More than ever, customers understand their right to data privacy. As major brands continue to lose sensitive data to cybercriminals in high-profile cloud security failures, customer trust in companies across industries is fading. Only 25 percent of consumers believe most companies handle their data responsibly, according to PricewaterhouseCoopers (PwC). As a result, secure, transparent data handling practices are more imperative than ever.
New regulations signal that governing bodies are also taking the enterprise’s responsibility for data privacy very seriously. The Brazil Privacy Act and the California Consumer Privacy Act support the consumer’s right to understand how their data is collected and used, and the New York Department of Financial Services (NYDFS) requirements are among the first regulations to address cloud security risks. Proposed rules require financial institutions to conduct vulnerability assessments and practice data classification and safe data management, whether the data resides on-premises or in the cloud.