Successful CIOs, CTOs & executives from Forbes Technology Council offer firsthand insights on tech & business.
for its allegedly complex and costly subscription cancellation policies. In a marketplace flooded with software as a service companies that operate on a subscription basis, this development was a clear signal that regulatory agencies are paying closer attention to how tech product and service companies treat their customers.
Auto-renewal subscriptions can pose significant legal risks if they’re not managed transparently. Consumers often find themselves unwittingly locked into recurring payments due to unclear terms. Ensuring clear communication about the renewal process, easy opt-out mechanisms and upfront disclosures can mitigate these risks, align your operations with consumer protection laws and maintain customers’ trust.
Failing to secure Internet of Things devices and networks can lead to significant legal issues, especially with the increasing prevalence of these technologies in both consumer and industrial settings. Poorly secured IoT devices can be exploited for unauthorized access to personal and corporate data, leading to breaches of privacy laws and regulations. -
Following the FTC’s scrutiny of Adobe for its subscription policies, businesses must ensure transparency in digital contracts. Misleading practices when it comes to subscriptions, renewals and cancellations can lead to legal issues. Clear agreements that adhere to consumer laws are key to avoiding legal challenges and maintaining customer trust. -
The recent Securities and Exchange Commission regulations on cybersecurity are a minefield for companies and boards of directors. They specify deadlines for disclosing security breaches to investors and require disclosures regarding the cybersecurity expertise of board members. Since they regulate shareholder relations, violations carry hefty fines and significant legal threats. -
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