The penalties and fines are enormous – and eye-popping.
Companies that haven’t met privacy and security compliance regulations have paid hundreds of millions of dollars to governments worldwide.
Tech giants like Google, Meta and Amazon have paid sums that could bankrupt a developing country.
Amazon: $888 million levied for a GDPR privacy breach in 2021.
Instagram: $403 million for a GDPR privacy breach in 2022.
T-Mobile: $350 million for a data breach in 2021.
Meta: $277 million for sharing personal information in 2018-2019.
The list doesn’t end there. And the aggregate fines are in the billions.
If the big tech giants aren’t immune, neither are other companies. Financial firms, hospitals and insurance companies operate under some of the world’s strictest data, privacy and cybersecurity regulations. And when it comes to their day-to-day operations, these firms rely on advanced technical solutions to keep them compliant.
Call Recording Keeps the Audit Trail Clean
When the former boxing champion Mike Tyson said, “Everybody has plans until they get hit for the first time,” he could have described companies before the pandemic. No one saw it coming. And it was a knock-out punch that we’re still dealing with.
When companies develop annual plans, they’re doing everything to prepare for unexpected events. Unknowns are difficult to identify – like the pandemic for instance.
So, it’s worth considering how companies plan for data breaches and the associated fines and penalties. That’s where call recording technologies can help.
“Data security breaches have increased significantly, and every organization is at an enormous risk,” Gennadiy Bezko, CEO of MiaRec. “There’s a huge risk of lawsuits, fines, and attendant reputational damage.”
With compliance and regulatory bodies demanding more data protection, companies must rigorously plan to protect personal information.
Local governments continue to pass legislation to ensure companies adhere to increased data and security threats.
California, Colorado, Connecticut, Virginia and Utah have passed data protection legislation that comes into effect in 2023. Fourteen other states have active bills.
Today, businesses face unrelenting challenges to plan and implement compliance policies that are constantly changing.
Keep Data Safe and Secure with MiaRec’s AI-Powered Automation Tools
If a contact center doesn’t manage customer data correctly, it leaves the business open to cyber-attacks with downstream financial fines and penalties.
To be compliant with GDPR or PCI-DSS, and other data security policies, contact centers use redaction tools to automatically remove sensitive content from the transcripts and audio recordings.
Redaction tools eliminate or mask personal information such as credit card numbers, social security or account numbers, phone numbers, or dates of birth from call recordings.
“MiaRec Auto data redaction capability makes it easy for companies to protect and censor sensitive customer data such as Personal Identifiable Information (PII) and help them comply with regulatory standards such as PCI-DSS, HIPAA and more,” said Bezko.
MiaRec’s new AI-driven Auto Redaction feature for its Conversational Analytics Platform helps organizations protect customer data with quick and easy ways to remove sensitive personal information from transcripts and audio recordings.
It is specifically designed to identify and remove potentially sensitive data, allowing businesses to ensure compliance while keeping customers’ private data secure from potential cybersecurity risks.
A Call Recording Recipe for Success
For financial and insurance companies, a call recording solution should offer these features:
- Make sure it complies with MiFID II.
- Consider ‘always on’ redundancy in the event of hardware failure.
- Privileged access to data which is password-protected for authorized users.
- It should have unique data replication capabilities.
- A flexible retention policy, so those call recordings are retained for specified timeframes.
- Ensure it has audit logs capabilities for all call recording, file deletions and configuration changes.
- Watermarking validates the authenticity of a recording which is crucial for legal proceedings.
- AI-driven data redaction automatically removes sensitive data from transcripts and audio recordings like credit card numbers, phone numbers, and date of birth. Ensure it complies with PCI-DSS, HIPAA, MiFID II, and GDPR.
MiaRec offers voice analytics solutions that help companies comply with the most stringent compliance requirements including PCI-DSS and HIPAA.
New Voice Analytics capabilities allow companies to record and manage call recording security and compliance. It also automates and scales compliance workflows.
For a free demo, contact MiaRec today.