Who Is This Tutorial For:
Business tycoons who are searching for knowledge on privacy laws as one of their tools in sustaining the business.
What Is It About:
An overview of the rules on privacy is discussed in this tutorial. The general information on privacy laws, its importance, and its effect in the company is also discussed.
Where Can Resources Be Found:
Recommended resource is provided in this tutorial.
When Is The Best Time:
An entrepreneur must have ample knowledge on the rules on privacy not only to comply the requirements set forth by the privacy law and other relevant rules within our jurisdiction to prevent being apprehended for violating the rules but also to know how to protect and sustain your company.
How To Do It:
Make use of this tutorial to know the facts about privacy laws.
Summary
As entrepreneurs, you exert great effort in planning for your business. You think of ways to come up with strategies to make your business stand out from the rest and offer the best products and services to your customers. Likewise, if your businesses gather information from customers, you need to protect your relationship with your customers by assuring them the security of the information that they disclose.
This tutorial sets down some of the laws imposed by the Federal Trade Commission (FTC) and by all other commissions or agencies responsible for the regulation of the American business industry.
FTC on Privacy
The Federal Trade Commission, an independent agency of the Federal Government responsible for the regulation of the business industry of the Federal State, made laws or rules to protect the business establishments. With the growing opportunities in business especially on e-commerce, it is much easier to gather information from customers, which may be very useful in the operation of your business. The downside of this is the risk of disclosing vital personal information of customers to people that may misuse the information.
The FTC came up with rules, in support to the actual rules created by the American Government, to secure the privacy of all information disclosed by the customers and imposes their respective penalties, in case of violation. To name some laws that may be used by entrepreneurs are:
1. Gramm-Leach-Bliley Act
This act restricts the disclosure of financial information of customers to third parties. It also requires you to provide for privacy notices to your customers.
2. Children’s Online Protection Privacy Act
A separate tutorial on Children’s Online Protection Privacy Act is provided for on this site.
3. Fair Credit Reporting Act
The Fair Credit Reporting Act regulates the activities of consumer reporting agencies. The act aims to provide accuracy, fairness and privacy over the information disclosed to them by the customers.
4. Federal Trade Commission’s Regulations
The FTC is clothed with the authority to make rules and regulations to regulate the US Business Industry. These rules are imposed by the laws impose by the Federal Government and by every State in the country.
5. Other laws
The campaign for privacy is not limited to the laws previously mentioned. There are other laws existing in our jurisdiction which have the same aim as that of the laws above, such as enumerated laws by the BCP Business Center
Making your information secured from being misused is the best defense for entrepreneurs. Do not wait until you experience it. Consider these rules for your business. Incorporate these rules in your business plan to have a more efficient plan. There is nothing more rewarding than to have well-thought strategies in business.
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