Amanda R. Lawrence discussed "Navigating the challenges of the latest data protection regulations and proven protocols for breach prevention and response" at the ACI National Forum on Consumer Finance Class Actions and Government Enforcement
Regulators are recently taking significant strides to protect consumers’ personal data, and as such, players in the consumer financial services space are being forced to modify their data-collection, notification and security protocols. As banks and nonbank payments companies have already been struggling with compliance challenges associated with the recent NY cybersecurity regulations, they are now also being confronted with the EU’s massive General Data Protection Regulation, as well as California’s sweeping Consumer Privacy Act of 2018 (the “mini GDPR”). This panel provided key insights on topics including:
- Exploring the far reaching data and privacy implications of the GDPR on U.S. consumer financial services companies that collect personal data relating to EU individuals
- Assessing the latest data privacy legislation coming out of Congress
- Assessing the implications of California’s Consumer Privacy Act of 2018
- What are the biggest challenges companies are facing with implementation and compliance?
- The latest strides being taken by companies to seek legislative amendment of the CCPA
- Examining how the GDPR and CCPA are expected to drive up the costs of doing business and how consumer financial services companies can best manage and contain those costs while achieving protection of customer data
- What other states are following California’s lead in seeking to implement similar legislation?
- Proven protocols for breach prevention and response post-Equifax