Your Guide to Compliant B2B Data in 2024

Customer data is king in the business world, and that is especially true in the B2B sphere. But with that power comes serious responsibility. 

If you are not careful with how you handle data, the consequences can be severe — from hefty fines to a tarnished reputation. Amazon was hit with an $887 million GDPR fine in 2021 for improper data practices and Meta received a $1.3 billion fine in 2023 for non-compliance with EU data laws.

We want to make sure you don't fall into a similar trap. This guide will walk you through everything you need to know about compliant B2B data in 2024.
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Short on time? Here are the key takeaways

• Data compliance is increasingly important due to stricter laws and consumer awareness.
  
  
• Implementing a comprehensive B2B data compliance checklist can safeguard your business.
  
  
• Regular audits and employee training are essential for maintaining data compliance.
  
  
• Partnering with compliant SaaS providers can streamline your data management efforts.
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B2B data privacy regulations explained

Navigating the world of data compliance in B2B requires a solid understanding of various global regulations. Let's break down the key laws you need to know:
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General Data Protection Regulation (GDPR)

Implemented in 2018, the GDPR sets the gold standard for data protection in the European Union and affects any business handling EU citizens’ data.

Key points:

• Requires explicit consent for data collection.
  
  
• Grants individuals the right to access, correct, and request erasure of their data. Individuals can also request their data no longer be processed or be processed differently.
  
  
• Mandates the appointment of Data Protection Officers for large-scale data processors.
  
  
• Imposes fines of up to €20 million or 4% of global annual turnover for non-compliance.

The GDPR has specific definitions of what constitutes “personal data,” and there are certain circumstances where businesses may deny requests for data erasure, such as when data retention is required by law. For more detailed information on GDPR compliance, visit the official EU GDPR website.
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California Consumer Privacy Act (CCPA) and California Privacy Rights Act (CPRA)

These laws protect California residents’ data rights and apply to businesses operating in California or handling Californian data. The CCPA came into effect in 2020, and CPRA was introduced in 2023 to enhance it.

Key points:

• Give consumers the right to know what personal information is collected and how it's used.
  
  
• Allow consumers to opt out of the sale of their personal information.
  
  
• Require businesses to provide equal services and prices to consumers exercising their privacy rights.
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Data privacy in the U.S.

While there is no comprehensive federal data privacy law in the U.S., several sector-specific laws exist:

• The Health Insurance Portability and Accountability Act (HIPAA) for healthcare data.
  
  
• The Gramm-Leach-Bliley Act (GLBA) for financial institutions.
  
  
• The Children’s Online Privacy Protection Act (COPPA) for data related to children under 13.

Additionally, states such as Virginia, Colorado, and Utah have enacted their own data privacy laws, creating a patchwork of regulations businesses must navigate.
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Lei Geral de Proteção de Dados (LGPD)

Brazil’s LGPD, effective since 2020, closely mirrors the GDPR and applies to any business processing Brazilian citizens’ data.

Key points:

• Requires legal basis for data processing.
  
  
• Grants data subjects various rights, including the right to data portability.
  
  
• Imposes fines of up to 2% of a company’s Brazilian revenue from the prior year.
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Other global regulations

Businesses operating globally should also be aware of:

• The Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada.
  
  
• The Personal Data Protection Act (PDPA) in Singapore.
  
  
• The Privacy Act in Australia.

These regulations are why you must know how to have compliant B2B data. Each law has its nuances, but they all share common themes of transparency, consent, and individual rights.
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Why B2B data compliance is more important than ever

The B2B data compliance landscape is rapidly evolving, making it more critical than ever for B2B organizations to prioritize compliant data practices. Here is why:
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Increased consumer awareness

B2B customers are becoming more aware of their data rights. They expect transparency and security from their business partners. Failing to meet these expectations can lead to a loss of trust and business opportunities.
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Competitive advantage

In an era where data B2B is a highly valuable asset, demonstrating strong data compliance can set you apart from competitors. It shows your commitment to ethical business practices and can be a deciding factor in winning contracts.
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Stricter regulations and enforcement

Regulatory bodies are tightening their grip on data protection. In 2024, we are seeing more stringent enforcement of existing laws alongside the introduction of new ones. For example, the EU’s Digital Services Act and Digital Markets Act brings additional layers of compliance for digital service providers.
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Data breaches and cybersecurity threats

The frequency and sophistication of cyberattacks are on the rise — as are their cost. In 2023, the average data breach cost reached $4.45 million, according to IBM’s Cost of a Data Breach Report. Compliant B2B data practices are your first line of defense against these threats.
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Global business operations

As businesses expand globally, they must navigate a complex web of international data regulations. Compliance is no longer optional — it is a prerequisite for global operations. 
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The rise of SaaS 

Those in the B2B space are using software as a service (SaaS) and cloud solutions more and more. SaaS platforms often provide better data management capabilities, making it essential to ensure robust data management practices if you use these.

ECommerce integration solutions, such as those offered by DJUST, are a great option. These platforms prioritize data security and privacy while providing robust tools for managing data. By leveraging such platforms, your business can ensure your eCommerce product data management aligns with global regulations.

When choosing a SaaS provider for your B2B operations, consider how they handle data compliance. Look for platforms that offer:

• Comprehensive eCommerce integration capabilities.
  
  
• Robust eCommerce product data management tools.
  
  
• Strong data protection measures.
  
  
• Compliance with relevant regulations (e.g., GDPR, CCPA).

Expert tip: You should also prioritize providers with strong data compliance credentials. Look for certifications like ISO 27001 and SOC 2 Type II, which demonstrate a commitment to data security and privacy.

Platforms like DJUST not only offer these features but also enable eCommerce scalability and performance, ensuring your B2B data management remains efficient and compliant as your business grows.
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B2B data compliance checklist

Ensuring compliant B2B data requires a systematic approach. Here is a checklist to guide your compliance efforts:
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1. [ ] Conduct a data audit
   
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   • Identify all B2B data you collect, process, and store.
     
     
   • Determine the legal basis for processing each type of data.
     
     
   • Map data flows within your organization and to third parties.

Expert tip: For guidance on conducting a comprehensive data audit, check out the ICO's data protection self assessment checklist.
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2. [ ] Appoint a Data Protection Officer (if required)
   
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   • Ensure they have the necessary expertise and resources.
     
     
   • Involve them in all data-related decisions.

Expert tip: The Data Protection Officer role doesn't necessarily require a dedicated hire. In some cases, existing employees can take on this responsibility if they have the appropriate expertise and capacity.
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3. [ ] Implement data protection policies
   
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   • Develop clear, accessible privacy policies.
     
     
   • Create internal data handling guidelines for employees.

Expert tip: The IAPP's Privacy Policy Template can serve as a helpful starting point for developing your own policies.
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4. [ ] Establish consent mechanisms
   
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   • Implement clear, unambiguous consent processes for data collection.
     
     
   • Maintain records of consent.

Expert tip: Learn more about obtaining valid consent from the European Data Protection Board's guidelines.
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5. [ ] Enable data subject rights
   
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   • Set up processes for handling data access, deletion, and portability requests.
     
     
   • Ensure you can respond to requests within required timeframes.

Expert tip: The GDPR.EU guide on data subject rights provides detailed information on implementing these rights.
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6. [ ] Conduct Data Protection Impact Assessments (DPIAs)
   
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   • Perform DPIAs for high-risk data processing activities.
     
     
   • Document and act on the results.

Expert tip: For more information on conducting DPIAs, refer to the ICO's guide on Data Protection Impact Assessments.
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7. [ ] Implement strong data security measures
   
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   • Use encryption for data at rest and in transit.
     
     
   • Implement access controls and authentication measures.
     
     
   • Regularly update and patch systems.
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8. [ ] Manage third-party risks
   
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   • Vet vendors for data compliance.
     
     
   • Include data protection clauses in contracts.
     
     
   • Regularly audit third-party data handling practices.
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9. [ ] Prepare for data breaches
   
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   • Develop an incident response plan.
     
     
   • Set up systems for breach detection and reporting.

Expert tip: For guidance on creating an effective incident response plan, check out the NIST Computer Security Incident Handling Guide.
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10. [ ] Train employees
    
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    • Conduct regular data protection training for all staff.
      
      
    • Ensure employees understand their role in maintaining data compliance.
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11. [ ] Monitor and document compliance
    
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    • Regularly review and update your compliance measures.
      
      
    • Maintain detailed records of your compliance efforts.
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12. [ ] Leverage compliant technology solutions
    
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    • Implement eCommerce ERP integration solutions that prioritize data compliance.
      
      
    • Use a platform like DJUST for B2B data integration and B2B data enrichment.
      
      
    • Ensure regular ERP maintenance to keep your systems up-to-date and compliant with the latest data protection standards.

Expert tip: Implement a data minimization strategy. This means collecting and retaining only the data you absolutely need. This not only reduces compliance risks but also simplifies your B2B data compliance efforts.

DJUST supports many of these compliance efforts through its robust eCommerce analytics and predictive analytics eCommerce features. Our platform is designed with data compliance in mind, helping you maintain compliant data while optimizing your B2B operations.
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The bottom line

Nailing compliant B2B data practices in 2024 requires vigilance, dedication, and the right tools. By understanding the regulatory landscape, recognizing the importance of compliance, and following a checklist, you can protect your business and build trust with your partners. 

Remember, data compliance is not just about avoiding penalties. It is about fostering ethical business practices and gaining a competitive edge. Leverage platforms like DJUST to streamline your compliance efforts and focus on what you do best: growing your business.