TIGER Talk Recap: What You Don’t Know CAN Hurt You — Best Practices for High Growth Businesses
As more and more data is generated in your growing business, it becomes increasingly important for that data to be organized and protected. It is our responsibility as business owners to understand cybersecurity regulations and take action to protect the data we accumulate in the course of doing business.
TIGER Talent Christina Hultsch of Porter Wright presented, “What You Don’t Know CAN Hurt You — Best Practices for High Growth Businesses” to a group of business professionals during December 14’s TIGER Talk at Innovate New Albany. TIGER Talks are offered free of charge throughout each month and focus on the topics of technology, innovation, growth, entrepreneurship, and responsibility.
Christina began her presentation explaining the difference between data security and data privacy. Data security is protecting proprietary information from corruption by preventing unauthorized access to databases, websites, and computers. Data privacy protects consumer data and determines what data can be shared with third parties.
Data protection laws are different from country to country and can cause problems and confusion when collecting or transferring information internationally. She said in the US, for example, a business could collect information on someone until they are told to stop. In other countries, such as those in Europe, a business can only collect information if someone gives them the permission to do so.
In May 2018, General Data Protection Regulation (GDPR) provided one set of data protection rules for all companies operating in the EU. This has caused US businesses to reassess how they are collecting, storing, and transferring data in the EU to make sure they are in compliance.
Christina explained that the GDPR is not enforcement-driven, but she said that companies should take a levelheaded approach to staying compliant.
Christina had two recommendations for startups:
- Know where your data is going, where it resides, and who has access to it. Much like retirement planning, the earlier you start doing this, the easier it will be to stay on top of it as your business grows.
- Take a close look at your vendor contracts. Most of them are incredibly one-sided and hold your information hostage if you want to go somewhere else. Key data security clauses can be negotiated, and it’s worth it to do it. If the vendor you are considering doesn’t want to negotiate, Christina said to go somewhere else.
Going through a data breach is a long and painful process that sucks your resources, requires you to change your focus, and impacts how your customers feel about you. You should make every effort to do the best you can to stay compliant with the resources you have. Christina says that no one expects a one-stop shop to have iron-clad security, but it’s important to take a common-sense approach. Read all of your agreements and know what you’re getting yourself into.
If you have any questions about foreign cybersecurity laws and best practices or would like to learn more about the services provided by Porter Wright, please visit their website. You can also contact Christina at email@example.com.
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