The act was signed into law by the governor in July 2019. However, the new data security necessities came into effect on March 21, 2020, with limited ordeal amidst a global epidemic. But the security requirements of Shield Act New York have drastic impact – especially their reach to non-New York businesses that hold New York resident data.
Does the SHIELD Act apply to your organization?
The jurisdiction of the SHIELD Act is wide-ranging, as it’s applicable to all corporations holding New York resident data. This entails it’s not only meant for New York corporations, but to any business or person who owns or licenses computerized data which encompasses private info of a New York resident. The former version of SHIELD was limited to those firms that do business in New York.
How can the act impact your company?
The impact of the Shield Act New York is multiple. First of all, your organization must reveal data infringements – as mentioned under the act to include illegal access along with acquisition – and report to New York regulators in the event a violation happens. Secondly, your organization needs to execute safeguards to give protection to the confidentiality, security and reliability of private info.
While the Shield Act doesn’t authenticate exact requirements, it lists different practices that measure sensible technical, administrative and physical safeguards. For each safeguard, the Shield Act suggests actions an organization should consider executing.
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