Privacy regulation and compliance focus on adherence to laws and standards that govern the collection, processing, and storage of personal data.
Key regulations include the General Data Protection Regulation (GDPR) in the EU and the California Consumer Privacy Act (CCPA) in the US. These laws aim to protect individuals' privacy rights by ensuring transparency, consent, and control over personal data. Compliance requires implementing robust data governance practices, such as data minimisation, security measures, and regular audits.
Non-compliance can result in hefty fines and damage to reputation. Effective compliance not only avoids legal penalties but also builds consumer trust and enhances operational efficiency.
