Privacy policies are important these days. As a matter of fact, most businesses cannot even operate without one. Here is what your need to know if you are creating a policy for your company.
- Your Policy Depends on What You Have
According to the United States Small Business Administration (SBA), privacy policies are not always mandatory by law. However, apps and websites are still required to have a clear privacy policy for their users. When developing a website, try to keep in mind that the Federal Trade Commission (FTC) has made it against the law to do so without having a privacy policy posted somewhere on your page. There are also a number of important privacy policy requirements that you need to consider before launching your new site.
- Must Have a Privacy Policy for the Average Consumer
At this time it probably wouldn’t be a bad idea to go back and check to see if your privacy policy has something written in it about the average consumer. Make sure your privacy policy outlines the pledges you have made to your clientele. Because most consumers care deeply about the privacy of their personal information, good businesses will always provide a privacy policy that is both clear and concise about where their data is going.
- Needs Something for the Children
Websites are usually accessible to anyone, even kids. This means that your privacy policy requirements just got a little bit more involved. Protecting your assets by outlining a simple policy directed at underage citizens is a must-have. As a website administrator your pages must comply with COPPA’s regulations or else you could lose your right to remain operational.
- Defend the Data
If you happen to be a financial institution that regularly checks the credit scores of potential clients, your privacy policy requirements are even stricter. According to the Gramm-Leach-Bliley Act, your privacy policy must explain any and all information gathered and given by your company. It must also promise to safeguard consumers’ sensitive data against spyware and malicious intent, with a clear outline of how that is to be done. In other words, privacy policy requirements as a financial institution involve keeping client’s personal information under wraps.
- Protect Against Red Flags
Regardless of whether you have a website, a financial business, or another type of company, working with today’s consumers comes with a few privacy policy requirements that are general to every type of professional entity. A well-written privacy policy is supposed to protect against possible security disasters despite the size or reach of a company. Remember, you have a legal obligation to protect sensitive information so use the free resources at the FTC website for more help.