Episode 5 – Data Privacy – David Ritter – CEO, Privacy Lock
In this episode, Sarah Grotta, Deputy Chief Fintech Officer at FinWise Bank, interviews David Ritter, CEO of Privacy Lock, about consumer data privacy and compliance with state and federal privacy laws. They discuss the role of Privacy Lock in helping businesses comply with data privacy laws like GDPR and CCPA. David shares his journey into the privacy industry and highlights the importance of privacy in the emerging technologies landscape. They also explore the trends in data privacy laws, the need for businesses to keep customer data private, and the potential fines for non-compliance. They touch on the federal open banking law and its implications for data privacy. David provides advice for businesses on implementing privacy programs and discusses lessons learned from enforcement actions in mature privacy markets like California and Europe.
Takeaways:
- Privacy Lock helps businesses comply with data privacy laws like GDPR and CCPA
- There is a clear trend of more states passing broad data privacy laws
- Businesses need to track and manage their customer data across its lifecycle
- Formalized consent processes and privacy request processes are required by law
- Enforcement actions in mature privacy markets have resulted in fines for non-compliance.
Podcast by FinWise Bank
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