Much like Coca-Cola’s secret recipe, Hershey’s secret formula for Kisses and KFC’s mysterious 11 herbs and spices, sensitive data must be kept away from prying eyes. This is especially true in today’s digital environment where multiple employees, stakeholders and partners need access to the data that enterprises value so highly. When this occurs, there’s a greater chance for something to go wrong—data theft, breach, corruption and more. This is why it’s imperative to prioritize data privacy and champion this practice as a critical business responsibility.
Data privacy describes the ability of people to control how their personal information is collected, shared and used. It also covers their right to be informed of how this information is used and to request that it be deleted. Many countries recognize data privacy as an absolute fundamental right and have enacted laws to help safeguard it.
These regulations set strict standards that companies must adhere to when collecting, storing, using and disclosing the personal information of their residents. Examples include the European Union’s General Data Protection Regulation (GDPR) and similar regulations in Australia, Brazil, Canada, England and India. In most cases, non-compliance results in large fines and penalties.
Developing and implementing data privacy policies, obtaining informed consent, practicing data minimization, executing privacy impact assessments and ensuring compliance with data regulatory standards are all necessary to protect the information that organizations depend on to conduct business. From intellectual property to competitive advantage, protecting this information is essential for an organization’s success.