Why Companies Are Revamping Privacy Policies

Why Companies Are Revamping Privacy Policies

July 2, 2018         Written By John H. Oldshue

Companies are bombarding consumers with emails informing them of changes in their firm’s privacy policies. What is the reason for this change?

The new policies are an attempt by companies to comply with a new European Union law called the General Data Protection Regulation (GDPR). Any company processing data from residents of EU countries must have a legal reason to collect personal information and must obtain the user’s consent. Since many companies, such as Facebook and Instagram, operate worldwide, users outside of the EU are being notified of the new regulations.

Featured Fair Credit Card

Top Features: All credit types welcome to apply!

The purpose of the new law, which went into affect on May 25, 2018, was to prevent companies from hiding language within lengthy legal documents allowing them to track consumers and use their information. According to a 2008 study by Ars Technica, it would take the average person 244 hours a year to read all of the privacy policies for the apps and services they use. Thus, most people simply click “I agree” before using a service without reading exactly what the agreement says.

To comply with the new regulation, companies need to prove they have made it easier for users to understand how their data is being collected, stored, and used.

Another aspect of the GDPR requires companies to notify users within 72 hours once they have learned of a data breach. Companies such as Code42 have created products to make it easier for companies to detect and track breaches, making it easier to meet this tight notification requirement. Code42’s new Forensic File Search solution allows IT professionals to search metadata on a cloud and provide information about potential breaches they can then pass on to consumers.

The information contained within this article was accurate as of July 2, 2018. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

Review LowCards.com Editor’s Top Cards!

2020 Top Credit Cards by Category
Featured Fair Credit Card
Reflex Mastercard® Credit Card
EDITOR RATING
Featured Fair Credit Card
Reflex Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: All credit types welcome to apply!

Featured Low Interest Card
ABOC Platinum Rewards Mastercard®
EDITOR RATING
Featured Low Interest Card
ABOC Platinum Rewards Mastercard®

Applying for this card will securely direct you to the issuer's website.

Top Features: No annual fee; $150 statement credit after spending $1,200 in first 90 days; 0% on Purchases for 12 months

Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
EDITOR RATING
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: Reports to all three credit bureaus, perfect credit not required for approval

Featured Good Credit Card
Petal® Visa® Credit Card
EDITOR RATING
Featured Good Credit Card
Petal® Visa® Credit Card

Applying for this card will securely direct you to the issuer's website.

Top Features: No fees whatsoever. No late fee, international fee, annual fee, or any-other-kind-of-fee, fee


john-oldshue

About John H. Oldshue

John Oldshue is the creator of LowCards.com. He worked for over 15 years in television and won an Emmy award for his reporting. He covers credit card rate issues for LowCards.com.