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DATA PRIVACY LAW TOPICS
DATA PRIVACY LAW RESOURCES
Why are data privacy laws important?
Today’s tech-driven world has opened the floodgates to unprecedented flows of information and communication. However, with increased connectivity and a lack of regulation, data security risks loom over businesses and consumers. As data breaches and cyberattacks become more common, there is a growing concern about how personal information is being used, processed, and stored by businesses and organizations.
Consumers provide companies with a great deal of personal information, including sensitive data about their finances, health, and other records that can expose them to identity theft and fraud. Oftentimes, consumers don’t fully understand how companies will use their information or if they’ll share it with others. Consumers may be unaware that they have certain rights regarding the use of their information.
Legislators around the world are trying to keep pace with new and emerging cyber threats and vulnerabilities to ensure privacy rights are safeguarded. Europe and the U.S. are paving the way toward stronger data regulation and oversight. In 2018, the EU passed the General Data Protection Regulation (GDPR), which is a key piece of legislation that regulates the collection and management of data. The U.S., on the other hand, has a handful of federal laws that protect privacy in certain contexts, such as the Privacy Act of 1974, the Health Insurance Portability and Accountability Act (HIPAA), the Children’s Online Privacy Protection Act (COPPA), among a few others. But unlike the EU, currently there is no comprehensive federal law that protects data and privacy in the U.S. Instead, a patchwork of state laws has provided varying degrees of protection to consumer data and privacy information.
Privacy professionals are facing heavier workloads and an expanding list of responsibilities to keep up with this increased scrutiny and complicated compliance requirements.
How are other countries handling consumer data protection?
Across the globe, 137 out of 194 countries have enacted legislation to protect data and privacy. Bloomberg’s State and International Chart Builders – which simplify compliance by providing quick reference comparisons of statutory and regulatory requirements across jurisdictions – give subscribers a snapshot of these varying rules and regulations.
The EU’s General Data Protection Regulation (GDPR) is considered the most comprehensive data protection legislation passed to date. The GDPR establishes seven main principles of data privacy:
- Lawfulness, fairness, and transparency.
- Purpose limitation.
- Data minimization.
- Storage limitation.
- Integrity and confidentiality.
The GDPR establishes a single EU-wide data protection law that is intended to strengthen consumer data protection rights and the obligations of those who process and determine the processing of personal data. The GDPR provides EU citizens with specific rights regarding the use and storage of their personal data and applies to any entity in the EU that processes such data.
China’s Personal Information Protection Law (PIPL), which went into effect on Nov. 1, 2021, is a crucial international privacy and data security law. PIPL is the first national law to comprehensively regulate personal information (PI) protection problems. PIPL governs the processing of PI within the People’s Republic of China. However, like the GDPR, the law has extraterritorial reach to organizations outside the country, and allows individuals the right to decide, limit, or object to the use of their PI.
Track the latest consumer data privacy laws and developments with Bloomberg Law
The rapidly changing landscape of consumer data privacy laws and regulations across the globe can make it difficult for organizations to stay up to date with the requirements that apply to them. Bloomberg Law provides comprehensive resources to handle multifaceted regulatory and compliance initiatives. Our expert analysis and practice tools help you stay current with the latest developments and navigate the complex patchwork of legal and regulatory requirements at the state, federal, and international levels.
Want to learn more? Watch the on-demand replay of our latest In-House Forum for insights from industry experts on how to successfully manage data and privacy and find the right balance between oversight and keeping up with rapidly changing requirements.
Ready to get started? Request a demo to take a tour of Bloomberg Law and see our consumer data privacy resources in action.