Does your website have a privacy policy in place?
As a small business owner, you already have a lot to worry about when running your business. But one requirement that's easy to overlook these days is compliance with privacy laws.
The issue of privacy is becoming ever more important – and ever more complex. Countries around the world, as well as a number of US states, have introduced or proposed their own privacy laws. And because these laws protect consumers in those jurisdictions, they can apply to any business that serves those consumers, regardless of where the business is actually located.
Alongside the growing number of privacy law requirements around the world are penalties for companies not complying. For example, a privacy law is in place to protect the personal data of UK residents with fines up to €20 million (about £18 million) or 4% of annual global turnover, whichever is greater.
What is a website privacy policy and how can I get one?
A privacy policy helps website owners comply with privacy laws by providing specific disclosure requirements such as how their website collects, uses and discloses personal data.
If your business website collects personally identifiable information from users (such as their name or email address), it's crucial that you have a privacy policy in place. Ultimately, it may even help to protect your business.
Some businesses may be collecting this information without realising it. For example, if you have a contact form or an email newsletter subscription form on your website, you likely collect personally identifiable information already. If you haven't yet done so, it's worth assessing your website to check whether you need to put a privacy policy in place.
Due to the ever-changing nature of privacy laws, we recommend not only that you have a comprehensive privacy policy in place, but also that you develop a strategy to keep your policy up to date when these laws are amended or when new laws are introduced.
A policy that covers your website today may not cover you several months down the line (and let's face it, reviewing your policy may not be top of your to-do list each month...)
How much does a privacy policy cost?
If you have the budget to do so, it's best to hire a lawyer who focuses on privacy law to write a bespoke privacy policy, monitor privacy laws and update your policy when the rules change.
Meanwhile, if you’d like to find out more about how privacy laws may affect your business, check out this free guide from Termageddon: The Small Business Guide to Privacy.