The focus on data privacy started to quickly shift beyond compliance in recent years and is expected to move even faster in the near future. Not surprisingly, the Thomson Reuters Risk & Compliance Survey Report found that 82% of respondents cited data and cybersecurity concerns as their organization’s greatest risk. However, the majority of organizations noticed a recent shift: that their organization has been moving from compliance as a “check the box” task to a strategic function.
This article presents key findings from 2024 reports on data breaches. Breaches are taking longer to resolve and are becoming more costly for organizations. With recovery times extending and costs increasing, businesses face growing challenges in managing the aftermath.
As the new year begins, it is a perfect opportunity for collection and recovery managers to evaluate and refine their vendor oversight strategies. In an era of evolving regulations, heightened consumer expectations, and advanced technologies, effective oversight extends beyond mere compliance and security. It is certainly about compliance and security, please do not misunderstand my thoughts, but adding elements of operational excellence will ensure you are driving the right results.
We now have 19 states with comprehensive consumer privacy laws (some of which are already in effect, while others become effective in 2025 and 2026). This recap focuses on the 10 state laws that were enacted or took effect this year—specifically in Kentucky, Maryland, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, Oregon, Rhode Island, and Texas—as well as the states that enacted meaningful updates.
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its semiannual regulatory agenda, outlining its planned rulemaking initiatives. This agenda includes a mix of rules in the pre-rulemaking, proposed rule, and final rule stages, covering a wide range of topics from medical debt reporting to financial data transparency. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government.
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