporate compliance with privacy laws.
   • Know what data your organization has.
   • Know where that data is kept.

Speakers:
Bill Tolson, Vice President Compliance and eDiscovery - Archive360
Jodi Daniels, Founder and CEO - Red Clover Advisors