Security breaches and other security failures are costly in terms of time, money and loss of business. Failure to protect and destroy private information on CDs, DVDs and hard drives may have catastrophic consequences: financial loss, irreparable damage to a company’s reputation, as well as civil and criminal liability for Directors and Officers.
NEW FEDERAL LEGISLATION MOVING AHEAD
Many types of information are already protected by Federal laws such as HIPPA, FACTA, Sarbannes-Oxley, and the Grahmm-Leach-Bliley Act. Since the beginning of 2009 however, the new administration in Washington has re-focused on private data security. More on specific legislation below.
UPDATE:
DECEMBER 2009: Federal Data Accountability & Trust Act Passes U.S. House
NOVEMBER 2009: Personal Data Privacy and Security Act of 2009 Clears Committee
NOVEMBER 2009: Justice Department Moves on Data Breach Notification Act
New HITECH Act Increases Fines for HIPAA violations
