In the May/June 2022 issue of Risk & Insurance Magazine, Burr & Forman Cybersecurity and Data Privacy Team Co-Leader Beth Shirley, CIPP/US provided insight on strategies for companies to keep up with the many state and federal regulatory updates to data privacy law.

With states like California, Colorado and Virginia rolling out new data privacy protections, along with various federal agencies, businesses face an uphill challenge to keep compliance programs up to date and in line with the varying frameworks. “Risk managers must stay informed on any changes in the collection, use, transfer and retention of personal information,” Shirley said. “They should know what personal information is collected, where it is stored, what is the purpose of collecting it, who has access to it, how long it is retained and is any unnecessary personal information collected.”

Understanding the data inventory is an important step to understanding a company’s risk portfolio. It is also important to ensure proper due diligence of third-party vendors with data access, consistently conduct employee training on the latest best practices and purchase cyber insurance to defend against both breaches and potential enforcement actions.

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