In this episode of Commitment Matters, Mary speaks with Steve Tjaden, Senior Vice President and Chief Privacy Officer at Old Republic Title Insurance Company. View Steve’s LinkedIn profile here. Learn more at oldrepublictitle.com.
During their conversation, Steve or Mary mentioned:
- Steve points out that consumer privacy and data is constantly evolving. Protecting personal data is just as important as protecting title data.
- California was the first to enact Privacy laws at the state level. Steve says ideally, there should be more federal laws.
- Now, Virginia and Colorado have privacy laws, which Steve says are critical to the title industry. Utah also recently passed new privacy legislation.
- Steve mentions the Gramm-Leach-Bliley Act (GLBA), which requires financial institutions to disclose how they use customer information.
- Within the last month, 30 states have introduced some type of privacy legislation.
- The California Consumer Privacy Act (CCPA) requires businesses to provide several different privacy notices, this could include a preliminary privacy report or certain privacy notices on their website.
- When issuing a title policy, it’s important for lenders to be thoughtful about the consumer’s data. Steve says to use the “Common Sense” data sharing rule. It’s the idea that people should manage others’ data the same way you would want your data handled.
- Encryption is a basic tool for critical for keeping your data and the data of those you correspond with safe.
- Steve says to be mindful when working with third parties. Watch for their data procedure and read through their data agreements, noticing how they are using your data.
- Review your company’s GLBA Privacy notice every year. Note changes within how and who you share information. If your website doesn’t have a Privacy notice, Steve says you need one!
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