Just a couple of years ago, a limited number of privacy and security laws applied to only companies in certain industries, or those that had international operations.
But a new day has dawned.
You Own, Store And Manage Data
Today, the volume of such laws is staggering. As perhaps fits the regional, and often local, level of business in the United States ' and how business is regulated here ' many states have stepped into the breach and enacted legislation requiring data security, as well as notice to consumers, when security breaches occur. And although there is no federal law that generally requires information security, recent Federal Trade Commission actions indicate that the FTC is, for the first time, imposing a general duty to establish information security under the Federal Trade Commission Act. <br>Compliance with these laws isn't only a legal reality, but a business one, as the frequent and well-publicized data-security incidents of recent years demonstrate. New notice laws require companies to advise customers of the high-profile data-security incidents that frequently make headlines. Now, companies must deal with increasingly complex requirements that are not consistent from state to state. The price of failure can be high ' including significant penalties, as well as unfavorable press coverage.
By
Andrew B. SerwinThis premium content is locked for LawJournalNewsletters subscribers only
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