Balancing Consumer Privacy Rights with Data Communication Needs: Five Factors to Consider in Commercial Banking
Consumer data is a vital piece of transforming business, from complex issues such as understanding pain points or unmet needs to more general approaches such as personalized advertising. Complexities arise, however, considering that holding data means increased risk of vital data theft. Compliance and regulatory standards such as Gramm-Leach-Bliley Act (GLBA), Sarbanes-Oxley Act (SOX), and Payment Card Industry Data Security Standards (PCI DSS) have long been followed by banks, businesses, and healthcare organizations for security programs. Yet it is only more recently that individuals have become increasingly aware of the amount of data they release to companies, and are now demanding ways to better protect their data and by extension, themselves.
Because the United States lacks a single, comprehensive federal law to regulate both the collection and use of personal information, the resulting regulations often create overlapping and contradictory protections. While there could be promise of such a privacy law in the US in the future, in the meantime, US commercial banks must learn how to balance privacy and protection across the various mandates relevant to the financial industry.
Read this complimentary ebook to learn more about:
- Balancing privacy and protection across differing mandates
- Factors to consider when protecting consumer data across regulations in commercial banking
- Tips on building multi-mandate compliance