Meeting Data Security Compliance around the World

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Data Security Compliance

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Dwolla – a start-up company in the U.S, has been accused by the Consumer Financial Protection Bureau (CFPB) for making false claims about the safety of its online payment system and that it “failed to employ reasonable and appropriate measures to protect [consumers’] data … from unauthorized access.” As a result, Dwolla agreed to pay $100,000 to settle CFPB’s charges. “With data breaches becoming commonplace and more consumers using these online payment systems, the risk to consumers is growing,” CFPB Director Richard Cordray said in a news release. “It is crucial that companies put systems in place to protect this information and accurately inform consumers about their data security compliance practices.”

Countries recently have begun to enforce and/or adopt new laws to augment current lenient data laws. With technology developing at an increasing pace, and the constant changes in data transfer methods, it’s no wonder that laws regarding data security can’t stay static and have to keep up. Though each country may seemingly have differing laws, all laws aim to do one thing — to ensure the security of data. As the travel of data increases between borders, the importance of knowing data security compliances for both countries are parallel too.

Though the exact method as to how the data should be protected is not often explicitly stated, it is no surprise that many firms in different countries have turned to encryption as one of the secure ways of keeping data safe. Not only is it widely accepted as an adequate form of data security, but has been gaining traction in various industries as it is often suggested as a mean of data security by authorities of legal frameworks from different countries. This may be due to the nature of encryption, and its effectiveness in obscuring sensitive information, thus help to prevent data breaches. Let’s take a look at the differing data security compliance laws from around the world.

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