Cybercrime is a global concern. In 2017, the number of identity theft victims reached 16.7 million in the United States alone. The same year, account takeover losses hit the $5 billion mark. Considering these facts, it's no wonder why services like PrivacyTrust (formerly known as eTrust) that offer protection against today's most common security threats are becoming more and more popular.
PrivacyTrust (formerly known as eTrust) is an organization that helps global companies and websites comply with the General Data Protection Regulation and other regulations.
How Does eTrust (now PrivacyTrust) Work?
PrivacyTrust has emerged in response to customers' concerns regarding online safety and regulatory compliance. The organization, which was formerly known as eTrust, promotes online privacy. Its services appeal to global businesses and websites that conduct transactions over the internet.
The company offers Privacy Shield certifications and GDPR-related services. The General Data Protection Regulation came into effect on May 25, 2018. Its policies apply to individuals and businesses that serve European Union customers. For example, if you have an online store that sells clothing and accessories in the U.S. and Europe, you must comply with this new law.
Customer data protection is one of the most important aspects of the GDPR. The new EU privacy regulation gives EU citizens greater control over their personal information. As a business owner, you're required to obtain customer consent in order to collect, use and process personal data. Furthermore, it's mandatory that you report any data breaches and notify both authorities and customers about it within 72 hours. A company like PrivacyTrust can assist you with these aspects.
What Is Privacy Shield Certification?
Depending on the nature of your business, you may need to comply with data protection laws when transferring information from the EU and Switzerland to the U.S. These regulations are an integral part of the Privacy Shield program. If you decide to enroll in this program, you must comply with its requirements and self-certify to the U.S. Department of Commerce.
The experts at PrivacyTrust can help you meet these requirements and obtain your certification. The company provides compliance reviews, guidance and dispute resolution services.
Why Use PrivacyTrust?
A company like PrivacyTrust can help you in several ways. First of all, it protects your business and its customers from online threats, such as credit card fraud and identity theft. In this digital age, online shopping carries the highest fraud risk. Card-not-present fraud, for example, is 81 percent more common than point-of-sale fraud.
PrivacyTrust offers the assistance you need to secure customer data and achieve GDPR compliance. These regulations are complex and create a lot of confusion in the business community. According to a 2018 survey, only 20 percent of companies were fully adhering to the GDPR. Another survey revealed that 56 percent of businesses have a hard time figuring out what data they have and where it came from. Approximately 52 percent find it difficult to collect and process data stored across various departments in the organization.
Failure to comply with the GDPR can lead to hefty fines. If you don't follow the rules, expect to pay a fine of up to 20 million Euros or 4 percent of your company's global turnover. The specialists at PrivacyTrust can help you understand these laws and how they affect your business. They will assist you with the legal aspects so you can meet the highest data privacy standards.