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Education

Data privacy data security and privacy are overarching concerns for the
entire financial services industry, with data breaches like
regulations: Three HSBC's 2018 breach creating urgency to shore up data.
Protect your brand
things to know To prepare and ensure your brand is not in the spotlight

for violating consumer rights, there are three things you
By Neetu Shaw should know about data privacy regulations.
Clarity Insights 1. While compliance with GDPR addresses many
data privacy concerns, CaCPA includes additional
ata privacy is well beyond its fifteen minutes rights, including right to disclosure of the sale
of fame, and there is no sign of scandal, con- of data, the right to object to the sale of data and
sumer concern or regulation slowing down. Just requirement of opt-in for the sale of children's data.
D last month U.K. lawmakers claimed Facebook A comprehensive comparison can be helpful as you
"intentionally and knowingly" violated data privacy laws determine where your business has gaps in compliance.
to share data with third parties, the latest in an ongoing
saga for the social media giant. 2. Personal data extends well beyond name and Social
Security number. As wearable tech proliferates, DNA
While your organization may not be in the business of tests become increasingly common consumer purchases
social media, the reality is the GDPR, California Consumer and brands leverage consumers' fingerprints or
Privacy Act (CaCPA) and future regulations will affect voiceprints in lieu of passwords, brands must expand
your organization, and noncompliance can cost millions their definition of personal data to include these.
of dollars and consumer trust. Beyond those regulations,
3. Ultimately, data privacy and security are
often complicated by the storage and processing
NO GOOD MERCHANT of the data itself. As brands have incorporated
unstructured data like social media, they may
be facing a complex task to apply regulations
LEFT BEHIND on a macro-level, much less apply individual or
regional regulations at a jurisdictional level.

Devise a strategy
A comprehensive data strategy that provides
For over 30 years, Electronic Merchant Systems has been compliance today, as well as the flexibility to
dedicated to ensuring the success of their Agents. Learn incorporate new regulations as they are passed, is
how we can help you grow your business and portfolio. vital to success. But, perhaps just as important, is a
data strategy that also understands the usefulness
of consumer data, and keeps customer experience,
customer analytics and more in mind.
LEARN MORE:
With less than a year until CaCPA takes place,
866.272.5247 data privacy and security are – and should be –
• CNP Specialists top of mind for financial services' organizations.
emsagent.com
• Industry Leading Portfolio A comprehensive review of your current state,
Management Tools and a data strategy that both complies with laws
and enables responsible use of customer data, will
• Retail Experts benefit your business and our industry.
• Latest Next Day Funding Neetu Shaw is an executive partner at Clarity Insights (www.
Window in the Industry clarityinsights.com), servicing the financial services, insur-
ance, higher education and automotive industry verticals.
She is focused on enterprise information and digital trans-
formation solutions, enterprise data, big data, master data
management, discovery, advanced analytics and artificial
intelligence (AI) thought-leadership. Clarity Insights is the
largest consulting company in the United States that focuses
exclusively on advanced data, cloud and AI solutions. Contact
her at nshaw@clarityinsights.com.
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