Protecting privacy with contract management software
Seven steps to take to mitigate the risk of compromising personally identifiable information.
With a high number of privacy rules and guidelines currently being enforced, how can a credit union use contract management software to mitigate risk and protect members’ personally identifiable information?
Legislation and regulations continue to evolve to protect consumer and other personal data considered private. Government organizations, such as the Federal Trade Commission, help prevent unfair and deceptive business practices. Recently, the FTC reported that it obtained 114 court orders against businesses with deceptive practices. Keep in mind, the European Union’s General Data Protection Regulation protects private data, and the Healthcare Insurance Portability and Accountability Act protects data related to an individual’s health. The credit card industry and the Security Standards Council published guidance for the industry to protect data related to payment transactions.
Even the US Government is publishing guidance for protecting personally identifiable information. The United States Office of the Management and Budget published guidance for safeguarding against, and responding to, the breach of personally identifiable information.
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