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Three things I did when I built my business

Three things I did when I built my business

Entrepreneurship can be intimidating, but keeping these three things in mind can help.

The pandemic caused Utah M&A markets to explode, but will the growth last?

Middle-market M&A is booming (here’s why)

The pandemic caused M&A markets to explode, but will the growth last?

Utah startups are scrappy spenders, and that traces back to our roots.

Here’s what Utah startups got right in 2020

Utah startups are scrappy spenders, and that traces back to our roots.

Some of the changes we made during the pandemic were for the better.

I don’t think companies should go “back to normal” after this

Some of the changes we made during the pandemic were for the better.

Restaurants are innovating their way out of the pandemic (here’s what we can learn from them)

The pandemic forced Utah restaurants to innovate, and that ended up being good for several industries.

Three Utah companies are being funded by the government to make next-generation military drones.

These companies make our military’s drones

Three Utah companies are being funded by the government to make next-generation drones.

In 2020, we saw the California Consumer Protection Act (CCPA) become effective; the EU-U.S. Privacy Shield invalidated as a transfer mechanism under the General Data Protection Regulation (GDPR); and more than 30 state privacy bills introduced during the 2020 legislative session. Privacy requirements at local and international levels are becoming more stringent, and consumers’ privacy concerns are at an all-time high. Here are our 2020 top privacy tips to keep you and your business on regulators’ and consumers’ “nice” list into the New Year. Train Your Employees. Employees were the leading source of security incidents in the U.S. in 2020. Providing periodic privacy and security training is essential to combatting data breaches and protecting customers’ data. If your employees handle personal data, they should be trained on key privacy terms; the general requirements of data privacy laws like the CCPA and the GDPR; and company policies and procedures for keeping personal information safe. Map Out Your Data Companies must understand what data they are collecting, how it is being used and with whom they are sharing it to comply with privacy regulations, respond to consumer requests and manage risk. Investing time and money in a data map that shows all data entering the company and its path around and out of the organization will prove invaluable when managing vendors; responding to access and deletion requests; and identifying cross-border data transfers subject to international privacy laws. Review and Update Your Privacy Policy Providing customers with a concise, accurate privacy policy is one of the most important aspects of data privacy. Review your company’s privacy policy at least annually, and update your privacy policy when the company begins collecting a new type of personal information or starts using personal information for a new purpose not previously disclosed. Properly notify your customers of any material changes to your policy and get consent to the new terms if necessary. Choose Your Third-Party Vendors Wisely You likely use dozens of third-party vendors to assist in collecting, storing and analyzing customer data. Before engaging a new vendor, review its privacy and security policies to ensure the vendor places as much value on data privacy as you do. Typically, you should sign a data privacy agreement with vendors detailing their privacy and security obligations. Utilize Facebook’s LDU Feature To support CCPA compliance efforts, in 2020, Facebook introduced a new feature allowing businesses to limit how Facebook uses your customers’ data. When a business applies Facebook’s LDU feature, Facebook will be prevented from using your customers’ data for its internal purposes. According to Facebook, you can transfer customer data to Facebook without the transfer being considered a sale of information under the CCPA. Conduct Data Protection Impact Assessments The GDPR first introduced the concept of a data protection impact assessment (DPIA), requiring companies to assess risk associated with new projects that are likely to involve a “high risk” to individuals’ personal information. Regardless of whether your company is subject to the GDPR, conducting a DPIA before beginning a new project can help your company better understand the privacy and security risks and take measures to decrease or eliminate risks prior to implementation. Encrypt Sensitive Data Most state data breach laws have a safe harbor under which a company is not required to notify customers or authorities of a data breach if the lost data was encrypted and the decryption key was not compromised during the breach. Consider encrypting all databases holding sensitive personal information like credit card numbers, bank account numbers or Social Security numbers to take advantage of safe harbor provisions. Implement a Data Retention Plan Data minimization is a fundamental privacy principle found in almost all data privacy and cybersecurity regulations. Creating and implementing a data retention plan is essential to lowering storage costs and minimizing security risks. Remember, you can’t lose data you don’t have. To retain certain data for analytics purposes after the retention period has expired, consider anonymizing the data so it is no longer subject to data privacy laws.

Partner Content

Top privacy tips of 2020

In 2020, we saw the California Consumer Protection Act (CCPA) become effective; the EU-US Privacy Shield invalidated as a transfer

In partnership with Comcast, these business recovery strategies will help to get you back on your feet.

Partner Content

Three strategies to help businesses recover

In partnership with Comcast, these business recovery strategies will help to get you back on your feet.

Partner Content

Cultivating culture in a remote workplace

In partnership with Purple.

From our partners

Keep your mental health a top priority with these tips from our partners at Intermountain Healthcare.

Staying mentally healthy during COVID-19

Cultivating culture in a remote workplace

In 2020, we saw the California Consumer Protection Act (CCPA) become effective; the EU-U.S. Privacy Shield invalidated as a transfer mechanism under the General Data Protection Regulation (GDPR); and more than 30 state privacy bills introduced during the 2020 legislative session. Privacy requirements at local and international levels are becoming more stringent, and consumers’ privacy concerns are at an all-time high. Here are our 2020 top privacy tips to keep you and your business on regulators’ and consumers’ “nice” list into the New Year. Train Your Employees. Employees were the leading source of security incidents in the U.S. in 2020. Providing periodic privacy and security training is essential to combatting data breaches and protecting customers’ data. If your employees handle personal data, they should be trained on key privacy terms; the general requirements of data privacy laws like the CCPA and the GDPR; and company policies and procedures for keeping personal information safe. Map Out Your Data Companies must understand what data they are collecting, how it is being used and with whom they are sharing it to comply with privacy regulations, respond to consumer requests and manage risk. Investing time and money in a data map that shows all data entering the company and its path around and out of the organization will prove invaluable when managing vendors; responding to access and deletion requests; and identifying cross-border data transfers subject to international privacy laws. Review and Update Your Privacy Policy Providing customers with a concise, accurate privacy policy is one of the most important aspects of data privacy. Review your company’s privacy policy at least annually, and update your privacy policy when the company begins collecting a new type of personal information or starts using personal information for a new purpose not previously disclosed. Properly notify your customers of any material changes to your policy and get consent to the new terms if necessary. Choose Your Third-Party Vendors Wisely You likely use dozens of third-party vendors to assist in collecting, storing and analyzing customer data. Before engaging a new vendor, review its privacy and security policies to ensure the vendor places as much value on data privacy as you do. Typically, you should sign a data privacy agreement with vendors detailing their privacy and security obligations. Utilize Facebook’s LDU Feature To support CCPA compliance efforts, in 2020, Facebook introduced a new feature allowing businesses to limit how Facebook uses your customers’ data. When a business applies Facebook’s LDU feature, Facebook will be prevented from using your customers’ data for its internal purposes. According to Facebook, you can transfer customer data to Facebook without the transfer being considered a sale of information under the CCPA. Conduct Data Protection Impact Assessments The GDPR first introduced the concept of a data protection impact assessment (DPIA), requiring companies to assess risk associated with new projects that are likely to involve a “high risk” to individuals’ personal information. Regardless of whether your company is subject to the GDPR, conducting a DPIA before beginning a new project can help your company better understand the privacy and security risks and take measures to decrease or eliminate risks prior to implementation. Encrypt Sensitive Data Most state data breach laws have a safe harbor under which a company is not required to notify customers or authorities of a data breach if the lost data was encrypted and the decryption key was not compromised during the breach. Consider encrypting all databases holding sensitive personal information like credit card numbers, bank account numbers or Social Security numbers to take advantage of safe harbor provisions. Implement a Data Retention Plan Data minimization is a fundamental privacy principle found in almost all data privacy and cybersecurity regulations. Creating and implementing a data retention plan is essential to lowering storage costs and minimizing security risks. Remember, you can’t lose data you don’t have. To retain certain data for analytics purposes after the retention period has expired, consider anonymizing the data so it is no longer subject to data privacy laws.

Top privacy tips of 2020

In partnership with Comcast, these business recovery strategies will help to get you back on your feet.

Three strategies to help businesses recover

In partnership with Bind, we take a look at the future of employer sponsored health insurance.

Is employer-sponsored health insurance dead?

Other news

Passivelogic is on a massive growth streak and according to company leaders, it's only going to continue to grow.

With focus on deep tech, PassiveLogic reinvents building control

Manufacturing costs are rising

Alta Scout and IsoTalent join in recruiting merger

The pandemic reversed progress made for women in the workforce, but it’s not too late to buck the female recession.

Tech companies are hiring, but women aren’t applying

This month we partnered with Holland & Hart to host a roundtable event featuring building, construction, and design leaders.

Building, construction, and design roundtable

This month, Utah Business partnered with Holland & Hart to host a roundtable event featuring economic development leaders to discuss business incentives, infrastructure, and economic growth. Moderated by Val Hale, executive director at GOED, here are a few highlights from the event.

Local business leaders discuss economic growth in Utah

PPP has been crucial to economic recovery from COVID around the country, here's what this round means for small businesses.

Here’s what this round of PPP means for small businesses

A conversation about women leadership

[LIVE STREAM EVENT] 2020 Best Companies To Work For

2020 brought with it a unique set of challenges, but those challenges will pave the way for the future.

Looking forward to 2021

In print

NAIOP 2021

Utah Business Magazine

The Utah Business February 2021 features our annual list of 40 Under 40 winners and Shauna Smith's inside look at founding 100+ restaurants.

February 2021

Utah Business Magazine

January 2021

Utah Business Magazine