Data privacy is the concept of respecting and protecting the sensitive data linked to an individual. This includes what data can be collected, with whom it can be shared, and the regulations that govern those processes. It also encompasses the implicit rules, norms and values about confidentiality that individuals understand but may not express in written terms. Data privacy laws exist in over 120 countries around the world.
The goal of data protection is to ensure that data is available for the purposes it was collected for, can be restored should a loss occur and that personal information is not used to harm an individual or organization. It also includes limiting the storage of personal data and transaction metadata to what is needed for its intended use and making sure that inaccuracies are promptly corrected.
Preserving autonomy
Having control over how your data is used and with whom it is shared is essential to maintaining your privacy. Data privacy laws empower individuals by setting clear standards that companies must adhere to.
Building trust with clients
Customers demand that organizations protect their personal and financial information and provide transparency into how their data is used. This is a key factor in building customer loyalty and creating a competitive advantage.
Whether it is a privacy breach, class action lawsuits, or fines for non-compliance, data breaches are expensive to deal with and can damage an organization’s reputation. This is why it is important to build a culture of data integrity into every aspect of your business.