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What are the key regulatory requirements for data security?

An example of an AI chatbot conversation about regulatory requirements for data security.

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You

What are the key regulatory requirements for data security?

MagicBuddy
MagicBuddy

Key regulatory requirements for data security include GDPR, HIPAA, and CCPA, which mandate data protection measures.

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You

Can you explain what GDPR is and how it affects businesses?

MagicBuddy
MagicBuddy

GDPR is the General Data Protection Regulation that protects EU citizens' data privacy. It requires businesses to implement strict data handling practices.

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You

What penalties can companies face for non-compliance?

MagicBuddy
MagicBuddy

Companies can face hefty fines, up to 4% of annual global turnover or €20 million, whichever is higher, for non-compliance.

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You

Are there specific requirements for data breach notifications?

MagicBuddy
MagicBuddy

Yes, regulations like GDPR require companies to notify affected individuals and authorities within 72 hours of a data breach.

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