As a small-to-medium-sized business owner, you know how hard it can sometimes be keeping up with all the rules and regulations that come with running a business. With so much to remember, it may slip your mind as to what laws and regulations your company must comply with — including if your business is affected by privacy laws.
Is Your Business Affected By Privacy Laws?
There are several federal privacy laws your business may have to comply with including (but not limited to):
The Federal Trade Commission Act (FTC Act)
This prohibits the unfair practices of offline or online privacy and data security policies and includes sharing personal data without a user’s authorized consent.
Children’s Online Privacy Protection Act (COPPA)
This applies to the online collection and sharing of children’s personal data.
The Financial Service Modernization Act
This regulates the collection, use, and disclosure of financial information, mainly dealing with the sharing of nonpublic personal information, and includes several rules about the disposal of financial information as well.
The Health Insurance Portability and Accountability Act (HIPAA)
Probably the most well-known, this regulates medical information in terms of how it is collected, how and with whom it is shared, and how it is disposed of.
Who Is Affected By These Privacy Laws?
To name just a few:
- Medical offices
- Legal offices
- Financial offices
- Any business that deals with billing or credit
Failing to follow these privacy laws can result in damaged reputations, lawsuits, and even the loss of your business, so it’s important to keep that information safe and dispose of it when you no longer need it.
At Complete Shredding Solutions, we are experts in information destruction. Whether you need recurring shredding services, drop-off shredding, or media destruction, we are your go-to provider on Long Island and in NYC. For more information or to schedule a service, call us at 516-442-1624.