Trans-Atlantic Privacy Shield Framework is set to be approved – and more.
It’s almost the end of 2022, and more things than Christmas presents are being wrapped up. Of course, this includes a wide variety of data and privacy laws.
Some of these laws are being enacted on January 1, 2023, and others are being signed so that the long, arduous process of getting them enacted can finally begin.
One of the biggest of those is the Trans-Atlantic Privacy Shield Framework. It will help give oversight to EU data that is dealt with by US companies.
It adds an extra layer of protection, even beyond the General Data Privacy Regulation (GDPR) to ensure that EU consumer data stays safe, even when it’s being handled in the United States.
Other big companies are facing changes due to the new regulations, with Microsoft and Meta being the most notable this week. Let’s dig into what these new regulations mean for these businesses – and yours.
The Trans-Atlantic Data Privacy Shield Framework is an agreement between the United States and Europe. It helps to even the playing field for the protection of consumer data and how it is handled by companies of all sizes.
That’s right, even small to medium businesses. That’s great news for smaller business owners. They’re subject to the same regulations as big businesses – no one gets special treatment. It also means that the door is open a little wider for the flow of trans-Atlantic business.
Does this sound familiar? There was an EU-U.S. Privacy Shield Framework in the works in 2016. It was similar and hoped to ensure safe passage of data from European consumers to US businesses. However, that never came to fruition. Now, the Trans-Atlantic Data Privacy Shield Framework is going full force ahead.
No, your business will not suffer. On the contrary, it will likely benefit. With so much privacy news, it’s normal to be worried. From Discord to Twitter, Meta and Microsoft, 2022 has been a whirlwind of large companies adjusting to new privacy laws and adapting their business models accordingly.
They’re acting fast because fines are stacking up fast, and no one has time for lengthy audits and lawsuits. These companies also don’t want to be left out of a thriving European market – and neither does yours.
There’s no need to be nervous. These laws and regulations are designed to protect consumer data. With the right measures and solutions in place, you can do all of that while gaining customer trust and loyalty. It’s a plus for your end users and your business.
Meta tried to bypass consent laws in the EU by using tricky language in their terms and conditions. This allowed them to serve targeted ads without explicit consumer consent. Unsurprisingly, that plan backfired in a bad way. Not only did they come under severe scrutiny, but they’ve also lost the trust of end users worldwide. There is an overwhelming feeling of frustration by consumers who thought their data was safe – and then found out much, much later that it was being used against them the whole time. Will Meta be able to come back from this? Only time will tell.
Microsoft is taking serious measures to ensure that they comply with new and emerging data privacy laws in the EU. However, they’re making it a rollout instead of biting off the whole chunk at once.
This rollout does include Microsoft byproducts like Azure, Microsoft 365 and more.
Oh, Twitter. This company has been in the news more often than not lately – and that’s not necessarily a good thing. CEO Elon Musk is now under fire in the EU for questionable data privacy policies. This time, he’s asking that consumers either sign up for a paid service or be forced to consent to personalized advertising. Elon, haven’t we talked about this before?! Not a good look for the flailing enterprise.
This policy would likely not stand up under GDPR or the Trans-Atlantic Data Privacy Shield Framework. Not only is this getting the company in trouble right now, but it absolutely will also in the future.
As you can see, there is a lot going on! And like we’ve said before: if these enormous businesses can’t escape the long arm of the law, you can be sure that yours won’t either. It’s not worth it to try and skirt around regulations. Eventually, those decisions will catch up with you and the results will be costly.
Whether that’s in the form of fines, lawsuits, loss of reputation or revenue, there is no good way to subvert the law. The best thing you can do for your business going into 2023 is to plan carefully and make sure you’re prepared.
Yes, your business can stay afloat. It just takes some planning on your part. By staying abreast of current and changing laws, you’ll have the knowledge you need to take the proper steps to prepare. That doesn’t mean you have to know everything. Just being aware is a great start.
A Consent Management Platform (CMP) is also a good place to start. It can help you obtain cookie consent from your end users, manage consent preferences, visualize the flow of data, and offer the transparency and insights your customers need. It can also help you manage Data Subject Access Requests (DSARs) so that users can request deletion or correction of the data they have given.
Sounds complicated? It’s not! The right CMP can get you up and running in just about 30 minutes, and you’ll be compliant with laws and regulations that are in place now – and the ones that are about to be enacted beginning in 2023. At Adzapier, we’re committed to helping your business succeed, even in a shifting privacy landscape. Just get in touch with one of our privacy experts today and see how easy it is to get started.
Any information obtained from the Adzapier website, services, platform, tools, or comments, whether oral or written, does not constitute legal or regulatory advice. If legal assistance is required, users should seek legal advice from an attorney, a lawyer, or a law firm.