22 Mar What do you know about data privacy and data security?
Data privacy or information privacy is a branch of data security concerned with the proper handling of data with much focus on the respect of data protection regulations. Data Privacy gives a good understanding of the collection, storage, management, and sharing of data with any third parties, as well as compliance with the applicable privacy laws. It also aims at satisfying the individuals as well as public expectation of privacy.
Data protection laws around the world aim to give back individuals control over data, empowering individuals to know how their data is being used, by whom and why, giving them control over how their personal data is being processed and used.
Data privacy has always been important. People are always making efforts to not leave information and property to chance. We often find ourselves keeping passwords both on our laptops and phones, keeping locks to drawers and cabinets as well as renting safety deposit boxes at banks. As more of our data becomes digitized, and we share more information online, data privacy is taking on greater importance.
Why is data privacy important?
- Data breaches could hurt your business.
Compliance with data privacy laws will significantly reduce security threats and hence less likely loss of revenue for your business.
- 2. It helps protect customer privacy.
Leaving your data to chance means leaving private information on your customers to chance and giving hackers access to such sensitive information which could facilitate various crimes and fraud.
- It gives you a competitive advantage.
Surveys have shown that 79% of people are very or somewhat concerned about how companies are using their data. Additionally, 81% of people believe they have little or no control over their own data. If your business complies with data privacy regulations, this will give you a competitive advantage over companies that don’t take the matter as seriously.
- It Maintains and improves brand value .
88.54% of customers say it’s harder than ever for a company to earn their trust.- (Salesforce research.) Avoiding data breaches means seriously protecting your company’s reputation and brand value. When customers voluntarily give their data to companies, they expect it to be well-protected. If it’s not, customers will lose all trust they had in the company and brand, which will decrease brand value.
What effort are you making as a company to secure valuable customer and employee information from the dangerous hands of hackers who will not take a chance to destroy your business?
Data security includes various processes that aim at protecting data from unauthorized access and data corruption throughout its lifecycle. Data security is now essential and should be invested in as such. Data security has become of high concern and an essential part of every organization’s business strategy.
The data that your company creates, collects, stores, and exchanges is a valuable asset. Safeguarding it from corruption and unauthorized access by internal or external people protects your company from financial loss, reputation damage, consumer confidence disintegration, and brand erosion.